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WednesdayAugust 12 , 2020
Iran Steel Heavyweights'' Exports Down 44% to 1.28m Tons
Iranian heavyweight steel producers exported a total of 1.28 million tons of finished and semi-finished steel products, including beam, rebar, ingot, slab, hot and cold-rolled coils, and coated coils, during the first four months of the current Iranian year (March 20-July 21) to register a 44% decline compared with last year's corresponding period.
The mills experienced a year-on-year decline of 29% in exports during the fourth month of the fiscal year (June 21-July 21) to 451,280 tons, latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
With 404,507 tons of exports during the four-month period (down 43% YOY), Khouzestan Steel Company was Iran''s biggest exporter. The company exported 132,148 tons of steel in the month to July 21, to register a year-on-year decline of 19%.
Stocks in Tehran Down 3.2%
Extending earlier session's loss, the Tehran Stock Exchange fell 3.16% on Tuesday and its benchmark, TEDPIX, lost 65,261 points to retreat to the critical 2 million points reached on August 2.?
The downturn is linked to the government's abrupt decision to cancel previously announced plans to offer its shares in four refineries via an exchange-traded fund.?
The announcement created nervousness in the market and sparked massive sell-off in majority of ticker symbols because investors interpreted the move as a sign that the government may no longer support the bourse. ?
Bonds Worth $132m Sold in Weekly Auction
The government sold 30.4 trillion rials ($132 million) in Islamic bonds in the interbank and stock market during the weekly auction on Tuesday. ?As per an earlier announcement, it was to offer Murabeha bonds worth 50 trillion rials ($217m).?
According to the central bank's public relations office, bidders this time were six banks who put in bids worth 20 trillion rials ($87 million). ?The Economy Ministry accepted bids worth 13.6 trillion rials ($60m).?
Retail and institutional investors in equity market bought the remaining 16.8 trillion rials ($73 million) outside of CBI auction.?
Utilities Inflation at 22.7%
The Consumer Price Index of utilities (electricity, gas and water) in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 22.7% compared with last year's corresponding period.?
?
Mineral Explorations Grow 15 Percent in Four Months
The area under mineral explorations in Iran expanded by 30,000 square meters during the first four months of the current Iranian year (March 20-July 21), according to the Geological Survey and Mineral Explorations of Iran.
The explorations registered a 15% growth compared with the same period of last year, IRNA quoted the head of GSI, Alireza Shahidi, as saying.?
Shahidi said plans are high on the agenda to carry out explorations over 115,000 square kilometers by the end of the current fiscal year (March 20, 2021).?
Expanding the horizons of explorations is propelled by large-scale investments by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) in the past several years.?
No 1668
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MondaySeptember 07 , 2020
Sell-Off Pressure Rattles Bourse
Relentless sell-off pressure hit the Tehran stock market on Sunday as retail investors struggled to get their money back while institutional buyers continued to boost demand.?
Despite the negative climate overwhelming the trading floor, the main index of Tehran Stock Exchange, TEDPIX, gained 5,847 points to close 0.36% higher.?
TEDPIX climbed by 22,000 points in early trading but pared most of the gains later as sell-side pressure kept mounting.?
Overall Economic PMI Slightly Improves
The Purchasing Managers' Index, known by its Farsi acronym Shamekh, for Iran''s overall economy settled at 46.43 in the month ending August 21 from 45.47 in the month ending July 21, indicating 0.96 points or 2.11% improvement.
A report by the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the survey, says the industries and services sectors remained in a deep downturn during the month under review; all main sub-indexes fell below the threshold level except for supplier deliveries and employment.?
The headline PMI is a number from 0 to 100, such that over 50 shows an expansion of the economy when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.?
Over 10m Tons of Essential Goods Worth $4.7b Cleared From Customs?
Over 10 million tons of essential goods worth $4.7 billion have been cleared from Iran''s customs terminals in the first five months of the current Iranian year (March 20-Aug. 21).
"There are currently 3.32 million tons of essential goods and 3.4 million tons of non-essential, non-containerized goods, including manufactured goods and machinery, at the ports of Imam Khomeini, Shahid Rajaee, Anzali, Amirabad, Shahid Bahonar, Bushehr, Chabahar, Khorramshahr, Nowshahr, Fereydounkenar and Astara. Nearly 28,000 import containers full of both essential and non-essential goods are piled up at country's ports, particularly at Shahid Rajaee Port," Mehrdad Jamal-Arvanaqi, an official with the Islamic Republic of Iran Customs Administration, told IRIB News recently.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
The average goods and services Consumer Price Index of health and treatment in the 12-month period ending Aug. 21, which marks the end of the fifth Iranian month, grew by 23.6% compared with last year's corresponding period.
?
Furniture Exports Rise 290% to $75m in Fiscal 2019-20
A total of $75 million worth of furniture were exported during the last Iranian year (March 2019-20), registering a whopping rise of 290% compared with the previous year, according to the head of Furniture Manufacturers and Exporters Union.
"Our main export destinations over the period were Oman, Qatar, the UAE, Iraq, Afghanistan, Azerbaijan, Tajikistan and Armenia," Hassan Ahmadian was quoted by Fars News Agency as saying.?
The official noted that the business, already in doldrums due to the troubled economic circumstances of Iranian households, was hit hard after the outbreak of the novel coronavirus pandemic.
"The pandemic broke during the month leading to Norouz, the Iranian new year [started March 20], which is the time people think of refurbishing and redecorating their homes. The furniture sector gains a considerable amount of its revenues during this period. But this year our outlets were closed down and people were reluctant to make purchases." ?
No 1688
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? Financial Tribune Daily and contributors 2014-2016
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SaturdaySeptember 12 , 2020
Kish Int'l Bourse Launch Slated for Late October
A plan to launch an international stock exchange is getting the finishing touches and is scheduled to be launched by late October, the economic deputy to the secretary of Iran''s High Council of Free Trade and Special Economic Zones said.?
The new bourse will be based in Kish Island Free Trade Zone off the Persian Gulf, Ahmad Jamali said. It will open with an initial capital of $30 million, according to IRIB news.?
Domestic and foreign investors can participate in the new market. ?"At least 40% of the capital is planned to be sourced from foreign investors," he was quoted as saying.?
Forex Rates Behind Gold's Glitter in Iran
Gold coin prices jumped above the all-time high of 120 million rials on Thursday as demand for the metal and foreign exchange rates soared again. ? ?
Emami gold coin briefly broke past the psychological level of 12 million rials but retreated slightly by 100,000 rials to trade for 119.91 million rials. The price was 10 million rials, or 1%, higher compared to the previous day. ?
The benchmark Bahar Azadi was unchanged at 112.5 million rials, according to Tehran Gold and Jewelry Union website. ?
Iranian Banks Allowed to Invest in the Stock Market
As the stock market continues to plunge, the High Council of Securities and Exchange said banks too can invest in the bourse.
This is in line with a variety of measures by the government to revive the share market and boost the morale of retail investors seeing share prices getting ever closer to junk territory.?
Attended by top economic and banking officials, the bourse council met Thursday to address the persistent downturn in the stock market, the Securities and Exchange News Agency reported. ?
After historic gains since the beginning of the current fiscal year (March), the bourse went into a tailspin from early August.?
Industrial PMI Contracts
The Purchasing Managers' Index for the industrial sector during the fifth month of the current fiscal year (July 22-Aug. 21) settled at 48.06 from 55.25 in the preceding month (June 21-July 21), indicating a 13% decrease.
The announcement was made by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture. The center is measuring PMI, known by its Farsi acronym Shamekh, in Iran for the past 23 months.?
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to companies' decision-makers, analysts and purchasing managers.?
The headline PMI is a number from 0 to 100. A PMI above 50 represents an expansion when compared with the previous month. A PMI reading under 50 represents a contraction, and a reading at 50 indicates no change. The further away from 50, the greater the level of change.?
33% Decline in TM Revenues
Tehran Municipality's revenues decreased by 33% over the first four months of the current fiscal year (March 20-July 21) compared with the corresponding period of last year, says Treasurer of Tehran City Council Seyyed Hassan Rasouli.?
?
No 1692
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? Financial Tribune Daily and contributors 2014-2016
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SaturdaySeptember 26 , 2020
Forex Rates High and Rising
After touching 280,000 rials on Wednesday, the US dollar again extended gains against the rial on Thursday. It sold for 286,500 rials in Tehran's open market, rising 6,000 rials, or 2%, compared to the previous session's close.?
The euro jumped more than 1.5% to 333,000 rials and the UK pound sterling soared to 363,000 rials, up from 358,000 rials a session earlier.?
Moneychangers affiliated to the Central Bank of Iran desisted from raising prices and draw rates closer to the open market. The dollar fetched 277,970 rials in these bureaus, almost unchanged compared to Wednesday, according to the Tehran Gold and Jewelry Union website.?
38% Decrease in H1 Tehran Home Construction Permits
The first half of the current Iranian year (March 20-Sept. 21) registered a 38% decline in the number of permits issued to home builders, says the head of Construction Engineering Organization of Tehran Province.
Saeed Saeedian added that this has heightened concerns about the loss of jobs in engineering and construction, ILNA reported.?
"As the largest organization affiliated to the private sector, the Construction Engineering Organization of Tehran Province has 120,000 members, of whom 70,000 are licensed builders," he said.
Noting that the outbreak of coronavirus accelerated the shift to online services, Saeedian said his organization now offers 90% of its services electronically. ?
Third List of Exporters Flouting Forex Rules Sent to the Judiciary
IRISL Shipping Revenues Surpass $770 Million in Year to June 20
The Islamic Republic of Iran Shipping Lines earned $778 million from shipping activities during the year ending June 20.?
According to a report read by IRISL senior officials at the company's annual general meeting, a mandatory yearly gathering of the company's interested shareholders, Iran's top shipping company transported 23 million tons of cargo over the period, despite facing harsh US sanctions and the outbreak of coronavirus.?
Of its subsidiaries, Khazar Sea Shipping Lines, transported 1.7 million tons of cargo, Bulk Carrier Company accounted for 60 billion ton-miles and Container Transportation Company transported 626,000 TEU containers over the year to June 21.?
IRISL Multimodal Transportation Company handled 977,000 tons of bulk goods and 2,183 TEU containers over the period. It accounted for 20% of transportation handled by all Iranian major ports during the period, with a 19% share in southern ports' market and 27% of northern ports' market.?
The company purchased 303,000 tons of low-sulfur fuel for use by ships worth $145 million during the period.?
Bond Sales Stutter
Weekly bond auction data indicates a steep decline in investor interest in Islamic bonds issued by the government.?
The government on Tuesday sold bonds worth 7.1 trillion rials ($26 million) at the weekly auction held by the Central Bank of Iran. It was the lowest ever sale since weekly auctions were launched in June.
As per an earlier announcement, the CBI had offered bonds worth 52 trillion rials ($192m), according to the bank's public relations office.?
No 1704
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? Financial Tribune Daily and contributors 2014-2016
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SaturdayMay 09 , 2020
Bourse Set for Bigger Role in Economy
Iran's capital market made available 2,650 trillion rials ($16.5 billion) in funds for the government and listed companies in the last fiscal year (March 2019-20).?
The amount was 111% higher than the stock market contribution to funding businesses a year earlier, indicating the role of the bourse in serving the struggling economy, the Tehran Chamber of Commerce, Industries, Mines and Agriculture said in a report.?
The chamber said the percentage of stock market finance rose from 14% in fiscal 2018-19 to 21% last l year -- a further indication of the shrinking role of banks.? ?
