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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
Tehran Stands Firm on Demands in Negotiations on JCPOA Revival
financialtribune.com/node/111518
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H1 GDP Growth Reaches 5.9%: SCI
New data released by the Statistical Center of Iran show the economy grew by 5.9% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period.
Excluding crude oil production, GDP growth stood at 4.1%.
A sectoral breakdown of GDP indicates “industries and mines” expanded by 9.5%. The subsectors of “crude oil and natural gas extraction”, “other mines”, “industry”, “energy” and “construction” registered a respective growth rate of 18.3%, -1.9%, 3.8%, 8.2% and 7%.
financialtribune.com/node/111523
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Tax Income Hit $6.6b in 8 Months
The National Iranian Tax Administration earned 1,980 trillion rials ($6.6 billion) from taxation during the current fiscal year’s first eight months (March 21-Nov. 21), says the head of the organization, Davoud Manzour.
The revenues show a 50% rise compared with last year’s similar period during which INTA earned 1,314 trillion rials ($4.38 billion at the current exchange rate).
Although the rise may appear considerable, the economy is experiencing hyper-inflation rates of above 40%.
financialtribune.com/node/111506
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Iranian PMI Declines for Second Consecutive Month
New data on Purchasing Managers’ Index for Iran’s overall economy show a downtrend in the index.
The PMI, known by its Farsi acronym Shamekh, for Iran’s overall economy settled at 51.07 in the current Iranian year’s eighth month (Oct. 23-Nov. 21) from 54.76 registered in the previous month, indicating a 3.69-point or 6.74% decline.
According to the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the report, exorbitant prices, shortage of raw materials and decline in demand were the biggest problems faced by businesses during the period under review.
financialtribune.com/node/111510
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Fast-Tracking School Connectivity
The entry of conventional Iranian schools into the digital world has gained traction in recent years, as projects to connect urban and rural educational centers to high-speed internet are implemented at an accelerated speed.
The National Information Network, the domestic network with content compatible with Islamic values, is being developed throughout the country as an infrastructure to achieve this goal.
NIN has been used as the primary platform for school connectivity that aims to facilitate users’ access to indigenous content and curb educational disparity.
financialtribune.com/node/111483
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Iran's CB Boss Says New Platform Planned for Retail Forex Trade
The Central Bank of Iran will launch an electronic trade platform to register retail demand for foreign currency, the governor Ali Salehabadi said.
Salehabadi was speaking during a rare tour of the iconic Ferdowsi Square in central Tehran, the main hub for currency trade.
“The platform is designed to meet the small needs of the people for foreign currency,” he was quoted as saying by the CBI website.
financialtribune.com/node/111499
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Tehran Housing Inflation Eases
Latest data released by the Statistical Center of Iran show the pace of runaway inflation in Tehran’s housing market is easing.
Tehran’s housing Consumer Price Index in the 12-month period ending Nov. 21, which marks the end of the eighth Iranian month, increased by 51.8% compared with the corresponding period of last year.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Oct. 22, at 59.3%.
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Shahid Rajaee Rail Cargo Transport Registers 49% Increase
More than 4.93 million tons of goods were transported by railroad from Shahid Rajaee Port of Hormozgan Province to destinations across the country during the current Iranian year’s first eight months (March 21-Nov. 23) to register a 49% rise year-on-year, according to a local official.
“The shipments were transported using 88,298 wagons,” Alireza Mohammadi Karajiran was also quoted as saying by the news portal of the Ministry of Roads and Urban Development.
He noted that around 292,512 tons of the total sum were essential goods, including wheat, vegetable oils, barley and corn.
financialtribune.com/node/111481
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Raeisi’s Trip to UAE Would Usher in New Chapter in Ties
The United Arab Emirates’ national security advisor expressed Abu Dhabi’s readiness to expand cooperation with Iran, hoping that a visit by Iranian President Ebrahim Raeisi would usher in a new chapter in the two countries’ relations.
“We are the children of this region and share the same fate, so expansion of bilateral relations is on our agenda,” Sheikh Tahnoon bin Zayed Al Nahyan said in a meeting with Raeisi in Tehran on Monday, President.ir reported.
He also extended the Emirati president’s official invitation to Raeisi to visit the Persian Gulf Arab country.
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Insurance Premium Income Up 43%: CII
Insurance companies generated 630 trillion rials ($2.1 billion) in premium income in eight months to Nov 22 up 43% on the same period last year, the head of the Central Insurance company of Iran said.
"Insurers sold more than 32 million policies during the period while 320 trillion rials ($1.06) was paid in claims," the state broadcaster IRIB quoted Gholamreza Soleimani as saying at the 28th Conference on Insurance and Development Saturday in Tehran.
Even though the loss ratio of the insurance industry has declined significantly in the past decade, the combined ratio still is 100%, said the official.
financialtribune.com/node/111456
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SCI Reviews Export, Import Price Changes in Second Quarter
The Statistical Center of Iran has reviewed changes in the prices of commodities exported from and imported to the country in the second quarter of the current fiscal year (June 22-Sept. 22).
