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First Iranian English Economic Daily financialtribune.com twitter.com/fintribune Contacts, ads: @FTD_ADS_Bot Print subscription: +982142710123 Digital subscription: financialtribune.com/subscription-plans
Iranian Banks Closer to Opening Munich, Austria Branches
Iranian banks are expected to open their first branches in Munich as early as the next few months while the next stop is Austria, the secretary-general of Tehran Chamber of Commerce, Industries, Mines and Agriculture in Vienna announced late Thursday, saying this will resolve many trade issues.
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Modern Vs. Traditional: Retail Trends Shifting in Iran
"Official data suggest there are 9,000 online retail stores in Iran. Online purchases in Iran have an annual growth rate of 60%"
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Caspian Oil Swap Steady
Operations to swap the fifth batch of crude oil consignment from the Caspian Sea littoral states to the port of Neka in northern Iran with deliveries in the Persian Gulf were carried out successfully, deputy operations manager at Iranian Oil Pipeline and Telecommunications Company said.
"Close to 1.8 million barrels have been transferred from Neka terminal to Tehran and Tabriz refineries via the 32-inch Sari-Rey pipeline between July 23 and November 14," Shirafkan Qorbani was also quoted as saying Read More
Iran Greenhouse Gas Emissions Up 3% in Decade
For Iran, tackling climate change is crucial because of its impacts on water resources and forests, both of which have suffered greatly as a result of rising global temperatures.
According to Iran’s Meteorological Organization, the country’s greenhouse gas (GHG) emissions have increased by 3% in the past decade and the average temperature has risen by 1.8 degrees Celsius since 1750, considerably higher than the global average of 1.1°C. Read More
South Pars Gas Output to Reach 570 mcm/d by March
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ATR: Iran Plane Order Remains Intact Despite US Policy
"We expect to reach 8 aircraft delivered by the end of the year. The other 12 ATR 72-600 will be delivered in 2018"
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Iran Gov't Revenues Fall 3.7%, Spending Rises 13% | Financial Tribune
The government’s revenues in the first half of the current fiscal year (March 21-Sept. 22), including tax proceeds, amounted to 567.8 trillion rials ($14.19 billion), registering a 3.7% decline year-on-year.
The report also shows government spending hit a whopping 1,074.9 trillion rials ($26.87 billion) during the period under review, posting a rise of 13% over last year's corresponding period. Read More
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Azar Oilfield in Western Iran Spared by Earthquake
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Bank Account Closures in Emirates Confined to NBD
In response to reports regarding the closure of Iranian bank accounts by UAE banks, the director general of International Affairs Department at the Central Bank of Iran has announced that the issue is only confined to the Emirates NBD banking group.
“After international sanctions against our banking system were intensified, NBD was one of the first Emirati banks that ended all its correspondent relations with Iran and the bank’s recent announcement concerns only a handful of Iranians who still have an account with them,” Hossein Yaqoubi was also quoted as saying Read More
Editorial: Rial's Future
Pouya Jabal Ameli
Rial has depreciated more than 10% over the last three months against the US dollar and was quoted at 41,360 to the greenback at Tehran's foreign exchange market on Monday.
The bullish trend of the American currency is also evident in the official rate, as the Central Bank of Iran also raised its exchange rate from below 33,000 to above 35,000. But the question is whether the trend will continue? Read More
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#Update Iran Quake: Death Toll Rises to 387, With More Than 6,600 Injured
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Iran's Massive Earthquake Kills 341, Injures 5,346
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7.3 Magnitude Earthquake Strikes Iran's Kermanshah Province
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Gold Coin Hits 4-Year High
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Iranian Banks' NPL Volume Rises as Ratio Dwindles
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Singaporean Company Signs MoU to Study Iran Oilfield
Singapore-based Berlanga Group has signed a memorandum of understanding and a non-disclosure agreement with the National Iranian Oil Company on Wednesday to study Iran’s Dalpari Oilfield in the western Ilam Province.