TCCIM reports on two types of finance, namely equity financing and debt financing with a bigger space for the former.?
?
Iran''s Non-Oil Trade Declines 27%
Iran's foreign non-oil trade stood at $3.58 billion in the month ending April 19, indicating a 27% decline compared with the same period of last year.?
?
Strong Quake Jolts Tehran, Sparks Panic
A 5.1-magnitude earthquake hit Damavand city in Tehran Province in the early hours of Friday, with tremors felt as far as the capital and Alborz and Mazandaran provinces, causing some residents to flee their homes.?
?
New Copper Projects Inaugurated in South
Four development projects in copper industry were inaugurated in Kerman Province on Thursday by President Hassan Rouhani.
A total of 2.21 trillion rials ($13.64 million) have been invested in these projects, which are said to have created more than 200 jobs, IRIB News reported.?
Located in the southern province''s Shahr-e Babak County, the new projects belong to development of Khatunabad Copper Refinery Plant, including the expansion of its copper anode smelting plant, a new copper concentrate storage facility, a sulfuric acid plant and an oxygen plant.
The expansion of the copper anode smelting plant has entailed technology improvement and increased copper anode production by 50%, from 80,000 tons to 120,000 tons per year.?
Handicraft Exports Exceed $420m in 11 Months
Iran exported handicrafts worth $427 million during the 11 months to Feb. 19, of which official exports accounted for $237 million, according to Pouya Mahmoudian, deputy cultural heritage, handicraft and tourism minister.??
?
No 1593
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? Financial Tribune Daily and contributors 2014-2016
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MondayNovember 02 , 2020
Tehran Stocks Inch Down
After a short-lived rally a session earlier, share prices dropped in Tehran amid sell-off pressure and uncertainty over future developments.?
The main index of Tehran Stock Exchange, TEDPIX, was down 2% on Sunday, shedding more than 26,000 points to close session at 1,279,862 points.?
About 60 ticker symbols on the TSE bulletin board were traded at the lowest daily prices and only 60 tickers experienced price growth for the day, according to Donyaye Bourse website. ?
Money Supply Rises 36.2%
Data released by the Central Bank of Iran show a significant increase in monetary indicators during the first six months of current fiscal year (March 20- Sept. 21), raising fresh concerns about consumer price inflation.?
Broad money supply reached 28,958.9 trillion rials ($107 billion) at the end of the H1, indicating 36.2% growth compared to the same period last year.?
The report indicates that money supply grew by 17.1% in the six months and reflected on the main components of money supply including money circulating in the economy plus quasi money.?
H1 Steel Exports Decline by 30% YOY to 3.5 Million Tons
A total of 3.52 million tons of finished and semi-finished steel products were exported from Iran during the first half of the current fiscal year (March 21-Sept. 21) to register a 30.1% year-on-year decline, according to the Iranian Steel Producers Association.
Semi-finished steel made up 2.56 million tons of the total volume, down 19% YOY.
Billet and bloom had the lion's share of semis exports with an aggregate of 1.98 million tons, 6% less compared with last year''s corresponding period. Slab followed with 583,000 tons, down 45% YOY.?
Meanwhile, exports of finished steel products declined by 49% to 960,000 tons in H1.?
Rebar accounted for the largest portion of finished steel products exported from Iran during the six-month period, with 642,000 tons. The total volume of Iran's rebar exports experienced a 47% fall compared with the same period of last year.?
Hot-rolled coil followed with 142,000 tons, registering a 52% decrease compared with the first half of the previous fiscal year.?
Beams came next with 68,000 tons, down 24% YOY; followed by L-beam, T-beam and other types with 60,000 tons, down 44% YOY; coated coil with 30,000 tons, down 71% YOY; and cold-rolled coil with 18,000 tons, down 76% YOY.
Iran-China Q1-3 Trade Drops 38% YOY to Over $11 Billion
Iran's commercial exchanges with its top trading partner China stood at $11.18 billion during the first nine months of 2020 to register a 38.5% decline compared with the corresponding period of 2019.
As data provided by the China's Customs General Administration show, Iran's exports to China totaled $4.56 billion, indicating a 58.3% year-on-year decrease.
In return, China exported $6.62 billion worth of commodities to Iran during the first three quarters of 2020, indicating an 8.3% decrease compared with the same period of last year.?
Trade between the two countries stood at $1.375 billion in September 2020, marking a 17.44 fall compared with the same period of 2019. Iran's exports to China amounted to $666.03 million, down 20%, whereas imports totaled $709.735 million, indicating a 13.81% decline year-on-year.?
Figures about the two countries'' Q3 commercial exchange also indicate a 30% decline in the total value of bilateral trade, from $5.49 billion in 2019 to $3.8 billion in the third quarter of 2020.?
Iran Celestine Output at 250K Tons p.a.
Iran produces 250,000 tons of Celestine annually, says Mohammad Saleh Jokar, the head of Majlis Mining Commission.
"A considerable portion of the mineral is being sold without being processed. Celestine mines are mostly located in Semnan, Kohgilouyeh-Boyerahmad, Zanjan, Qom and Tehran provinces," the lawmaker said in an interview with IRIB News.
Jokar noted that a number of these mines are now inactive, due to financial problems.?
Celestine, as a well-shaped mineral, occurs in sedimentary rocks across the world. Celestine is colorless but various impurities elaborate this crystalized mineral with the shade of soft blue, white, light red, green, or brown. Celestine is one of the richest sources of strontium.
Based on current estimations, Iran''s Celestine reserves stand at 2 million tons, 75-95% of which are strontium sulfate.
No 1732
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? Financial Tribune Daily and contributors 2014-2016
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TuesdayJune 23 , 2020
Consumer Inflation at 27.8%
The average goods and services Consumer Price Index in the 12-month period that ended on June 20 increased by 27.8% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.?
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on May 20, at 29.8%.?
Consumer inflation for the month under review (May 21-June 20) registered a year-on-year increase of 22.5% compared with the similar month of previous Iranian year. The year-on-year inflation of the month ending May 20 reached 21%.
The overall CPI (using the Iranian year to March 2017 as the base year) stood at 214.2 for the month, indicating a 2% rise compared with the month before.?
Capital Flows Into Share Market
Iran's share market is booming on the back of huge inflow of fresh money and a substantial increase in investors in the past three months.?
The managing director of Securities and Exchange Organization Hassan Qalibaf-Asl told a press conference Monday that 500 trillion rials ($2.5 billion) in fresh capital flowed into stocks during the first quarter of the current fiscal year that started in late March.?
This figure is staggering compared to the money inflow throughout the last fiscal year that reached 300 trillion rials ($1.5 billion), Qalibaf-Asl was quoted as saying by ISNA.?
Shares Continue Winning Streak
Tehran Stocks rallied on Monday as the unprecedented surge in currency rates continued to boost investor sentiments over future rise in share prices.?
The benchmark of Tehran Stock Exchange, TEDPIX, gained 40,000 points, climbing 3.12% to extend a winning streak into the sixth day. TEDPIX closed trading session at 1,341,531 points.?
As seen in previous sessions, the rally was led by large-cap shares largely in steel, base metal, refinery and mineral companies.?
The Bell Tolls for Cheapest Housing Ownership Mortgage
Registration for new applications for Bank Maskan's Housing Saving Account mortgage initiative closed on June 8, 2020.?
"Despite our recent correspondence with the Central Bank of Iran, the monetary policymakers have not announced a decision on whether the agent bank of Iran's housing sector is allowed to continue with the homeownership banking scheme or not," Mohammad Hassan Moradi, a senior official with Bank Maskan, said on Wednesday. ?
Housing Savings Account initiative, launched on June 8, 2015, was scheduled to remain operational for five years with the aim of providing first-time homebuyers with loans at cheaper lending rates compared to all other loans offered by banks and lending institutions.?
When the scheme was first introduced, the loan's interest rate was set at 14%. In February 2017, after a directive by the Money and Credit Council, they were reduced to 9.5% in general cases and 8% for home purchases made in rundown parts of the cities.?
Appeal of Term Deposits Fading
Data released by the Central Bank of Iran shows sight deposits are growing at a higher pace and term deposits are increasingly losing appeal. ?
Total sight deposits increased by 58.9% by the end of last fiscal year (March 19) on year-on-year basis, to reach 3,661.6 trillion rials ($18.7 billion).?
This is while term deposits grew at a slower pace (26.8%) to reach 18,568 trillion rials ($95 billion) in the mentioned period, the CBI said on its website.?
No 1626
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? Financial Tribune Daily and contributors 2014-2016
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ThursdayJune 11 , 2020
Share Market Races 3% Higher
Tehran Stock Exchange closed Wednesday's session 3.18% higher, with its main gauge, TEDPIX, gaining 35,561 points to close trading week at an all-time high of 1,153,679 points.?
The rally came amid fresh demand for shares of key firms after stocks tumbled for two sessions in a row, spurred in part by spike in currency prices.?
Major currencies gained against the rial on Wednesday after some semblance of stability for nearly two weeks. The dollar briefly touched 180,000 rials at Tehran's open market before retreating to 179,000 rials. The greenback at moneychangers affiliated to Central Bank of Iran soared close to 2% to 172,550 rials.?
World Bank Anticipates Iranian Economy to Bounce Back in 2021
The World Bank expects Iran''s economy to bounce back to growth in 2021 with 2.1% in GDP expansion after having experienced an estimated 5.3% contraction this year.
?
Unemployment Claims Near 841,000 in 3 Months
A total of 840,944 people have filed for unemployment benefits by June 8th, of whom 703,430 were found eligible, says, an official with the Ministry of Cooperatives, Labor and Social Welfare.?
"The lion's share of job losses following the outbreak of coronavirus occurred in the month ending March 19 with 372,891; unemployment payments for 241,000 of them started on Sunday," Masoud Babaie was also quoted as saying by Fars News Agency.??
Back in early April, Babaie said the government would allocate 50,000 billion rials ($282.48 million) to Unemployment Insurance Fund to support those who have lost their jobs amid the outbreak of coronavirus.?
Noting that the total number of individuals receiving unemployment benefits last year (March 2019-20) was 260,000, he said, "To prevent the spread of the virus, applicants were urged to fill out online forms for unemployment benefits at the newly-designed website ''bimebikari.mcls.gov.ir''."
CBI Reprimands South Korea for Illegally Withholding $7 Billion
Iran is escalating its pressure on South Korea to release billions of dollars of oil-export revenue, arguing that Seoul is buckling to pressure from its US ally and illegally withholding funds needed to counter the Middle East's worst coronavirus outbreak.
?
Rise in Home Appliance Output
Iran's output of home appliances increased by nearly 8% in the last Iranian year (March 2019-20), the deputy industries minister said.?
"Plans are to boost production by 34% in the current year for production to hit 11.6 million home appliances," Mohammad Reza Kalami was also quoted as saying by Tasnim News Agency, adding that by March 2022, production will meet the total domestic demand for home appliances.
Domestic demand for home appliances was around 13.6 million in the year ending March 2018, but has now reduced to 12 million given the rise in the value of foreign currencies and prices.
No 1618
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? Financial Tribune Daily and contributors 2014-2016
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TuesdayMay 19 , 2020
Think Tank Deliberates on Government's Budgetary Woes
With oil prices in freefall and the coronavirus spreading like wildfire, the government will get more and more worked up this year than the last, especially because of the fiscal burden imposed by sanctions and the decline in oil sales.?
