Economy

VOA – Members of the Russian-led Eurasian Economic Union (EEU) have signed a fully-fledged free trade agreement with Iran, Russia’s economy ministry and the EEU said Monday. The agreement will become permanent and replace a similar temporary pact in force since 2019. The previous deal facilitated mutual trade with Iran and increased it to $6.2 billion in 2022 from $2.4 …

iranintl – As Iran grapples with a severe lack of foreign investment, its Arab neighbors are increasingly channeling funds into Iran’s northern regions, boosting trade turnover. On December 17, the United Arab Emirates and the Republic of Azerbaijan jointly launched a substantial investment fund worth one billion dollars. This collaborative venture sees the Azerbaijan Investment Holding and the Abu Dhabi …

iranintl – Iran’s electoral system and its impact on governance have come under scrutiny this week, with both conservative and reformist commentators highlighting its problems. Iran’s electoral system and its impact on governance have come under scrutiny this week, with both conservative and reformist commentators highlighting its problems. Reformist commentator Abbas Abdi criticized the government’s approach to the annual budget, noting that …

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 …

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 …

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 …

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. …

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.  …

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 …

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 …