Economy

Radiofarda – Iran’s latest monthly inflation rate has hit 51.4 percent, according to the Iranian Statistical Center (ISC). The first month of the Iranian year (March 21-April 20) showed a more than 50 percent rise in prices compared to the same month last year. ISC also reported that the inflation rate in the past 12 months reached 30.6 percent. This …

Radiofarda – Iran’s Plan and Budget Organization (PBO) says that during the current year, the country’s hidden and direct subsidies is estimated to reach 8,900 trillion rials, or $63.7 billion, based on the current USD rate in open market which stands at around 140,000 rials. If the subsidy is calculated based on the official government exchange rate, the amount will …

VOA – Iran’s crude oil exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting buyers are curbing purchases before Washington clamps down further on Iranian shipments as expected next month. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran …

Radiofarda – A member of Islamic Republic parliament’s social commission says one million more people have become slum dwellers in the past 12 months, because of rising cost of living. There are varying estimates about the population of Iran’s shanty towns; ranging from 13 million to 19 million. Ali Kord, the member of parliament who spoke to ILNA news agency …

Radiofarda – Western sanctions on Damascus and U.S. sanctions on Tehran have led to serious fuel shortages in Syria, which announced measures April 14 to deal with long lines at the pumps. Syrian authorities are seeking to “regulate the distribution at gas stations” and to ensure even deliveries across to country while “preventing waste and smuggling”, the official SANA news …

Radiofarda – An Iranian official announced April 13 that the country’s total exports of petrochemical products during the last fiscal year stood at 20 million tons, worth $10.645 billion. Iran’s fiscal year ended March 20. Taghi Sanei, the head of Nouri Petrochemical Company — majority owned by government– didn’t mention whether U.S. sanctions affected this sector or not, but according …

gatestoneinstitute – The main purpose of the Instrument in Support of Trade Exchanges (INSTEX) is to ensure that Europe — and potentially third countries — can continue doing business with the mullahs in Iran without risking US penalties for contravening US sanctions. EU foreign policy chief Federica Mogherini seems strongly committed to ensuring that Iran — and Europe — continue …

Radio Farda – The era of the U.S.-Europe dispute over the Joint Comprehensive Plan of Action (JCPOA) or Tehran’s nuclear deal with world powers is over, says an American diplomat, adding, “EU’s new proposal (Special Purpose Vehicle or SPV) for trade with the Islamic Republic of Iran is nothing, but a paper tiger.” In a meeting on Thursday, April 11, …

Radiofarda – The unprecedented floods that have devastated large parts of Iran since March 19 have finally affected its oil production. The oil-producing Khuzestan province in the southwest has seen waves of floods, with the latest inundation the result of maximum outflows from two large dams that have reached full capacity. Karim Zobaydi a member of Iran’s National Oil Company …

Radiofarda – Iran’s oil exports to its five clients rose to 1.7 million barrels per day (mb/d) in March, the highest level since the United States imposed sanctions on Iran in November 2018, Platts reported April 9. Along with the sanctions, the U.S. also gave a six-month exemption or wavier to eight friendly countries: China, India, Japan, South Korea, Taiwan, …