In the fiscal 2019-20, the relatively smaller size of the budget deficit, the availability of foreign exchange reserves from the National Development Fund of Iran and the untapped potential of debt bonds to some degree prevented the deficit's strong impact on the economy.?
In the current fiscal year (March 2020-21), the projected budget deficit of 1,500 trillion rials ($8.62 billion), the 960-trillion-rial ($5.5 billion) reliance of the budget on bonds and the drastic fall in oil prices and tax revenues, as well as the mounting costs of coronavirus outbreak, are bound to compound the government's economic woes.?
Tehran Stocks Bounce Back
Tehran Stocks rebounded on Monday as investors found share prices -- depressed during a four-day bearish trend -- attractive enough to place orders.??
The main gauge of Tehran Stock Exchange, TEDPIX, pared 26,375 points of the earlier losses and climbed 2.72% to close the session at 994,835.?
Signs of a market recovery had appeared in the later hours of Sunday as sell-off pressure on a wide range of shares eased suggesting that the market would open on a high note the next day.?
18,000 Employers Apply for Virus Bailout Assistance
Since last Wednesday, nearly 18,000 employers and economic operators have registered at the Ministry of Cooperatives, Labor and Social Welfare's Kara.mcls.gov.ir for coronavirus bailout assistance envisioned for distressed businesses.?
?
Anti-Inflationary Moves Commended
The Plan and Budget Organization says role of the stock market and the Central Bank of Iran monetary policy is pivotal to curbing inflation.?
Referring to macroeconomic indicators during the Dec.22-March 19 quarter, the PBO underscored the role of the bourse in attracting liquidity and the CBI's open market operation as two critical factors in bringing down runaway inflation.?
"Rush of liquidity into the currency, gold and auto markets can result in harmful inflationary consequences," the report published on the PBO public relations office said.?
"It is very important to avoid hasty measures that could undermine the stability of macroeconomic variables," the report said.?
Chabahar Port Activity Gains Momentum
For the first time, all five berths of Chabahar's Shahid Beheshti Port have been serving eight vessels simultaneously since last week, Hossein Ebrahimi, an official with Sistan-Baluchestan Ports and Maritime Organization, said on Sunday.?
"The rising containerized traffic at Chabahar Port is a harbinger of economic development in Iran's southeastern coasts," he was quoted as saying by Mehr News Agency.?
Last Wednesday, a wheat shipment arrived at Chabahar from India en route to Afghanistan.?
The 435 TEU containers holding 10,000 tons of wheat were delivered by the ship Kashan from India, as the second part of India's new round of aid package to Afghanistan.??
No 1602
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MondayJune 29 , 2020
Iran''s CB Looking at Euro CDs
The Central Bank of Iran said it is planning to launch euro-denominated certificate of deposit to reduce the volume of rials held by the public and downsize the money supply, the bank's governor said.
In a note in his social media account Sunday, Abdolnasser Hemmati said that the euro-denominated CDs will bear fixed interest rates that will be sold to buyers at the going rates.?
"With adequate reserves of euro banknotes, the CBI will be committed to reimburse the CDs in euro on the maturity date," he wrote. ??
A certificate of deposit is a product offered by banks and credit institutions that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time.
Cattle Farming Sector Bemoans Massive Surplus
Excessive production of livestock over the past few months, combined with significant decline in red meat consumption due to the coronavirus pandemic, have led to a massive surplus in the cattle farming sector, says the head of Iran's Livestock Exporters National Assembly.
"Latest statistics show the domestic market normally needs around 60 million head of light livestock per year, but currently it is overflowing with 12 million above the average rate," Mansour Pourian was also quoted as saying by IRNA on Sunday.
This has put farmers under immense pressure, making them face a wide range of challenges, including excessive costs, feed shortage and aging of cattle, he added.
The government banned livestock exports in the last Iranian year (ended March 19) to help increase supply in the domestic market. However, excessive imports amid a domestic production hike as well as the huge fall in consumption created the current problem.
Tehran Stocks Near Threshold Level
Large and small-cap shares took different paths in the Tehran Stock Exchange on Sunday with the shares of the latter closing mainly in the red and the former pushing the TSE benchmark further into positive territory.?
The main gauge of TSE, TEDPIX, closed 25,674 points higher to reach 1,491,951, making 1.75% gain daily. The benchmark had reached 1,499,900 points in the early hours of trade, barely ?100 points shy of the psychological 1.5 million points, which many analysts consider a resistance level. ?
Failing to touch the critical level, most shares went into a sell-off with micro-cap shares hit harder and many large-cap stocks rebounding later.?
Iran Climbs to Top Spot in International DRI Output
Iran has climbed to top spot in the production of direct-reduced iron.
A total of 12.07 million tons of DRI, also known as sponge iron, were produced in the country during January-May to register a 3.47% growth compared with the corresponding period of 2019, the latest report released by World Steel Association shows.
The country is now the biggest DRI producer in the world, overtaking its primary rival, India, which produced a total of 11.01 million tons (down 27.1% year-on-year) during the period under review, according to the Brussels-based international trade body for the iron and steel industry.
The world's total DRI output in the first five months of 2020 stood at 32.1 million tons to witness a 16.6% decline YOY.
Jask Oil Export Terminal to Open in March 2021
Construction of Jask Export Terminal has registered 40% progress, the oil minister said at the weekend.
"We hope the project will be completed by the end of the year (March 2021) so that exports begin from this terminal," Bijan Namdar Zanganeh was quoted as saying by the Oil Ministry news agency Shana.
Work is in progress to build the Goureh-Jask crude oil pipeline, which stretches over 1,000 kilometers from Goureh in Bushehr Province, to Jask in Hormuzgan Province, where the largest oil export terminal after Kharg is being constructed.
No 1631
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TuesdayMay 05 , 2020
Tehran Stock Exchange Powers Ahead
Stock market indicators climbed sharply again on Sunday as fresh liquidity fuels the relentless rallies despite serious concerns the market could crash.?
At the close of trading session on Sunday, the main gauge of Tehran Stock Exchange, TEDPIX, was up 4.3%, to break a record set a day earlier by gaining 39,410 points.?
Sunday marked another record in the history of Iran's bourse. Retail investors injected an unprecedented 28 trillion rials ($175 million) in the market, the highest daily inflow registered so far, Bourse Press reported.? ?
Law Replaces Rial With Toman
The Majlis passed a bill Monday to change the monetary unit from rail to the popularly used 'toman'.?
As per the new law, four zeroes will be shaved off from the national currency. "Iran's currency unit will be toman and each toman will be worth 10,000 rials and 100 qerans,"Article One of the bill dubbed Reforming Monetary and Banking Law reads.?
Provisions of the law stipulate a maximum two-year "transitional period" during which both the toman and rial will be circulated in parallel and both will be legal tender, the parliamentary news agency ICANA reported.?
After the transitional phase "[financial] obligations that were previously settled in rial, will be settled only in toman".?
Corona Infections Up 25% in Iran
Overnight cases of the novel coronavirus rose by 25% to over 1,220 in Iran as of Monday and the daily death rate surged by 57%, health officials announced.
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Rail Freight Transport in Iran Up 4%
A total of 5.1 million tons of commodities were transported by the rail network since the beginning of the current Iranian year (March 20), which indicates a 4% year-on-year increase, the head of the Islamic Republic of Iran Railways said on Wednesday.
"Wheat accounted for more than 168,000 tons of the total sum. The figure registers an eightfold increase year-on-year," Saeed Rasouli was also quoted as saying by ILNA.
Notably, a total of 18,000 tons of goods worth more than $41 million were exported from Razi border crossing in West Azarbaijan's Khoy County via 813 cargo wagons during the first month of the current Iranian year (March 20-April 19), showing a sevenfold and 20-fold rise in tonnage and value respectively compared with the similar period of last year.?
Chicken Farmers Suffer Losses Amid Surplus Production
Chicken farmers have suffered 21 trillion rials ($130 million) in losses in the past five months due to a production surplus, the head of Iran Broiler Breeders Union's board of directors said.?
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No 1590
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TuesdayJuly 21 , 2020
Small, Big Caps Rise in Unison
The main index of Tehran Stock Exchange, TEDPIX, gained 60,000 points on Monday to climb 3.2%, closing the trading session at 1,924,798 points.?
Equal-weighted index rose by 2.25%, indicating that both small and large-cap equities gained. However, gain in large-caps outweighed others as seen in the 3.7% growth in the TSE-30 Index. The index track sshares of top 30 companies in terms of market capitalization. ? ?
Inflow of fresh liquidity and repeated government support for the market are said to be the main drivers of the bull market.?
Currency and Gold Slump in Tehran Market
Currencies took a drubbing in Tehran after rallying for seven consecutive days and the decline soon extended to gold prices.
The rial pared earlier losses on Monday as the dollar lost more than 8%, dropping 21,000 rials from 248,000 rials at the end of Sunday's session to 227,000 rials on Monday.?
One euro bought 263,000 rials, down 21,000 rials, and the UAE dirham changed hands for 66,800 rials.?
Foreign currency was of the descending order late on Sunday and picked up pace Monday after the Governor of Central Bank of Iran Abdolnasser Hemmati?tried to assure the anxious nation that "stability would return to the market".
Nat'l Price-to-Rent Ratio Increases to All-Time High
The gap between the cost of buying and renting is now at its highest level in Iran.
The analytical report by the Persian economic newspaper, Donya-e-Eqtesad, using the Statistical Center of Iran's data, shows that the national price-to-rent ratio settled at 29 in the fourth quarter of the last Iranian year (Dec. 22, 2019-March 19).
In the year ending March 2017, when Iran's housing market was relatively stable, i.e., it did not experience a sudden and large price movement or recession, the index stood at 16.?
The price-to-rent ratio is the ratio of home prices to annualized rent in a given location, which is used as a benchmark for estimating whether it is cheaper to rent or own property.?
Rich-Poor Spending Gap Narrows
The spending gap between the richest and the poorest narrowed in the last Iranian year (March 2019-20), data from the Statistical Center of Iran show.?
Individuals in the top 10% of income earners spent 13.69 times as much as those in the bottom 10% income strata.?
The SCI data also show individuals in the top 20% and top 40% of the income distribution spectrum spent 7.97 and 4.25 times as much as those in the corresponding group of low-income people, respectively. ??
In the year ending March 2019, the top 10% of income earners spent 14.45 times as much as those in the bottom 10% while the top 20% and 40% of the income distribution spectrum spent 8.36 and 4.41 times as much as those in the corresponding group of low-income people, respectively.
According to SCI, three trends could be discerned in the comparative study of spending inequalities over the past 19 years since the fiscal 2001-02.?
Iran''s CB Expands List of Businesses Eligible for Coronavirus Loans
The Central Bank of Iran has expanded the list of businesses directly hurt by the outbreak of coronavirus, and therefore eligible to receive government-backed loans.
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No 1650
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WednesdaySeptember 09 , 2020
Share Market Down Overall
Tehran stocks piled up more losses on Tuesday as the sell-off of majority of shares continued unabated but the overall volume of share sales kept diving.?
The main index of Tehran Stock Exchange, TEDPIX, lost 37,185 points and dropped 2.31%. The benchmark fell below the supportive level of 1.6 million points to close at 1,570,010, the lowest since June 30.?
Tuesday's trade also featured a steep decline in value of trade as many sale orders remained unprocessed amid uninterested buyers. TSE trade value reached 19.5 trillion rials ($82.85 million), much lower than the average 100 trillion rials a month in the not too distant past, according to data released by the Tehran Securities Exchange Technology Management Company.?
