Economy

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 …

iranintl – Prices for essential food items continued to grow in Iran last month, with red meat registering an 82-percent jump compared to the same month one year ago. The galloping inflation report published by the Statistical Center of Iran (SCI), a government outfit, comes after warnings last week that a $14 billion government outlay for importing food and medicine …

iranintl – Iran’s draft budget for 2024-2025, presented to the parliament, reveals a significant decline in oil and gas export revenues, and a surge in domestic energy prices. The bill outlines a projection of 1.35 million barrels per day for oil exports at an average price of €65 per barrel (approximately $71) in the upcoming fiscal year (starting March 21), …

gatestoneinstitute.org – Germany is the top European trade partner buying oil and non-oil commodities from Iran. “UANI [United Against Nuclear Iran] said that research had led to the identification of 2,500 businesses around the world, suspected of having involvement with Iran, with hundreds in Europe. They will publish their names if they do not receive satisfactory answers.” — The National, …

Iranwire – Growing dissatisfaction among Iranian healthcare professionals is posing a serious threat to the country’s healthcare system, which is facing an increasingly pressing shortage of nurses. For years, nurses in Iran have voiced their frustrations about overwhelming workloads, inadequate compensation and a shortage of employment opportunities, but their demands have largely remained unanswered. The misallocation of resources by the …

Al-Arabia – Iranian lawmakers have approved legislation raising the retirement age for men to 62 and increasing the years of employment required to qualify for a full pension, state media reported. The bill, which still requires approval by conservative-dominated vetting body the Guardian Council, aims “to reduce pension fund shortfalls,” according to the official IRNA news agency. In Sunday’s vote …

iranintl – An Iranian official has acknowledged that the country’s net electricity export has reached zero, due to internal power deficit. Official statistics indicate that during the last three years, Iran’s electricity exports were plunging gradually, while imports increased. Mohammad Elahdad, the Deputy for Transmission and Foreign Trade at the Energy Ministry, said on November 15 that now the net …

Iranwire – The 1970s were the heyday of the Iranian oil industry, when the country’s output accounted for 10 percent of global production.  In the mid-1970s, Iran pumped a record 6 million barrels per day (bpd), almost four times more than the neighboring United Arab Emirates, and its output represented around 20 percent of global demand. But national oil production …

iranintl -Iran’s former chief banker says the government has printed about $5.6 billion worth of national currency in the past year, aggravating the country’s inflation rate. Abdolnaser Hemmati, the former governor of the Central Bank of Iran (CBI), said Monday that the annual growth of the country’s monetary base was about 41 percent in August, which means that the administration of President …

iranintl – Iran’s government has proposed a 20 percent pay raise for civil servants next calendar year (starting March 21), despite a rampant inflation of over 46 percent. Experts say the low increase proposed by the government reflects its need to reduce expenditures and to avoid a higher budget deficit, which is at least 50 percent. According to a report …