Economy

Radiofarda – The Iranian Central Bank has made it mandatory for all banks in Iran to establish an anti-money laundering unit. The initiative appears to be an effort by the Rouhani administration to circumvent the legislative deadlock over meeting the requirements of the Financial Action Task Force (FATF). The latest deadline set by FATF gives Iran less than four months …

Radiofarda – The former chairman of Iranian parliament’s influential National Security and Foreign Policy Commission says that Iranian crude oil exports are currently twenty times less than what it was before sanction were imposed by Washington. Speaking to the parliament’s website, Khane-ye Mellat (the House of Nation), Heshmatollah Falahatpisheh called upon Iran’s Foreign Ministry to devise a strategy to find …

Radiofarda – The Islamic Republic’s reputation is in no way smeared with money laundering, Iran’s Foreign Minister Mohammad Javad Zarif said on November 3, while admitting that money laundering in the country amounts to billions of dollars. Summoned by Majles (parliament) for questioning, Zarif told lawmakers that his previous comments on money laundering had also been repeated by several other …

Radiofarda – In its latest report on Friday, November 1, Energy Market Regulatory Authority (EMRA)) says that natural gas imports from Iran last August has nearly dropped to one-third compared with the same period in the previous year. The Islamic Republic managed to export only 160 million cubic meters (approximately 5.65 billion cubic feet) of natural gas to Turkey last …

Radiofarda – The cash-strapped government of the Islamic Republic is reportedly planning to levy taxes on bank deposit interest income, the Islamic Revolution Guards Corps (IRGC)-linked news agency, Fars reported. Fars published a document on Wednesday, October 30 that shows Iran’s State Tax Organization and the Ministry of Economic Affairs and Finance have decided to amend the tax law to …

Radiofarda – The International Monetary Fund (IMF) in its Middle East and North Africa Regional Economic Outlook report says Iran needs $155 a barrel oil price this year to be able to balance its budget. The IMF also estimates that for next year Iran would need $195 a barrel oil to raise enough revenues for government operations. Currently prices for …

Al-Arabia – US Treasury Secretary Steven Mnuchin said on Monday that the United States will increase economic pressure on Iran over its nuclear program. “We have executed on a maximum pressure campaign for sanctions. They have worked, they are working, they are cutting off the money,” Mnuchin said during a visit to Israel. He made the comments to reporters standing …

Radiofarda – The latest figures published by China Customs show a dramatic fall for Iranian imports in September 2019, compared to the same month in 2018. China has been Iran’s biggest trading partners in recent years. Total oil and non-oil Iranian exports to China in September was $823 million, almost half of what China bought from Iran in September 2019. …

Radiofarda – Iran’s Statistical Center says the inflation rate in the 12-month period ending on October 22 was 42 percent compared to the previous 12 months, with inflation higher in rural areas. However, price increases differ substantially among various goods and services. While food prices have risen by 61 percent and tobacco by 80 percent, non-food items and services have …

Radiofarda – Firing back at the governor of the Central Bank of Iran (CBI) for his recent caustic comments, the Auto Manufacturers Association (AMA) has accused him of extreme “demagoguery” and “lack of expertise.” The chairman of the AMA, Ahmad Nemat, warned on Monday, October 21, that if the auto manufacturing industry in Iran fails, the country will be forced …