Iran''s First Neobank Launch Next Year
One or more neobanks will start operation in 2021, the Central Bank of Iran''s deputy governor for innovative technologies said.?
"Robotic process automation and neobanks are among the latest innovative technologies adopted by banks across the world. Neobanks have no physical branches and their services are offered exclusively online," Mehran Moharramian was quoted as saying by way2pay. He did not provide details.?
Neobank is a new type of bank available to customers only through mobile applications and personal computer platforms. These financial institutions are reinventing the practices and processes associated with traditional banking.?
Aluminum Production Rises 70%
Iranian aluminum producers had an aggregate output of 175,000 tons of ingots during the first five months of the current Iranian year (March 20- Aug. 21) to register a 70% hike compared with the corresponding period of last year.
According to the latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization, flagship producer Iran Aluminum Company (IRALCO) accounted for about 80,000 tons (45%) of the total output, posting a 6% rise year-on-year.
IRALCO is the top producer of aluminum in Iran. The plant, inaugurated in 1972, has an annual output capacity of 180,000.
It was followed by Hormozal Aluminum Company and Almahdi Aluminum Company, which had an aggregate output of 66,000 tons, up 160% YOY, and Iran Alumina Company with 9,000 tons of aluminum production, up 307% YOY.
Throughput of Commercial Ports Down 26% YOY to 48 Million Tons
Iran's 21 major commercial ports handle a total of 48.42 million tons of commodities during the first five months of the current Iranian year (March 20-Aug. 21) to register a 26.5% decline compared with the similar period of last year.
According to figures published by the Ports and Maritime Organization of Iran, non-oil goods accounted for 30.98 million tons of the total throughput, showing a 33.9% fall year-on-year.?
The remaining 17.44 million tons pertained to oil products, indicating an 8.24% decline YOY.
Container loading and unloading decreased by 40.24% to stand at 531,650 TEUs.
The 21 ports under study include Iran's southern ports of Abadan, Imam Khomeini, Bushehr, Khorramshahr, Genaveh, Bandar Lengeh, Chavibdeh, Arvandkenar, Charak and Dayyer located on the shores of the Persian Gulf, Shahid Rajaee, Shahid Bahonar, Qeshm and Tiab at the mouth of the Strait of Hormuz, Jask and Chabahar on the coasts of the Sea of Oman and the northern ports of Fereydounkenar, Noshahr, Astara, Amirabad and Anzali on the Caspian Sea shoreline.
Forex Reaches All-Time High
Foreign exchange rates gained against the rial in Tehran's unofficial market Tuesday amid rising demand and despite large-scale forex injection by exchange bureaus affiliated to Central Bank of Iran.?
The dollar broke past the critical level of 250,000 rials, the highest since July 18. It gained 5,000 rials, or 2%, compared with Monday's close to reach 253,000 rials. ?
One euro was worth 298,000 rials, up 5,000 rials, or 1.7%, and the UK pound sterling jumped to 329,000 rials.?
No 1690
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TuesdayAugust 11 , 2020
Iran''s Industrial PMI Drops for Second Consecutive Month
The Purchasing Managers' Index for industries during the fourth month of the current fiscal year (June 21-July 21) settled at 55.25 from 56.80 in the preceding month (May 21-June 20), indicating a 2.73% decrease.
The announcement was made by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture. The center is measuring PMI, known by its Farsi acronym Shamekh, in Iran since past 22 months.?
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to companies' decision-makers, analysts and purchasing managers.?
The headline PMI is a number from 0 to 100. A PMI above 50 represents an expansion compared with the previous month. A PMI reading under 50 represents a contraction, and a reading at 50 indicates no change. The further away from 50, the greater the level of change.?
Iran Gov't Reversal Rattles Share Market
Tehran stocks took an unexpected drubbing Monday following reports that the government had a change of heart and was suspending share offers in four refineries via exchange-traded funds.?
The Tehran Stock Exchange opened Monday's session on a strong note and its main index, TEDPIX, gained more than 26,000 points in the early hours of trade before investors lost sentiment and rushed to sell on the perception that shares in big listed companies, mostly affiliated to the government, could plunge as the ETF divestment scheme is no more. ?
With sell-off pressure piling up, TEDPIX pared gains and lost 13,437 points to close 0.65% lower. The equal-weighted index fell by 1.62%.?
Tehran Forex Market Edges Up
After a short-lived downturn a day earlier, major currencies climbed again on Monday with the dollar drawing closer to 220,000 rials at the end of trading session.?
After losing close to 9% and dropping to 215,000 rials on Sunday, the greenback fell further at the beginning of Monday's session and sold for 210,000 rials. The currency was supported at the threshold level as prices resisted more decline.
The dollar eked out gains during the session and finally closed at 219,000 rials, up 4,000 rials, or 1.8%. It had declined sharply a session earlier, riding on the declining expectations spurred by positive economic developments announced by President Hassan Rouhani last week. ?
67% Rise in Aluminum Output
Iranian aluminum producers had a total output of 138,781 tons of aluminum ingots during the first four months of the current Iranian year (March 20-July 20) to register a 67% increase compared with the corresponding period of last year.
According to the latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), flagship producer Iran Aluminum Company (IRALCO) accounted for 64,481 tons of the total output, posting a 5% rise year-on-year.
IRALCO is the top producer of aluminum in Iran. The plant, inaugurated in 1972, has an annual production capacity of 180,000.
It was followed by Hormozal Aluminum Company with 30,449 tons, up 186% YOY; Almahdi Aluminum Company with 24,091 tons, up 146% YOY; South Aluminum Company (SALCO) with 12,837 tons, registering no significant change YOY and Iran Alumina Company with 6,922 tons, showing a 342% upsurge.
Parvizkhan Border Exports Exceed $560m
A total of 1.34 million tons of commodities worth $562 million were exported from Parvizkhan border crossing in Kermanshah Province's Qasr-e-Shirin County during the first four months of the current Iranian year (March 20-July 21), which made it the busiest checkpoint of the western Iranian province over the period.
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No 1667
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TuesdayAugust 18 , 2020
Guardians Council Spotlights Flaws in Vacancy Tax Bill
The Guardians Council-a watchdog that ensures laws are in line with the Iranian Constitution and Islamic law-has drawn attention to the flaws in various provisions of new vacancy tax bill drafted by parliamentarians.?
On Aug. 12, the council returned the vacancy tax bill to Majlis citing "ambiguities" and called for amendments to the document. ?
The Iranian Parliament approved on August 5 revisions to Article 54 of Direct Tax Code (pertaining to vacancy tax), based on which empty homes in cities with a population of over 100,000 will be taxed after four months based on their assessed rental income tax on a monthly basis.?
The owners of these properties will have to pay six times more than the rental income tax in the first year, 12 times more than the rental income tax in the second year and 18 times more than the rental income tax in the third year and the following years.
TEDPIX Shows Signs of Recovery
Tehran's share market showed some sign of recovery on Monday after a relatively deep correction phase that wiped off almost 13% of the value of stocks in five consecutive sessions of bear market.?
The market-cap weighted benchmark of Tehran Stock Exchange, TEDPIX, closed the day slightly higher, gaining 2,130 points, or 0.12%.?
This is while the equal-weighted index was still down 0.58%, though sell-off pressure eased to some extent. The index gives the same weight to all shares irrespective of their market capitalization. ? ?
Currency Rates Notch Higher in Tehran Market
The US dollar gained 3% against the national currency in Tehran's free market and was sold for 230,000 rials on Monday after vacillating between 220,000-224,000 rials for two weeks.?
The greenback trade was choppy moving up and down the critical 230,000 rials but finally closed gaining 6,000 rials.?
One euro was worth 274,000 rials, up almost 9,000 rials compared to Sunday's close. The UK pound sterling jumped to 302,000 rials.?
Pastry, Chocolate, Biscuit Exports Exceed $150m in Four Months
A total of 145,924 tons of pastry, chocolate, bread and biscuit worth $153 million were exported from Iran to 56 countries during the first four months of the current Iranian year (March 20-July 21), according to the spokesperson of the Islamic Republic of Iran Customs Administration.
"Exports of bread, biscuit and cereal products stood at 106,336 tons worth $94.88 million. Iraq with $50.38 million, Afghanistan with $29.96 million and Pakistan with $6.3 million were the main export destinations for these products," Rouhollah Latifi was also quoted as saying by Mehr News Agency.
The official said pastry and chocolate exports stood at 39,588 tons worth $58 million with the main customers being Iraq with close to $24.73 million, Afghanistan with $22.17 million and Pakistan with $7.5 million.
Cigarette Smuggling Up 78%
A total of 6.24 billion cigarettes were smuggled into Iran during the first quarter of the current year (March 20-June 20), indicating a 78.3% increase compared with the corresponding period of last year.?
An estimated 16.2 billion cigarettes were smoked during the period, registering no significant year-on-year change.?
Cigarette exports stood at 60 million during the period.
No 1673
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SundayJune 14 , 2020
Tehran Stocks Main Index Finishes 3% Higher
Tehran stocks opened trading week Saturday on a strong note as demand remained high for a range of large cap stocks particularly in refinery, base metals and bank groups.?
The market-cap weighted benchmark of Tehran Stock Exchange gained 36,127 points to end trading session at 1,189,807 points, pushing up the TEDPIX 3.13% for the day.
The rally was driven by a combination of factors, namely rising?currency prices, rise in prices of goods and permissions granted by authorities to listed companies to increase prices of their products.?
Business Activities Rebound
The Purchasing Managers' Index, known by its Farsi acronym Shamekh, for Iran's overall economy rebounded in the second month of the current fiscal year (April 20-May 20), thanks to a jump in output as companies resumed production after the coronavirus lockdowns and the new Iranian year's holidays, the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
The overall PMI fell from 31.39 in the month ending March 19 to 28.68 in the month leading to April 19 but improved to 50.17 in the month ending May 20, showing the economy's recovery from the pandemic is gathering pace.?
The headline PMI is a number from 0 to 100, such that over 50 shows an expansion of the economy when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.?
Trade via Nima Takes a Big Hit
Foreign exchange trade in the secondary market, known as Nima, declined significantly in three months since the beginning of the current fiscal year (March 20) up to June 13 compared to the similar period last year.?
Nima is an online platform affiliated to the Central Bank of Iran where exporters sell their overseas income and local companies buy it for importing goods, machinery, equipment and raw materials.?
Currency sold in the secondary market amounted to ?2.53 billion during the period, down from ?4.38 billion in the same period last year, according to CBI data.? ?
The 73% decline indicates that more exporters failed to repatriate their overseas earnings, reportedly due to spread of the coronavirus that has harmed businesses across the globe.
The average Consumer Price Index of transportation sector in the 12-month period ending May 20, increased by 45.7% compared with the similar period of the year before-the highest among 12 groups of the basket of consumer goods and services purchased by households during the period under review.
With a coefficient of 9.41%, the CPI of the group stood at 263.7 for the month, indicating an 8.6% increase compared with the month before, which was also the highest.
The transportation index registered a year-on-year increase of 48.4%, the highest experienced by the 12 groups under review.
Iranian Insurers Get Good Grades
The Central Insurance company of Iran in charge of regulating the industry, has released a report on the performance of the key sector in the previous fiscal year (March 2019-2020) saying insurers reported 35.7% growth in their premium income compared to the year before.
Increase in their annual income was lower than the year before. However, the report includes some interesting numbers that make the pandemic-hit sector hopeful about the future.
