Economy

Radiofarda – Saeed Jalili, the conservative former secretary of Iran’s Security Council and nuclear negotiator criticized officials of President Hassan Rouhani’s government, who in his words tie Iran’s economic difficulties to joining international conventions or sanctions imposed on the country. Jalili was echoing the statement of Supreme Leader Ali Khamenei who on March 14 urged Iran’s establishment “not to be …

Radiofarda – There are no better treats for Norooz (Iranian New Year, March 21) celebrations than dry nuts and sweets for offering to visiting family and friends, but this year, prices for nuts have gone beyond the reach of most Iranians. A kilo (2.2 pounds) of Grade A local pistachio goes for more than $15, based on free market exchange …

RFL/RE – The United States wants to slash Iran’s crude-oil exports by some 20 percent beginning in May by demanding that importers reduce purchases or face U.S. sanctions, Reuters news agency reports.Reuters on March 13 quoted two sources familiar with the matter in its report, quoting one as saying the “goal right now is to reduce Iranian oil exports to …

VOA — Iran has lost $10 billion in revenue since U.S. sanctions in November have removed about 1.5 million barrels per day (bpd) of Iranian crude from global markets, a U.S. State Department official said on Wednesday. Brian Hook, the State Department’s special representative on Iran, said in remarks at the CERAWeek energy conference that due to a global oil …

Al-Monitor – The geo-economic aspects of President Hassan Rouhani’s visit to Iraq couldn’t be more pleasing to Iran’s conservatives. Ever since the US departure from the Joint Comprehensive Plan of Action (JCPOA) last May, conservatives have urged Rouhani to bypass Washington’s reinstated sanctions by focusing on trade with neighbors like Iraq as opposed to the Europeans. Rouhani expressed his willingness to …

Al-Monitor – As part of its strategy to counter US economic sanctions, Iran has effectively granted subsidized foreign currency to importers of essential goods. The aim of this has been to ensure that the prices of basic products such as food and medicine do not rise considerably despite the drastic drop in the value of the rial on the open …

Radiofarda – U.S. Secretary Of State Mike Pompeo will meet with top oil executives before he addresses a conference on Tuesday, in an effort to get them to help the administration’s effort to boost crude exports to Asia and to support its policy of isolating Iran, according to three people at two companies briefed on the agenda. The outreach represents …

VOA – Iranian construction companies are to build thousands of residential units in the suburbs of Syria’s capital, Damascus, an Iranian state-run news agency has reported. Iranian Students News Agency (ISNA) recently quoted a business official with the country’s investment association, who announced that Iran would build 200,000 residential units near Damascus. Iraj Rahbar, vice president of Iran’s Mass Construction …

Al-Monitor – Shortly after Supreme Leader Ayatollah Ali Khamenei’s call on officials to uproot corruption, the Iranian judiciary announced perhaps the largest embezzlement case in the country’s history involving some 6.6 billion euros ($7.4 billion). Similar to other major embezzlement scandals in recent years — such as the one centered on businessman Babak Zanjani, who is now awaiting execution — the current case relates …

Radiofarda – The head of Iran’s Central Bank has said that subsidized dollars for imports of essential goods, including medication and food has failed to stem the tide of rising prices in the country. As the Iranian currency began to devalue one year ago, the government and the central bank decided to offer the U.S. dollar at a subsidized, preferential …