According to SCI, the Export Price Index, an indicator measuring the overall change in the prices of exported goods and services, (using the year ending March 2017 as the base year), stood at 2,215.3 in Q2 in terms of rial, registering a 20.8% increase compared with the quarter before and a 160.6% rise compared with the same quarter of the previous year.
The average EPI during the quarter leading to Sept. 22, witnessed a 191.7% growth compared with the corresponding period of the year before.
financialtribune.com/node/111449
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Iran's CB Says Forex Well Supplied at Nima
Supply of foreign currency to the regulated wholesale market and the secondary forex market known as Nima increased in the current fiscal year (started March), an official with the Central Bank of Iran said.
financialtribune.com/node/111457
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UN Urges JCPOA Parties to Redouble Efforts to Restore Nuclear Agreement
The United Nations encouraged all parties involved in talks to revive the 2015 nuclear deal to redouble their efforts to move together toward reimplementation of the agreement, said spokesman for the secretary-general, Stephane Dujarric.
Negotiations have been underway since April in Vienna, Austria, to work out how the United States and Iran can resume compliance with the nuclear deal, known as the Joint Comprehensive Plan of Action.
Washington quit the JCPOA in 2018 and reimposed tough sanctions that prompted Tehran to scale down its commitments in reaction.
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Renewed Censure of Gov’t Role in the Stock Market
Head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari on Saturday criticized the government for its intervention in the stock market.
Khansari singled out the government’s apparently unwanted interference in a meeting with Majid Eshqi, the managing director of the Securities and Exchange Organization.
“Despite the fact that the bourse is a non-government organization, it is heavily influenced by the government” Khansari was quoted as saying by the IRIB news website.
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First Iranian Startup to Make Debut on Share Market
Tap30 company, a ride hailing app in Iran, is planning to go public becoming the first of its kind in Iran to trade on the share market.
ICT Minister Isa Zarepour said Wednesday that the IPO would make debut at Iran Fara Bourse, the junior equity market, in the coming weeks.
Many startups wanting to join the bourse have been facing hurdles becsue by nature they have a dissimilar property and financial structure compared to the eligibility criteria of other companies.
financialtribune.com/node/111323
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Energy Ministry: Int’l Expertise Needed to Alleviate Water Crisis
Tehran is keen on using international expertise and cooperating with global organizations to address its worsening water crisis, the energy minister’s advisor for international affairs said.
Mohammad Ali Farahnakian made the statement in a meeting with Martin Fisher, operations manager of the International Federation of Red Cross and Red Crescent Societies in Iran, in Tehran on Thursday, IRNA reported.
“The two sides discussed ways of developing strategies to minimize consumption in water-intensive sectors, such as agriculture and industries, limit extraction of water from underground resources and curb the growing menace of land subsidence,” he said.
financialtribune.com/node/111521
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Essential Goods Imports Up 38% to Over $12 Billion in Eight Months
A total of 20.32 million tons of essential goods worth $12.43 billion were imported into Iran during the first eight months of the current Iranian year (March 21-Nov. 21), registering a 30% and 62% rise in weight and value respectively compared with the similar period of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
“The essential goods imports accounted for 75% and 38% of the tonnage and value of total imports during the eight months under review,” Rouhollah Latifi was also quoted as saying by Mehr News Agency.
A total of 26.5 million tons of goods worth $32 billion were imported into Iran during the eight months under review, registering a 38% and 21% increase in weight and value respectively.
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The Cabinet has finalized the fiscal 2022-23 Budget Bill on Wednesday.
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Currency Trade Tax Set at 10%
The Iranian National Tax Administration announced Wednesday that henceforth currency trade will be taxable.
In a press release posted on its website, INTA said that the decision is part of the provisions of the Direct Taxes Act.
“Buying and selling foreign currency is taxable and those who engage in such trade are required to file their tax returns,” it said.
financialtribune.com/node/111513
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Revised VAT for Gold, Jewelry
New regulations governing value added tax on gold trade will come into effect in January, the vice president of the Tehran Gold and Jewelry Union said.
Mohammad Kashti-Aray told the state broadcaster IRIB that the new rules are expected to improve gold trade because “prices would be more attractive.”
As per the new regulations, VAT on gold trade will be levied on service, profit and fees charged by jewelers. In short, the original value of gold will no longer be taxable.
financialtribune.com/node/111498
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Iran Eyes Comprehensive Agreement in Vienna Talks
Iran’s top diplomat said any agreement reached on the revival of the 2015 nuclear deal must be a comprehensive one so that people can feel its tangible results.
Hossein Amir-Abdollahian made the remarks in an Instagram post days after the seventh round of nuclear negotiations broke off for further consultations in capitals.
The talks in the Austrian capital Vienna aim to restore the nuclear deal that has been unravelling since the United States pulled out and reimposed sanctions on Tehran, prompting Iran to react by scaling down its commitments under the agreement, also known as the Joint Comprehensive Plan of Action.
financialtribune.com/node/111485
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Tavanir Says: Cryptomining Could Do Better by Going Green
Using renewables would be the best available alternative for cryptominers in Iran insofar as power consumption is concerned given their growing demand for electricity, an official with the Iran Power Generation, Distribution and Transmission Company (Tavanir), said.