For instance, 29 companies collectively generated 591 trillion rials from selling insurance policies. The regulator had earlier predicted that insurers' earnings from insurance policy would reach a record 600 trillion rials ($3.8 billion) by the end of the current calendar year that ended in March.?
No 1620
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SundayJune 07 , 2020
Tehran Stocks Gain Ground
The benchmark of Tehran Stock Exchange moved to new highs at the start of trading week on Saturday amid renewed investor sentiments toward the market's future.?
TSE's main gauge, TEDPIX, gained 40,306 points for the day to climb 3.9% and stand at all-time high of 1,068,844 points.?
The rally swept through all small and large cap stocks with large-cap shares having the upper hand as shown in the 4.3% growth in the TSE-30 index, which tracks the performance of 30 largest companies listed with the TSE in terms of market capitalization.?
Iran Gov't Unveils Draft of Fiscal 2020-21 Budget Overhaul
Rice Import Tariff Down 10%
As per the decision of Market Regulation Headquarters on June 4, customs duties on rice imports have decreased from 25% to 10%, Fars News Agency reported.
Since March 20, the government has discontinued the allocation of foreign currency at the subsidized rate of 42,000 rials per dollar for importing rice. It has instead called on importers to meet forex requirements from the export earnings of non-oil products (petrochemicals, steel and minerals) traded through the so-called secondary FX market that has exchange rates closer to the free market rates.?
The decline in rice import duty aims to prevent a surge in prices; 1 kilogram of Grade A imported rice was sold at 119,863 rials ($0.67) during the month ending May 20, registering a month-on-month increase of 16% and a year-on-year growth of 34%, the Statistical Center of Iran reported.??
Rising Liquidity Stress Tied to Borrowing From NDFI, Sanctions
In a press release outlining reasons behind the monumental growth in liquidity in recent months, the Central Bank of Iran blamed borrowing from the National Development Fund of Iran and the new US sanctions on oil exports.?
The CBI said the stress of liquidity growth "has rightly become a catchphrase among analysts and attracted attention in the past year".? ?
Although the bank has not released details about liquidity growth since last December, in a press release last month it said liquidity had climbed to 24,721 trillion rials ($145 billion) at the end of the last fiscal year (March 2019) - up 31% on a year-on-year basis.??
1.8m Jobs Created by Cooperatives
Iran's cooperatives sector has created 1.8 million jobs in different economic fields, according to the head of Iran Chamber of Cooperatives.
"There are more than 94,000 cooperative firms with 18 million members in the country's 31 provinces. These firms are active in a host of fields, including transportation, agriculture, construction and housing, mines and services," Bahman Abdollahi was also quoted as saying by Fars News Agency.
The official added that cooperative companies account for 70% and 60% of Iran's agricultural and transportation operations respectively.
No 1614
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ThursdayJuly 09 , 2020
Forex, Gold Back to Old Ways
After a brief hiatus major currencies resumed rallies going back to their bad old ways in Tehran on Wednesday as CBI's selected moneychangers demanded higher rates.?
The US dollar rose to 224,000 rials in the free market, up approximately 5,000 rials compared to a session earlier to grab ?2.3% gain overnight. Euro hiked about 1.5% to 250,000 rials and the UK pound sterling fetched 279,000 rials, up slightly from 276,000 rials the day earlier.?
To bridge the price gap with free market prices, the so-called official selected moneychangers affiliated to the Central Bank of Iran increased the dollar rate by more than 2%.?
President Reiterates Support for Bourse
President Hassan Rouhani on Wednesday reiterated the need to continue supporting the share market by boosting the supply side and listing more companies.?
Speaking at a weekly Cabinet meeting, Rouhani said all relevant administrative bodies have a duty to protect the people's assets invested in stocks.?
Referring to the pattern of growth in the share market in recent months, he underscored the need to increase initial public offerings to address the supply crunch.?
"We need to increase IPOs to let the bourse safely continue its ascending order," IRNA quoted him as saying.?
Agrifood Export Volume Up, Value Down
Export of agricultural and food products accounted for 14% of the overall non-petroleum export in the last fiscal year that ended in March.
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Esfahan Co Supplying Rails for Mega Chahbahar Project in SE
Minister of Roads and Urban Development Mohammad Eslami flagged off track laying operations for a railroad connecting the southeastern port city of Chabahar to the eastern city of Zahedan near the border with Afghanistan and Pakistan on Tuesday.?
The project manager said 92,000 tons of rails are needed to complete the 700-kilometer track. According to Mohammadreza Azarian, the UIC60 rails manufactured by Esfahan Steel Company will be used in this project.
"As per a contract with ESCO, the Isfahan-based company will supply 5,000 tons of rails in the first stage, of which 1,000 tons have been delivered. Track-laying of one kilometer of railroad is planned to be completed in one day," he was quoted as saying by Fars News Agency.?
The 628-km railroad will include 34 stations and pass through Chabahar, Tis, Konarak, Nik Shahr, Iranshahr, Khash and Zahedan.?
Iraq Loosens Border Restrictions
Iraq partially reopened its southern Shalamcheh border crossing with Iran on Tuesday after more than three months due to the spread of the new coronavirus, border officials said.
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No 1640
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SaturdayMay 30 , 2020
Iran''s Housing PMI at Record Low
The Purchasing Managers'' Index for Iran''s housing sector fell to its lowest level in the month ending April 19 since the release of PMI reports began in the fiscal month ending Oct. 22, 2019.?
Iran Chamber of Cooperatives has measured PMI for the country's real-estate and construction sectors, under the Farsi acronym "Shamekh", for the first month of the current Iranian year ending April 19.
The report shows the overall PMI settled at 18.75 from 35 in the 12th month of last Iranian year (Feb. 20-March 19), indicating a 46% decline. That is a record-low PMI reading for the construction and housing sector since housing PMI was calculated.
Central Bank of Iran: First Bond Auction June 2
The Central Bank of Iran will hold its first auction of government bonds on Tuesday. It has asked banks to place buy orders for the Murabeha bonds on the interbank trading platform.?
Bonds are worth 100 trillion rials ($588 million) and mature in 2023 at 15% payable every six months. The bonds are to be sold on a gradual basis in regular weekly auctions, according to a notice published on the CBI website.?
Plans to open a primary interbank market for bond auctions are aimed at helping the government raise funds for budgetary needs as it struggles with high and rising deficits.
Earlier the CBI had announced that it plans to hold?auctions at the start of each trading week and on a regular basis.?
New Platform Will Help Ease Exporters' Access to NDFI Credits
The Trade Promotion Organization of Iran has created a special integrated platform for receiving and processing loan applications from exporters who want to use export credit from the National Development Fund of Iran, head of the TPOI said.?
The platform, known in Persian as Sepidar, was set up in cooperation with other export promotion bodies such as Export Guarantee Fund of Iran, Export Development Bank of Iran and Central Bank of Iran as part of a non-oil export stimulus package, Hamid Zadboum said.?
Drawing on provisions of a package approved in the last fiscal year (March 2019-20), Zadboum said the TPOI, as the main body in charge of foreign trade, launched the platform to process loan requests for rial credits to non-oil exporters by the NDFI, the sovereign wealth fund.??
Rains Fill Up Most Dams
Higher precipitation in recent weeks has filled 70% of the capacity of dams in Iran, the Energy Minister said.
Dams collectively can hold over 50 billion cubic meters of water. Now 35 bcm is stored behind dams, Mehr News Agency reported Reza Ardakanian as saying.
"Since the beginning of the current water year (Sept 2019), 300 millimeters of rainfall was registered, which is 30% higher than the long-time average," Ardakanian said.
After last year''s floods, "we took contingency measures to be able to deal with floodwaters. Now 30% of the capacity of dams' is kept empty as more rain is expected by mid-June."
Iran''s Agrifood Exports Earn Over $330m in 1 Month
Iran exported 679,510 tons of agricultural and food products worth about $336 million during the month to April 19 to register a 25.85% rise in tonnage and a 9.13% decline in value compared with last year's corresponding period, the Agriculture Ministry reported.
Tomatoes topped the list of exports in terms of value, as the country exported $37.94 million worth of the crop during the month.
Apple was the second major exported agricultural product in terms of value with $28.56 million followed by watermelon with $24.51 million, tomato paste with $14.12 million and oranges with $10.55 million.
In term of tonnage, watermelons topped the list with 117,260 tons, followed by tomatoes with 84,000 tons, apples with 76,070 tons, oranges with 34,130 tons and cucumbers with 21,200 tons.
No 1609
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ThursdayDecember 10 , 2020
Fiscal 2021-2 Budget Bill Projects $9.6b in Tax Revenues
Total tax earnings in the fiscal 2021-22 budget bill have been set at 2,515 trillion rials ($9.67 billion).
These include 591 trillion rials ($2.27 billion) from tax on legal entities, 491 trillion rials ($1.88 billion) from income tax, 238 trillion rials ($915 million) from wealth tax, 235 trillion rials ($903 million) from tax on imports and 957 trillion rials ($3.68 billion) from tax on goods and services.?
Vice President for Parliamentary Affairs Hosseinali Amiri submitted the budget bill for the next fiscal year (March 2021-22) to the parliament last week.?
In the next fiscal year (starting March 21, 2021), the operating budget (including revenues derived mainly from taxation and exports at the disposal of the government) has been projected to reach 8,413 trillion rials ($32.35 billion at the market exchange rate of 260,000 rials per dollar).?
Weekly Bond Sale Generates $88m
The government sold 22.5 trillion rials ($88 million) in bonds at the weekly auction on Tuesday -- up 15% compared to the previous week sale.?
As per a press release posted on the Central Bank of Iran website, four banks put in bids collectively worth 7.8 trillion rials. The bids were approved by the Economy Ministry.?
Bonds were sold at 21.5% for and 20.5%, respectively for three and two years maturity dates. The remaining were sold to retail and institutional traders. ?Bond auctions were largely ignored in the seven weeks but investors have shown renewed interest in the past three weeks. ??
IPOs Resume as Bourse Recovers
Iran''s stock market regulator allowed three companies to go public in the past week and more are poised to hold initial public offers in the weeks as the market started showing signs of recovery.
IPOs were on hold since mid-September when the share market was fading with one of its biggest downturns in recent memory.?
Fears that the IPOs may not be well-received as before was the main reason behind the postponements. The regulator apparently took some lesson from the last listing, where Sepehr Saderat Financial Group Company, an investment entity affiliated to the semi-private Bank Saderat Iran, failed to break the previous IPO turnout record and didn't perform well.
Agro Exports Increase by 13% to $3.8 Billion in Eight Months
A total of 5.45 million tons of agricultural products worth $3.84 billion were exported from Iran during the first eight months of the current Iranian year (March 20-Nov. 20), showing a 27% and 13% growth in weight and value respectively compared with the similar period of last year, according to the technical affairs deputy with the Islamic Republic of Iran Customs Administration.
"Agro products accounted for 7.26% and 18.87% of the volume and value of Iran's overall exports respectively during the eight-month period," Mehrdad Jamal Orounaqi was quoted as saying by IRNA.
"Our main exported products were unshelled and shelled pistachio, tomato and tomato paste, watermelon and apple, which together made up close to 1.52 million tons of the total agro exports worth $1.31 billion. Exports of these products registered a 7% and 30% increase in volume and value respectively year-on-year."?
Cement Chain Products Export Tops $160 Million in 7 Months
The export of cement chain products totaled 7.63 million tons worth $163 million over the first seven months of the current Iranian year (March 20-Oct. 21), showing a 24% and 11% decline in tonnage and value respectively compared with the similar period of last year, according to a Ministry of Industries, Mining and Trade report.