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Imminent Danger of Turkish Dam for Iran, Iraq
Turkey’s plan to construct Ilisu Dam over Tigris River can pose a serious environmental threat to Iraq and eventually Iran by reducing the entry of Tigris water to Iraqi territory by 56%, an official at the Department of Environment said.
Ilisu Dam is under construction. Tigris flows south from the mountains of southeastern Turkey through Iraq. Before flowing into the Persian Gulf, the river joins the Euphrates to form the Arvandroud (aka Shatt-al-Arab) whose water stream along with that of Karkheh River in Khuzestan Province feed Hour al-Azim Wetland on the Iran-Iraq border Read More
Foreign Auto JVs Under Gov’t Scrutiny
The Ministry of Industry has instructed local carmakers and their foreign partners to submit reports of their activities and achievements.
Deputy minister of industries, Mohsen Salehinia says, “Next week a joint session between ministry officials, local automotive companies, parts makers and their foreign partners will be held in Tehran.”
“The companies are required to present reports related to their performance and financial status. The companies are required to report what they have accomplished so far.” Read More
$250 Million in Gov’t Grants, Loans to Kermanshah Quake Victims
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Interview: Iran to Streamline Apple Production Chain
The Ministry of Agriculture has listed eight agro products under its export promotion policy and is currently in the process of forming a unified production and supply chains for each.
From among the eight products, the apple chain formation is in its final stage.
The other products are pistachio, saffron, dates, raisins, citrus fruit, kiwi and greenhouse products, Abbas Pakpour, deputy head of Export Promotion Office with the Ministry of Agriculture, told Financial Tribune.
“Based on figures released by the Food and Agriculture Organization of the United Nations, Iran is the ninth biggest producer of apples worldwide. In exports, the country ranks ninth in terms of weight and 14th in value. As such, we account for 1.87% and 4.05% of the global production and exports respectively,” he said.
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Iranian Banks' Term Deposits Up Despite Rate Cuts
The total volume of term deposits attracted by the Iranian banking system in the six months to September 22 has hit 11.36 quadrillion rials ($275.4 billion), which indicate a growth of 25.5% year-on-year. Read More
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Iran's Central Bank Issues Warning Over Bitcoin and Other Cryptocurrencies
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Iran Plans to Join UN's CFT Treaty
President Hassan Rouhani has submitted to the parliament the bill aimed at joining the International Convention for Combating the Financing of Terrorism.
The United Nations treaty was adopted by its General Assembly on December 9, 1999, in New York and is designed to criminalize financing of terrorism, in addition to promoting cooperation to prevent and investigate the financing of such acts. Read More
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Planners Target Budgeting Flaws
A s the government is busy drafting the budget for the upcoming fiscal year (March 2018-19), director general of the Supreme Audit Court of Iran, Adel Azar, has homed in on the deficiencies of Iran's budgeting system.
"Over the years, the government and the parliament have focused on committing resources to meet all but 100% of the operating budget rather than the capital budget," Azar was quoted by IRNA as saying. Read More
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At least 430 people have been reported killed and over 7,100 injured in Iran, according to IRNA
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OPEC Reaffirms Iran's Pledge to Supply Cuts
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Permanent Iranian Stone Expos in 7 Countries
Tehran’s stone export consortiums have established permanent stone exhibitions in seven countries with the support of Tehran Industrial Parks Company, an official with the company said.
The exhibitions have been set up in Oman, Iraq, Panama, China, India, Germany and Spain with the aim of showcasing Iranian stone products and expanding export markets. Read More
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Iran’s Crude Oil Price Up 4.5%
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Iranian Shipbuilder Signs MoU With Netherlands’ Damen
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North-South Corridor to Become Operational by March 2018
The rail route between the two Iranian cities of Qazvin and Rasht, which is the missing link in the International North-South Transport Corridor, will become operational by the end of the current Iranian year (March 20, 2018), vice president for planning and strategic supervision who also doubles as the head of Planning and Budget Organization said. Read More