"The national grid is not in a position to continue supplying to cryptomining centers. With clean energy miners will not face restrictions. Building renewable power plants takes less time and is less costly," Mohammad Khodadadi, head of cryptominers power supply section at Tavanir, told the Way2pay website.
Cryptominers have been blamed for power shortages in recent months that fueled public frustration in summer when the lights went off despite the fact that the share of legal e-currency miners in the total electricity consumption is meager.
financialtribune.com/node/111477
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Iran's CB Sees Higher Forex Revenue
The Governor of the Central Bank of Iran Ali Salehabadi said access to foreign currency is improving gradually.
“CBI’s access to forex resources has improved meaningfully in the present fiscal year started in March,” he was quoted as by the CBI news website.
“Foreign currency to the tune of $36 billion was supplied for importing goods since the beginning of the year. This was way higher than the total available last year,” he said.
financialtribune.com/node/111479
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Expert Warns About Consequences of Earthquake in Tehran
Tehran experiences a major earthquake every 165 years on average with magnitudes ranging from 5 to 7.5, says Akramossadat Alijanzadeh, an expert with the Geodesy and Geodynamic Department, affiliated to the National Cartography Center of Iran.
The official was also quoted as saying by the Persian daily Etemad that the last quake to hit the capital had a magnitude of 7 in 1830.
“Some 170 public buildings, 26 hospitals, 115 clinics, 10 universities, 500 schools and educational centers, 45 gas stations, 11 fire stations, 47 shopping malls and 36 hotels are located on the fault line of Tehran Province,” she said.
financialtribune.com/node/111454
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Listed Companies Report Higher Sales
Listed firms reported an average 59% increase in sales in the last calendar month to Nov.21 compared with the corresponding month a year before.
Data from financial statements of listed companies show they sold goods and services worth 1,597 trillion rials ($5.5 billion), which was up by 1,005 trillion rials ($3.4b) on the same period last year, the Securities and Exchange News Agency reported, citing data published on codal.ir.
financialtribune.com/node/111459
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Q2 PPI Inflation Hit 64.6%
The Producer Price Index in the four-quarter period ending Sept. 22, which marks the end of the second quarter of the current Iranian year, grew by 64.6% compared with the corresponding period of last year.
The lowest and highest annualized producer inflation rates were registered for “production, transmission and distribution of electricity” and “mining” with 37.7% and 116.1%, respectively.
PPI (using fiscal 2016-17 as the base year) stood at 468.5 in the second quarter (June 22-Sept. 22), indicating a 11.7% increase compared with the previous quarter and 58.9% growth over the same quarter of last year, the Statistical Center of Iran reported.
financialtribune.com/node/111450
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Lowest Daily Coronavirus Deaths in Over 8 Months
The Health Ministry on Saturday reported 58 deaths caused by Covid-19, the lowest overnight toll since mid-March as most provinces logged zero or only one fatality.
Data gathered by the Health Ministry showed that 19 provinces across the country reported no or one death, ISNA reported.
Despite the promising figures, two of Iran’s cities returned to a red or very high-risk state on Saturday.
President Ebrahim Raeisi during the meeting of the National Coronavirus Headquarters on Saturday said it is critical to follow safety rules to stabilize current figures.
financialtribune.com/node/111425
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Fiscal 2022-23 Budget Finances Sized Up by Economic Expert
The budget bill for the fiscal 2022-23 has been finalized and President Ebrahim Raeisi has talked of submitting it to the Iranian Parliament this week.
Government officials, particularly Masoud Mir-Kazemi, the head of Plan and Budget Organization, have stressed that next year’s budget has been drafted without a deficit, the Persian daily Arman-e Melli reported.
The government has focused on income from taxation and sales of public assets to finance a significant part of the budget, while it has also counted on revenues from the sale of 1.2 million barrels of oil per day at the price of $60 per barrel.
financialtribune.com/node/111430
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Iran, Russia Firms Slowly Moving Toward Trade in National Currency
Iranian and Russian companies are gradually trading in their national currencies, the chairman of the Russia-Iran Business Council (RIBS) said.
"The mechanism for payment in national currencies became operational this year. Iranian companies importing from Russia pay in rials while the Russians buy in rubles," Vladimir Obydenov was quoted as saying by IRNA.
He did not provide details, but said the two sides had conducted trade worth $10 million in their national currencies.
financialtribune.com/node/111437
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Q1-3 Trade With EU Rises to €3.3b
Iran and the 27 member states of the European Union traded €3.34 billion worth of goods during the first nine months of 2021, registering a 1.91% growth compared with last year's corresponding period.
Bilateral trade grew by 6.39% in September year-on-year to hit €376.05 million.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU, as the two countries exchanged €1.24 billion worth of goods, 5.24% less than the year before.
Italy came next with €445.77 million worth of trade with Iran. A year-on-year comparison of the trade volume indicates an 11.04% decline.
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