Imports of cement chain products over the seven months amounted to 24,000 tons worth $17.6 million that a show 27% and 34% fall respectively year-on-year, IRNA reported.?
Latest data show Iran''s cement production in the first six months of the current fiscal year (started March 20) reached 35.63 million tons, which show an increase of 14.4% compared with the same period of last year.
According to the data provided by the Ministry of Industries, Mining and Trade, Iran produced 31.15 million tons of cement in H1, Mehr News Agency reported.
No 1764
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TuesdaySeptember 01 , 2020
Tehran Stocks Mixed
Tehran stocks opened trade on Monday on a strong note amid rising demand for blue chips before retreating as offers increased by jittery investors.?
The main index of Tehran Stock Exchange, TEDPIX, gained ?44,000 points in early trade but pared most of gains later and closed the session 9,169 points higher, gaining 0.53%.?
Sell-side pressure swept through majority of small stocks, ?pulling the equal-weighted index into negative territory. Equal-weighted index shed 4,445 points and dropped by 0.96 points. ??
6m Jobs Hit Hard by Virus
The coronavirus has hit hard at an estimated 2.8 million businesses and six million jobs in Iran, according to the director general of Policymaking and Job Department of the Ministry of Cooperatives, Labor and Social Welfare.?
?
Gov't Staff to Face Disciplinary Action for Ignoring Health Protocols
The Administrative and Recruitment Affairs Organization of Iran has issued a directive on how managers should discipline employees who refuse to comply with health and safety guidelines related to Covid-19 in workplaces.?
?
Exports to CIS Rise to $1.7b
Iran exported a total of 4.79 million tons of goods worth more than $1.75 billion to the Commonwealth of Independent States during the last Iranian year (March 2019-20) to register a 133% rise in value compared with the year before, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
"Our main export destinations in the CIS region were Russia with more than $457 million, Azerbaijan with $429 million and Armenia with $231 million," Rouhollah Latifi was also quoted as saying by IRNA.
The official noted that around 1.17 million tons of commodities worth $1.56 billion were imported from the CIS states last year, registering a 10% year-on-year decline.
Gov't Dues to CBI Related to 'Debt Classification'?
The Central Bank of Iran says that rising government debt to the CBI is largely due to changes in "debt classification" of the bank and has no monetary relevance.?
In a notice posted on its website, it said government debt to the central bank increased from 354 trillion rials ($1.5 billion) in July 2018 to 970 trillion rials ($4.2 billion) in June 2020.?
The upsurge is linked to the transfer of unpaid dues of state-owned companies to the CBI to government debt to the central bank. In other words, past arrears of government-controlled companies to the CBI are now categorized as government debt to the central bank.
No 1683
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SaturdayAugust 22 , 2020
IME to Offer Salaf Contracts To Help Lift Housing Sector
The plan to presale housing units through standard salaf contract will be implemented next month at the Iran Mercantile Exchange, the IME deputy for economic studies said.?
"IME plans to offer standard salaf contracts to secure funds through the capital market for the key housing sector," Javad Fallah was quoted as saying by IRIB News Agency.?
Fallah said the prospectus has been prepared by the investment company that will underwrite the offer. ?The underwriter is the Housing Investment Group Company affiliated to Bank Maskan, the main housing lender.?
Standard parallel salaf is an Islamic contract similar to futures, with the difference being that the contract's total price is paid in advance. ?
Iran''s H1 Trade With EU Drops 7% YOY to ?2.2 Billion
Trade between Iran and EU member states during the first half of 2020 stood at ?2.24 billion to register a 6.76% decline compared with last year's corresponding period, latest data provided by the European Statistical Office show.
Germany, Italy and the Netherlands were Iran's top three trading partners in the European bloc with bilateral exchanges standing at ?934.4 million (up 23.06% YOY), ?324.31 million (down 28.19% YOY) and ?237.14 million (down 4.48% YOY), respectively.
Iran's trade with Luxembourg (?741,131), Slovakia (?6.74 million) and Bulgaria (?77.22 million) increased by 300%, 184% and 82.47% respectively year-on-year-the highest among EU states.
Trade with Malta (?1,553), Finland (?2.13 million), Ireland (?4.7 million), Latvia (?380,681) and Croatia (?2.52 million) saw the sharpest declines of 98.95%, 86.89%, 86%, 76.76%, and 65.74% respectively.
Petroleum Products Worth $108m Sold via IRENEX in One Month
Oil products costing $108 million were traded in the international ring of the Iran Energy Exchange in one month to August 15.?
Heavy naphtha was the main item with a total of value of $36 million, according to data tracked by the Tehran Chamber of Commerce, Industries, Mines and Agriculture.?
It was followed by gasoline and diesel. The value of gasoline trade was $28.8m and diesel $22.9m. In addition, gas condensates worth $11.4m were sold at the energy bourse.
DRI Output Climbs 11% YOY to 10.5 Million Tons in 4 Months
More than 10.58 million tons of direct reduced iron were produced in Iran during the first four months of the current fiscal year (March 20-July 21) to register an 11% rise compared with last year's similar period.
Latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) show Mobarakeh Steel Company accounted for the largest share of output with 2.64 million tons (up 3% YOY).
It was followed by Khuzestan Steel Company with 1.59 million tons (up 16% YOY), Golgohar with 1.05 million tons, Chadormalu Steel Company with 559,622 tons (up 17% YOY), Hormozgan Steel Company with 546,228 tons (up 2% YOY), South Kaveh Steel Company with 531,553 tons (up 8% YOY), Saba Steel Complex with 465,537 tons (up 32% YOY), Khorasan Steel Company with 371,153 tons, Sirjan Jahan Steel Company (SJSC) with 345,977 tons (up 52%), Mianeh Steel Complex with 275,891 tons (up 76% YOY) and Arfa Steel Company with 265,476 tons (up 1% YOY).
Other major DRI producers included Baft Steel Company with 263,910 tons (up 211% YOY), Sefiddasht Steel Company with 261,001 tons (down 3% YOY), Neyriz Steel Complex with 253,478 tons (up 10% YOY), Ghadir Iron and Steel Company with 251,464 tons (unchanged YOY), Shadegan Steel Complex with 250,399 tons (up 34% YOY), Persian Gulf Saba Steel with 235,497 tons, Sabzevar Steel Company with 231,277 tons (up 1% YOY), and Middle East Mines and Mining Industries Development Holding Company with 179,825 tons (down 34% YOY).
Trade at Milak Border Crossing With Afghanistan Back to Normal
A total of 411,567 tons of non-oil goods were traded through Milak border crossing with Afghanistan during the four months ending July 21, Teymour Baqeri, an official with Sistan-Baluchestan Maintenance and Transportation Organization, said recently.?
"After some ups and downs over the past two months, commercial exchanges via Milak are back to normal. Close to 300 trucks have been crossing the border daily since August 14," he was quoted as saying by IRNA.?
Noting that Milak is one of the major strategic junctions that connects landlocked Afghanistan to international waters through Iran, the official said over the past month, the movement of trucks and goods carriers was delayed due to a strike by Afghan truckers and their blockade of the return route of Iranian trucks and the retaliation of Iranians.?
No 1676
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MondayMay 18 , 2020
Limping Tehran Stock Exchange, Sheds More Points
The main gauge of Tehran Stock Exchange added to the?four-day losing streak on Sunday with its main gauge, TEDPIX, shedding 19,865 points.?
The market-cap weighted TSE's benchmark was down 2% to close trading session at 967,610, moving farther away from the 1,000,000 points reached on May 9.??
Legal and institutional investors were the key players in Sunday's session as they largely bent on the buy side.
$75m Deposited in Unemployment Insurance Fund
A total of 12,860 billion rials ($75 million) have been deposited into the Social Security Organization's Unemployment Insurance Fund, according to the Ministry of Cooperatives, Labor and Social Welfare.?
The funding came from the ?1 billion coronavirus relief package from the National Development Fund of Iran, Mehr News Agency reported.?
"Close to 820,930 people have filed for unemployment since March 13, of whom 687,911 were found eligible for benefits," Masoud Babaie, an official with the Cooperatives Ministry, said.?
Iran''s Agricultural Yields Expected to Increase by 3 Million Tons
Agricultural yields are expected to increase by 3 million tons, thanks to the good rainfall recorded in the current Iranian year (started March 20).?
Unlike last year, when downpours and floods caused significant losses to farmers, the precipitation registered in arid and semi-arid provinces is expected to lead to a bumper harvest this year.?
Out of nearly 18 million hectares of Iranian farmlands, 12 million hectares are rain-fed. The impact of rainfalls is more significant in the arid areas of central, southern, eastern and southeastern regions struggling with water shortages, drought and extended dry seasons since most of their farms are rain-fed.?
Iran Gov't Reviving 'Import Without Forex' Policy
Following reports that the Central Bank of Iran has allowed companies to import goods "without transferring foreign currency", the CBI outlined conditions for doing so.?
The so-called import without forex allocation refers to a method of import where companies can use their own foreign currency, in or outside the country, for imports.
In a notice on its website, the CBI said it welcomes the method on the condition that importers determine the origin of their foreign currency holdings.?
According to media reports, the same method was common in the recent past for importing goods for which the government was unable or unwilling to open letter of credit.?
Iran''s Q1 Trade With EU Tops ?1b
Trade between Iran and EU member states during January-March 2020 stood at ?1.16 billion to register a 0.22% decline compared with last year's corresponding period, latest data provided by the European Statistical Office show.
Germany, Italy and the Netherlands were Iran's top three trading partners in the European bloc with bilateral exchanges standing at ?491.18 million, ?171.83 million and ?128.36 million respectively.
Iran's trade with Luxembourg (?488,018), Slovakia (?3.32 million) and Bulgaria (?43.7 million) increased by 589.68%, 141.4% and 106.76% respectively year-on-year-the highest among EU states.
Trade with Malta (?1,536 million), Finland (?1.87 million), Ireland (?3.89 million), Sweden (?9.3 million) and Romania (?20.86 million) saw the sharpest declines of 98.8%, 77.12%, 77%, 67.17% and 65.21% respectively.
No 1601
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SundayJuly 05 , 2020
Gas Export to Turkey Resumes After 94 Days
Iran has resumed gas exports to Turkey after Botas, the country''s state oil and gas company, said it fixed the ruptured gas pipeline after 94 day, the head of National Iranian Gas Company''s Dispatching Department said.
"Repairs are over and gas flow has restarted at a rate of 20 million cubic meters per day. It will reach 30 mcm/d as soon as the pressure is adjusted," Mohammadreza Joulaee was quoted as saying by ILNA.
The flow of Iranian natural gas to Turkey was disrupted three months ago due to a pipeline explosion. It was the tenth such incident since 2001, he added.
Central Bank of Iran Lets Rial Tumble
Selected foreign exchange bureaus affiliated to the Central Bank of Iran pushed up dollar rates above the historic 200,000 rials on Saturday.
This came after price gaps between the CBI moneychangers and the open market reached unprecedented levels, encouraging currency dealers and speculators to line up for cheaper currency.?
The so-called bank-based moneychangers increased the dollar price by 19,500 rials to 209,000 rials -- a rarely seen 10.3% hike overnight to eliminate a price arbitrage that reached 17,000 rials.?
One euro was worth 232,990 rials at the moneychangers, up 22,000 rials or 10.4% daily, and the UK pound sterling increased slightly to 265,000 rials to post 1.85% growth overnight.
