Friday , 29 March 2024

Economy

Why Iran’s Parliament Rejected Raisi’s Budget Bill

iranintl – The Iranian parliament has rejected the outlines of next year’s budget bill, a symbolic move as the administration has no way to balance the estimated deficit. The bill, submitted by President Ebrahim Raisi’s administration last week was rejected as 127 lawmakers out of the 236 present voted against it on Tuesday, pointing out several fundamental issues including a …

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Lawmakers Demand Answers In Iran’s $3.5bn Tea Corruption Case

iranintl – Scrutiny and calls for answers surround one of the largest corruption cases in the Islamic Republic, involving $3.5 billion of foreign currency and many officials. “Where and when this corruption happened is not important to us. What matters is that such a thing should not happen in the Islamic Republic, whatever you want to call it, embezzlement, wasting …

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US Lawmakers Highlight Lack Of Iran Sanctions Enforcement

iranintl – Iran has quadrupled its oil revenue since President Joe Biden took office, helping the regime better fund its malign activities, a Congressional hearing was told on Tuesday. China buys almost three-quarters of the Iranian crude oil shipments, according to experts’ testimony at the hearing, making the most of the Biden administration’s reluctance to antagonize Tehran. “The Biden administration …

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Billions Embezzled By Iranian Officials Since The 1990s

iranintl – The scale of the latest financial corruption case in Iran has been so huge that officials and media see no harm in revealing and discussing previous cases. Faraz daily and Rouydad24 are only two of the well-informed and well-connected Iranian news websites that have offered timelines and background on major cases of financial corruption in Iran since 1979. …

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Iran Parliament Rejects Budget Bill for Next Year

Iranwire – In a major setback for the administration of Iranian President Ebrahim Raisi, the parliament has rejected the budget bill for the next Persian year. The bill was voted down by 127 lawmakers on December 13, with 91 in favor and 10 abstentions. The government now has one week to amend the bill and resubmit it to the legislature.  …

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Iran’s Central Bank Denies Losing Money In Currency Scheme

iranintl – Reports about a money-losing foreign currency trading scheme at the central bank of Iran has surfaced as the media is abuzz with another large corruption case. The Central Bank of Iran issued a statement Monday rejecting reports that the bank bought foreign currency at a higher rate and sold it to a cabal of insider businesspeople. The government’s …

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Iran Government Considers Privatizing Debt-Stricken Flag Carrier

Iranwire – In a bid to address financial woes, the Iranian government is reportedly considering selling the country’s flag carrier and other state-owned companies to the private sector. The potential transfer of Iran Air’s ownership to the private sector was high on the agenda of a December 5 meeting of the government’s Privatization Committee, local media reported. In August, Iran …

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Iran’s Chief Banker Denies Currency Crisis

iranintl – Iran denies challenges in obtaining foreign currency, contradicting tangible signs of shortages of vital imports in the Iranian market and a plummeting rial.  Amid the government’s faltering attempts to assert control over the foreign exchange market, Mohammad-Reza Farzin, the governor of the Central Bank of Iran (CBI), said Sunday that Iran faces no obstacles in acquiring dollars or euros. He …

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Thousands of Iranian Steelworkers Strike for Better Wages

VOA – Several thousand members of the Free Union of Iranian Workers went on strike Saturday against the Isfahan Steel Company, seeking higher wages and better working and living conditions. The scale and extent of the strike was significant, drawing attention even from state news agencies. The Free Union of Iranian Workers Telegram channel disclosed that the strike unfolded as …

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Dramatic Increase In Liquid Gas Price Hits Iran’s Poor

iranintl – The government decision to increase the price of liquid gas (LPG) cylinders from $1.2 a cylinder to $8 this week has hit Iran’s poor as winter takes hold. The decision has hit hardest the poor southern provinces which do not have access to LPG at home. Ordinary workers barely make $150 a month and can’t afford to pay …

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