Economy

Radiofarda – Germany’s trade with Iran has suffered a sharp fall in the year since the Trump administration pulled out of the Joint Comprehensive Plan of Action – the 2015 nuclear deal – with Iran. Out of the 120 German companies that were operating in Iran this time last year, only 60 remain active in the country, according to the …

Al-Monitor – Under the leadership of Abdolnaser Hemmati, the Central Bank of Iran has recently secured a fresh financial tool to better steer Iran’s highly troubled economy, which faces stagflation for another year on the back of local mismanagement and unilateral US sanctions. But how successful will the central bank be, and how big of an impact will this have? …

coindesk.com – LocalBitcoins has officially shut off service for Iran-based users, a move that follows weeks of rising rial trading volumes on the platform. The Helsinki-based peer-to-peer exchange has not explicitly said why Iranians are suddenly being cut off from its service, though U.S. sanctions are almost certainly the cause. News of the move first circulated across local language Telegram channels earlier this …

Radiofarda – Chairman of the Iranian Parliament’s National Security and Foreign Policy Committee, Heshmatollah Falahatpisheh says INSTEX, the EU’s financial mechanism to help Iran in trade, is unlikely to become operational anytime soon. Hit hard by U.S. sanctions Iran has been demanding that Europe to help maintain trade, since the United Kingdom, France and Germany are signatories of the 2015 …

VOA – Iran’s production of oil, its top revenue source, declined to its lowest level in more than five years as the U.S. prepared to unilaterally impose a total ban on Iranian crude exports, a new study shows. In a monthly report released Wednesday, the International Energy Agency said Iranian oil output was 2.6 million barrels a day in April, …

Al-Monitor – The National Iranian Oil Company (NIOC) decided May 4 to open an economic representative office in Iraq. The decision was made during a meeting bringing together executives at Iraq’s Oil Ministry and Iranian oil industry equipment producers, on the sidelines of the Iran Oil Show 2019. Ramin Gholampour Dezfouli, NIOC’s director for support, construction and goods supply, said only Iranian companies approved by the …

VOA – U.S. sanctions are biting harder into the Iranian economy, with new signs that Iran’s key oil exports are faltering, while its trade figures with Europe’s biggest economy and with the United States are shrinking. U.S. news service Bloomberg said it has compiled tanker tracking data showing that no oil tankers had been seen leaving Iran’s oil terminals for foreign ports …

Radiofarda – The United States Census Bureau said on Thursday that U.S. exports to Iran in the first quarter of 2019 show 55% drop compared with the same period in the previous year. The U.S. total exports to Iran in the first quarter of 2019 amounted to $14.6 million, the Census Bureau reported, adding that U.S. imports from Iran in the …

Radiofarda – No oil tankers have left Iranian loading ports since U.S. ended its sanctions waivers allowing a handful of countries to buy Iranian oil, Bloomberg reports. Tanker tracking data cannot be fully accurate, as ships can turn off their transponders making them invisible to tracking systems, but so far, no tanker has been observed leaving port or on open …

Radiofarda – In a statement on Thursday, May 9, the Islamic Republic strongly condemned the latest U.S. sanctions targeting Iran’s industrial metals sector. Iran’s Foreign Ministry spokesman, Abbas Mousavi, said Washington’s decision to impose sanctions on the Islamic Republic’s industrial metals violates the U.S. international commitments and makes the “regime” internationally accountable. “These sanctions, like other unilateral U.S. sanctions, are …