New Scheme to Make Home Buying Affordable
Stock market authorities are planning to launch a real estate exchange market to help address mounting challenges of the housing sector, a member of the High Council of Securities and Exchange said. ?
According to Hossein Selahvarzi, who also is vice president of Iran Chamber of Commerce, Industries, Mines and Agriculture, ?the real estate market will be the fifth bourse in Iran's capital market.?
Selahvarzi said launching a real estate bourse will help improve transparency in the key housing sector, the ICCIMA news portal reported.?
"It will be an opportunity to make the [housing] market competitive and improve transparency. This will also help in setting a benchmark," he said, speaking on the sidelines of a meeting with senior stock market officials on Saturday. The session discussed the feasibility of the plan. ??
Iran''s Trade With Turkey Down 77%
Iran's trade with Turkey totaled $803.59 million during the first five months of 2020 (January-May) to register a decrease of 77.62% compared with the corresponding months of 2019, data released by Turkish Statistical Institute show.
Iran exported $331.67 million worth of goods to Turkey during the five months under review, to see an 87.1% year-on-year drop.
Imports stood at $471.9 million, down 53.85% YOY.
Bilateral trade amounted to $86.21 million in May to register an 88.15% decline compared to May 2019. Exports to Turkey accounted for $42.34 million of the figure, down 91.5% YOY, while Turkey's exports to Iran stood at $8089 million, down by 74.19% YOY.
Iran was Turkey's 36th biggest trading partner during the period under review.?
Small-Cap Stocks Dip in Tehran Market
After climbing 13% last week, the Tehran Stock Exchange lost some momentum at the opening of trading week on Saturday as sell-off visited majority of shares.
TSE opened more than 35,000 points higher in the early hours of trade only to slide later as sell-off pressure mounted.?
However, TEDPIX closed the session 8,466.12 points higher, up 0.52% on Saturday to end trading at 1,621,367.52.
No 1636
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WednesdaySeptember 16 , 2020
TEDPIX Closes 3.5% Higher
Tehran stocks gained some more lost ground as angst-ridden investors started leaving the sell side, and finding share prices attractive, rushed to buy.?
The benchmark of Tehran Stock Exchange, TEDPIX, surged 3.5% on Tuesday, gaining 56,972 points to end trading session at 1,664,559 points.?
The rally swept through all small and large cap stocks with large-caps dominant as shown in the 4.2% growth in the TSE-30 index, which tracks the performance of 30 largest companies listed with the TSE in terms of market capitalization.?
Exporters and Government Caught in the Crosshairs
Head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture again faulted stringent CBI rules that govern the repatriation of export earnings. ?
In a meeting with chamber members on Tuesday, Masoud Khansari pointed to three flaws with the controversial earnings' repatriation rules.?
Firstly, the rules oblige exporters to bring back earnings within four months from the date of export. "Our proposal was to extend the timeline to six months. Revenue repatriation takes time," he was quoted as saying by IRIB news.?
Due to the US economic sanctions export companies are finding it increasingly difficult (impossible) to bring their money back home via banks because most foreign financial institutions, fearing Donald Trump's wrath, refuse to handle Iranian transactions.?
Iran''s Q1 GDP Shrank by 2.8%
Iran''s gross domestic product contracted by 2.8% during the first quarter of the current fiscal year (March 20-June 20) compared to the corresponding period of last year, Governor of the Central Bank of Iran Abdolnasser Hemmati said.
"A sectoral breakdown of growth rates shows the agriculture sector experienced a 3.8% growth, and the industries and mining sector expanded by 2.5%, but the services sector contracted by 1.6%, which was predictable following the outbreak of coronavirus and restrictions imposed to prevent the spread of the disease," he wrote in an Instagram post.?
Hemmati also put Q1 economic growth, excluding oil production, at -0.6%.
"Iran's economy is recovering from the pandemic shock. Compared to sanctions-free countries, which only had to deal with the coronavirus, Iran's economic performance is promising," he said...
Cooperatives Ministry: Gov't Debts to SSO Hit $11.2 Billion by March
The government's debts to the Social Security Organization, Iran''s biggest social insurance company that provides coverage to wage-earners and salaried workers as well as self-employed persons, amounted to 2,944 trillion rials ($11.2 billion) by the end of last fiscal year (March 19, 2020), the Ministry of Cooperatives, Labor and Social Welfare reported.?
Although a fraction of the debt had accumulated before the year ending March 2011, a significant sum of it has been incurred over recent years.
The current government accounts for as much as 81% of the principal debt (excluding the nearly 20% compound interest due on late payment and other penalties), i.e., 875 trillion rials ($3.3 billion) of 1,080 trillion rials ($4.1 billion).
In 2005, when Mahmoud Ahmadinejad took office as Iran''s president, the government's debts to the organization stood at 37 trillion rials ($149 million). The debts had grown by nearly 16 times when he left office in 2013, ISNA reported.?
"Figures provided by the ministry might be different from those published by the Plan and Budget Organization. However, the fact that the government's outstanding debt has?impeded?the cycle of efficient?investment by SSO is undeniable," Abdolhossein Sabet, the former managing director of Social Security Investment Company (the investment arm of the organization known by its Persian acronym Shasta) told the Persian-language daily Shargh.
15% Jump in Overflights
Iran Airports Company registered 8,431 overflights during the month ending Aug. 21, which indicate a 15.57% increase compared with the previous month.?
IAC statistics show 7,295 planes used the country's airspace during the month ending July 21, Tasnim News Agency reported.
Iran is drawing up plans to offer discounts to some foreign airlines using its airspace, IRNA quoted a senior aviation official as saying recently, after a slump in flights due to the coronavirus pandemic and regional tensions.
No 1696
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SundayJune 21 , 2020
Gov't Raises $48m in 3rd Bond Auction
The Central Bank of Iran sold Islamic bonds worth 9 trillion rials ($48 million) in the third round of auction held on a weekly basis to sell government bonds.?
Seventy trillion rials ($380 million) in Murabeha bonds were put on offer on June 16 and banks and non-bank institutions were asked to bid.?
According to a press release on the CBI website, seven banks and ten non-bank financial institutions put in bids worth 146 trillion rials (790 million) last Tuesday and the Economy Ministry accepted bids worth 9 trillion rials.?
Tehran Stocks Advance
Tehran stocks opened trading week 3.3% higher on Saturday gaining close to 41,000 points as the market defied the negative political climate and rallied on rising currency prices. The rally put the benchmark of Tehran Stock Exchange, TEDPIX, at 1,270,602 points.?
Saturday marked the end of the first of quarter of current Iranian fiscal year when the stock market experienced a big boom by recording 143% gain. ?
Spike in foreign currency prices and the ensuing real and expected inflation growth boosted price prospects for most listed companies, which consequently should increase their share prices in the near future. ??
Iran Largest Fuel Subsidizer for Third Consecutive Year
Iran was the largest fossil fuel subsidizer for the third year in a row in 2019, according to the International Energy Agency.?
Having spent $86.09 billion on fossil energy consumption subsidies in 2019, Iran ranked first globally, leaving behind China with $30.48 billion and Saudi Arabia with $28.72 billion.?
The volume of Iranian fuel subsidies extended to its citizens in 2019, which increased 10.9% year-on-year, equals 18.8% of Iran's GDP.?
Iran's average subsidization rate of fossil fuels (as a proportion of the full cost of supply) was 79%. The country paid $1,038 as fossil fuel subsidies per person in 2019.?
USD Crosses 190,000 Rials
Major currencies continued to gain against the rial on Saturday with the dollar breaking past the critical 190,000 rials.?
The greenback was traded at 190,500 rials for the day, up more than 2,500 rials overnight, marking the highest ever rate in Iran.?
It gained more than 5% against the rial during the course of a week. Saturday's hike put the currency gain against the rial at 18.3% in the first quarter of the current fiscal year that started on March 20.?
To reduce the widening gap with open market rates, Central Bank of Iran-affiliated moneychangers pushed up the forex prices. The dollar was worth 185,940 rials in bank-based money exchanges, 1.33% higher than Thursday, according to the Tehran Gold and Jewelry Union website.?
High Electricity Consumption Posing New Challenges
Routine overhaul of power plants is over and there is no problem supplying electricity with the current rates of consumption. But if power use exceeds 60,000 megawatts, there is a possibility of rolling blackouts, chief executive officer of Iran's Thermal Power Plants Holding Company said.
"The operating capacity of our thermal and non-thermal power plants is 60,000 MW, and if consumption rises beyond this, we will definitely face problems," Mohsen Tarztalab was quoted as saying by ISNA.
Operating capacity is the total amount of electrical generation capacity that is operating (and ready to produce electricity) at any one time.?
No 1624
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TuesdayJuly 28 , 2020
Iran's Business Index Perks Up in First Fiscal Quarter
Iran's business environment improved in the first quarter of the current year (March 20-June 20), despite the outbreak of coronavirus and its impacts, Iran Chamber of Commerce, Industries, Mines and Agriculture reported. ? ?
Iran's National Business Environment Index stood at 6.01 in Q1 to register a decrease of 0.66% compared with the preceding quarter and a decline of 2.59% over the same quarter of last year, the chamber said in a report published on its website.
The index calculated by ICCIMA measures business friendliness of Iran's economy, with 10 indicating the worst grade. In other words, the decline in the index is indicative of an improving business environment.
Iran's National Business Environment Index stood at 6.05 in Q4 of the fiscal 2019-20 and 6.17 in Q1 of the fiscal 2019-20.?
Iran''s CB Explains Some Numbers on Export Earning Dues
Head of the Export Department of the Central Bank of Iran on Monday gave some clarification about the ?25 billion in unreturned export earnings.?
This comes after business leaders last week called on the government to explain on what premise it had come to the conclusion that such a huge amount was pending.?
In a press release on the CBI website, Samad Karimi referred to export permits issued by the customs offices to say that companies in the non-oil sector had exported goods worth ??56.1 billion in the last two years (April 2018 to June 2020), out of which ?33.6 was repatriated.?
KTAI Corridor Registers First TIR Operation
The first successful TIR pilot operation involved land freight transportation from Shahid Rajaee Port in the southern Hormozgan Province to Kyrgyzstan via Afghanistan and Tajikistan-the so-called KTAI (Kyrgyzstan-Tajikistan-Afghanistan-Iran) corridor.
TIR stands for?"Transports Internationaux Routiers" or "International Road Transports". The 1975 convention replaced the?TIR?Convention of 1959, which itself replaced the 1949?TIR?Agreement between a number of European countries.?
"The KTAI corridor offers an alternative, short route between Iran's southern ports and e Central Asian countries," Mostafa Ayati was also quoted as saying by IRNA on Sunday.?
Swiss Deal With Iran via SHTA
A Swiss pharmaceutical company has completed the first transaction under a new humanitarian trade channel with Iran, the government in Bern said on Monday.
?
Airlines to Receive $87 Million in Coronavirus Bailout
As part of the 80 trillion rials ($350 million) economic relief package for the transportation sector approved by the government, airlines will receive 20 trillion rials ($87 million) in loans to help them weather the hardship caused by the new coronavirus.?
?
No 1656
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WednesdayAugust 05 , 2020
Underground Economy Averages 37% of GDP
The underground economy and tax evasion in Iran have been estimated to average 37.7% and 3.5% of gross domestic product respectively in the fiscal 2017-8, an analytical research published by the Iranian National Tax Administration shows.
Using Vito Tanzi's Currency Demand Approach and Vector Error Correction Model, the research put the size of the underground economy at an estimated 5,584 trillion rials ($24 billion) and tax evasion at 515 trillion rials ($2.2 billion).
