Economy

Radiofarda – In a report published on December 25 Iran’s Majles Research Center, an influential parliamentary think-tank, said next year’s budget bill has only been balanced on paper. The report says the budget for the next fiscal year (starting March 21, 2020) will be 50 percent in deficit despite plans to issue government bonds as well as borrow from the …

Radiofarda – Nearing the Financial Action Task Force (FATF) deadline of February, Iranian president’s Chief of Staff Mahmoud Vaezi warned about the consequences of being blacklisted by the international watchdog. Being blacklisted by the FATF will “deal a heavy blow” to Iran’s economy, Vaezi who was speaking at an official meeting in Ardabil Province on Tuesday said and underlined that …

Al-Monitor – Iran’s parliament is studying a proposed budget for the next fiscal year amid an extremely tight economy suffering under intense US sanctions. One important aspect of this proposal is Foreign Ministry funding, which has been under increased pressure from both proponents and opponents of President Hassan Rouhani’s administration. Rouhani’s critics argue that Foreign Minister Mohammad Javad Zarif has been focused …

Radiofarda – A spokesperson for the Islamic Republic Plan and Budget Organization (PBO) says President Hassan Rouhani’s administration exaggerated Iran’s expected oil exports in next year’s budget for political reasons. The budgetary assumption that Tehran will be able to export one million bpd of crude was intended to “inspire hope,” Mojgan Khanlou admitted on a radio talk show. After the …

Radiofarda – Iran’s Statistical Center (ISC) has reported the inflation rate to have reached 40 percent in the 12 months ending December 22. In the last 30-day period inflation reached 41.1 percent. The Iranian government and the Central bank have stopped reporting vital economic statistics since March, after currency devaluation, inflation and unemployment soared mainly due to U.S. sanctions. The …

Radiofarda – Widespread protests in in over 100 Iranian cities in November were met with the Islamic Republic’s usual reaction, which is violent suppression. This time it was even more violent. “Suppression” is the most frequently used keyword in Iran as it is how the government deals with any gathering, protest, and movement by any Iranian group may be it …

Al-Monitor – On Dec. 8, President Hassan Rouhani presented his budget bill for the next Iranian year — starting March 21— which he termed a tool of “resistance against US sanctions.” Will the bill’s new approaches positively impact Iran’s sanctions-hit economy? Iran’s budget bills consist of two parts, i.e., a smaller part that reflects the government’s financial framework and a much larger segment that covers the forecasts for all …

Radiofarda – First Vice President Es’haq Jahangiri said today that Iran’s oil exports have hugely declined due to U.S. sanctions but did not disclose how much oil is being exported now to keep it secret from those who are not “trusted to know”. Speaking at a ceremony at Tehran Chamber of Commerce Jahangiri said sanctions, structural problems in Iran’s economy, …

RFL/RE – The U.S. State Department has issued a sanctions advisory that warns “entities and individuals” of transferring two crucial steel-making inputs to Iran in its pursuit to deprive Tehran of revenue that could be used to promote the “regime’s malign behavior.”Issued on December 16, the alert says parties who transfer or export graphite electrodes and needle coke to Iran run …

Radiofarda – Tehran Chamber of Commerce (TCC) in a report has said that Iran’s non-oil exports have declined eleven percent from March to November compared with same period last year. TCC says its figures are based on information from Iranian customs and shows non-oil exports totaling $27 billion from March 21-November 20. Iran’s customs office has stopped issuing its official …