Iran's total tax revenues stood at 1,366 trillion rials ($5.86 billion) and the country's GDP, using current prices, amounted to 14,807 trillion rials ($63.5 billion) in the year under review.
The rial values have been converted using current dollar exchange rates.
Iranian Petrcohems Increasing Market Share With Three New Projects
To help expand the value-added chain in the petrochemical industry, three projects that cost $1.6 billion will be inaugurated on Thursday, managing director of the state-run National Petrochemical Company said.
"Kaveh Methanol Complex in the southern port city of Bandar Dayyer, Bushehr Province, Middle East Kimia Pars Petrochemical Company in the 2nd phase of Pars Special Economic Energy Zone in Assaluyeh, Bushehr Province, and Lorestan Petrochemical Complex in western Lorestan Province will add 4,000 tons to NPC's annual output that currently is 66 million tons," Behzad Mohammadi was quoted as saying by IRNA.
Referring to the first venture (Kaveh complex), he said it would increase Iran's annual methanol production (now 8.3 million tons) by 2.3 million tons.
More Companies See Opportunity in Bourse
The CEO of Securities and Exchange Organization says 140 companies are in the listing process to join the Tehran Stock Exchange and Iran Fara Bourse, the junior equity market.?
Hassan Qalibaf-Asl said efforts are underway to ease the listing process. Ninety companies are doing the paperwork to get listed on the IFB while 50 want to be listed with the TSE, IRNA quoted him as saying.?
The government has eased the listing process in line with the declared aim to expand the bourse and strengthen the supply side to accommodate the ballooning liquidity flowing into the market.?
Small Enterprises Account for 45% of Iran's Industrial Jobs
Small businesses account for 52% of the total number of industrial units and 45% of industrial jobs in Iran.
As of April 19, 23,550 small enterprises across the country provided jobs for 451,609 people, IRNA reported.
A total of 1,047 large production units employed a total of 232,736 people, while 2,146 medium-sized businesses generated 139,079 jobs.?
By definition, enterprises run by under 50 workers and under 100 workers are considered small- and medium-sized respectively, while large enterprises are the ones that employ over 100 workers, according to Iran's Small Industries and Industrial Parks Organization.?
Iran Energy Exchange Shows Enterprising Capacity
Value of trade at the Iran Energy Exchange surged in the first four months of current fiscal year (March 20-July 21).?
Data from IRENEX shows more than 295.82 trillion rials ($1.2 billion) worth of commodities were traded via the energy exchange during the period, Securities and Exchange News Agency (SENA) reported.?
The figure indicates strong promise with a whopping 540% growth compared to the corresponding period last year, the highest in the history of the relatively new market.
No 1663
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ThursdayJune 25 , 2020
CBI Raises $315m in Bond Sale
Bonds worth 61.5 trillion rials ($315 million) were sold in the fourth round of a series of weekly bond auctions held by the Central Bank of Iran.
CBI hosts the auctions every Tuesday for Islamic bonds issued by the government to lenders and non-bank financial institutions. Results are released by the CBI a day after the auction.
Holding bond auctions is an initiative to help the government raise funds for budgetary needs as it struggles with rising deficits.
SCI: Inflation Gap Among Income Deciles Reaches 4.2%
The average annual inflation gap measured by the Statistical Center of Iran among income deciles stood at 4.2% in the third Iranian month (May 21-June 20), indicating a 0.3 percentage point increase compared with the previous month.?
The inflation gap in "food, beverages and tobacco" group among income deciles decreased by 0.8 percentage point and that of "non-food and services" group dropped by 0.4 percentage point month-on-month.?
The average goods and services Consumer Price Index in the 12-month period ending June 20 increased by 25.8% for the first decile (those with the lowest income) while it grew 30% for the 10th decile (those with the highest income).?
Average inflation rates grew by 26.5% for the second decile compared with last year's corresponding period; 26.7% for the third decile; 26.9% for the fourth decile; 27.1% for the fifth decile; 27.3% for the sixth decile; 27.7% for seventh decile; 28% for eighth decile and 28.7% for the ninth decile.
Dollar Dips 4% in Tehran
The US dollar paused on Wednesday following two weeks of strong rallies after Central Bank of Iran reportedly stepped in to stop further deprecation of the rial.
ISNA reported that the CBI injected $55 million in hard currency into the market via its affiliate- exchangers.
The greenback went up to 205,000 rials in the middle of trading session on Tuesday before retreating back to 200,000 rials as trade closed.
Large-Cap Stocks Lead
Shares in Tehran closed trading week Wednesday with large-cap companies rallying in the absence of significant demand for small stocks.
The market-cap weighted benchmark of Tehran Stock Exchange, TEDPIX, gained 28,413 points for the day, soaring more than 2% to end trading session at 1,419,439 points.
This is while sell-off in many micro-cap shares caused the equal-weighted index to hardly gain 0.36%. The index gives the same weight to all shares irrespective of their market cap.
250 Iranian Trucks Pass Through Iraqi Kurdistan Border Daily
As many as 250 trucks from Iran cross into Iraq through northern border crossings (into the Iraqi Kurdistan) on a daily basis, mostly carrying food products and construction materials while southern borders with the neighboring country have yet to reopened completely, says Yahya Al-e Es'haq, the chairman of Iran-Iraq Chamber of Commerce.
Health safety protocols have been designed and implemented at the southern borders with Iraq, he added.
Noting that the two borders of Chazzabeh and Shalamcheh are planned to be reopened soon, the official said Mehran border terminal was reopened on June 9.
No 1628
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WednesdayJune 10 , 2020
New Measures to Ease Financial Procedures for Export Firms
The Government-Private Sector Dialogue Council on Tuesday approved seven proposals out of nine to ease rules and procedures for repatriation of exporters' overseas earnings and help promote the key sector.?
?
Iran Gov't Sells 5-Year Bond in 2nd Auction
The CBI said Tuesday 49 trillion rials ($288 million) worth of government bonds were sold to banks on Tuesday in the second round of bond auctions organized by the Central Bank of Iran.?
?
50% of Residents in Major Cities Live in Rented Homes
Close to 50% of the population in Iranian metropolises are living in rented homes, a deputy roads and urban development minister said.
Mahmoud Mahmoudzadeh added that findings of the National Population and Housing Census in the year ending March 2017 show 31.7% of the country's homes and 43.5% of those in Tehran are rented.?
"Our experts believe households in the 4th to 7th income deciles will face growing housing difficulties in the absence of an appropriate response [on the part of the government]. Nevertheless, the ministry's Housing Department is putting together a bill to regulate housing and rental markets," he was quoted as saying by Fars News Agency.
The Ministry of Roads and Urban Development has come up with a roadmap to streamline the country's tenancy market.
Health, Treatment Inflation at 24.8%
The average Consumer Price Index of "health and treatment" group in the 12-month period ending May 20, which marks the end of the second Iranian month, grew by 24.8% compared with last year's corresponding period.
?
Takeoffs, Landings Decline 62%; Passenger Transport Drops 73%
Iran Airports Company registered a total of 23,223 takeoffs and landings during the first two months of the current Iranian year (March 20-May 20), which indicates a 62% decline compared with the similar period of last year.
?
No 1617
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Jacob Perez
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SaturdayDecember 05 , 2020
Bonds High on Budget Bill
The government hopes to sell bonds worth about 750 trillion rials ($3 billion) in the 2021-2022 fiscal year.
As per the new budget bill sent to parliament on Wednesday, the government said it intends to offer bonds worth 230 trillion rials ($920m) "to fund spending, including for completing development projects".?
The government is also allowed to issue bonds up to 100 trillion rials ($400m) to pay the principal and interest on matured bonds issued as per previous budgets, according to the draft budget published by the Plan and Budget Organization. ? ??
?
Iran Economy Shrinks 1.9% in Half-Year Fiscal Performance
Iran's gross domestic product contracted by 1.9% during the first half of the current fiscal year (March 20-Sept. 21) compared with the corresponding period of last year, the Statistical Center of Iran's latest report shows.
Economic growth, excluding oil, stood at -1.3%, the report added.
A sectoral breakdown of growth rates in the report shows that only "agriculture" and "industries and mining" sectors experienced growth with 1.7% and 2% respectively.
The "industries and mining" contracted 0.7% and "services" sector contracted 3.5%.
SCI also reported economic growth in the second quarter of the current year (June 21-Sept. 21): Iran's GDP expanded 0.2% in Q2 while it shrank 0.2%, excluding oil sector. The "agriculture" sector saw a 2.7% expansion, "industries and mining" 4% while "industries and mining sector" expanded 4.2%. The "services" sector, however, contracted by 3% in Q2.?
MRC Looks at Retail Inflation
The Majlis Research Center in a report explored the main reasons behind the sharp increase in consumer prices in the second quarter of the current fiscal year (June 21-Sept.21).
"The Consumer Price Index rose by 14.07% on a quarterly basis, which is the highest in the past four quarters," the MRC said in a report published on its website.
Citing data from the Statistical Center of Iran, the parliamentary think-tank said in the 12-month period ending Sept. 21, the CPI increased by 26% compared to last year.?
?
Departure Tax Rate Unchanged in New Budget Bill
The Iranian government has set the next year's departure tax at 2.64 million rials ($10.5) for travelers who take their first overseas trip of the year, as per the budget bill of the next fiscal year (March 2021-22), 50% more for their second trip (3.96 million rials or $15.8) and 100% more for the third or more trips, i.e., 5.28 million rials ($21.1).?
Departure tax imposed on travelers to Saudi Arabia for hajj pilgrimage will be 1.32 million rials ($5.2) next year.?
Talks on Mandatory Home Insurance
No 1759
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ThursdayDecember 17 , 2020
MRC Advises MPs to Dismiss Outlines of New Budget Bill
Majlis Research Center, the research arm of Iranian Parliament, believes that the budget bill proposed by the government for the next fiscal year (March 2021-22) is riddled with fundamental flaws and has consequently called on members of the parliament to reject the bill's outlines.?
Among the fundamental flaws enumerated by MRC are its substantial structural budget deficit (close to 50%); overestimation of revenues generated from oil exports; 30% increase in budgetary dependency on oil (including the domestic sales of oil bonds); lower government investment (a drastic decline in the share of civil development funds from general expenditure) from 15% in the current Budget Law of the fiscal 2020-21 to 11% in the budget bill of the fiscal 2021-22; a considerable rise in current expenditure (60% growth); a decline in the share of tax revenues from the budget's general resources from 36% in the 2020-21 budget to 27% in the next budget bill; surge in operational deficit (despite objectives set in the Sixth Five-Year Development Plan (2017-22); projection of significant resources from sales of oil bonds and creation of debt adjusted with foreign exchange rate fluctuations; and the budget's non-alignment with budgetary structural reforms.
The proposed budget will increase operating expenditure and relies on unrealistic, unrealizable revenues, according to the parliamentary think tank.?
Industries, Mines Register Highest GDP Growth in H1
The "industries and mines" group registered the highest economic growth (based on the prices of the year ending March 2012) in the first half of the current fiscal year (March 20-Sept. 21) of 5.4%, the Central Bank of Iran reported.?
The services group contracted 0.2% in H1 to post the sharpest decline among economic groups.?
A breakdown of economic growth rates also shows that the sectors of agriculture and oil expanded by 4.4% and 0.8% respectively.?
Within the "industries and mines" group, the mining subsector grew by 3.5%, "industry" by 6.7%; "electricity, natural gas and water" by 4.5% and "construction" by 4.1%.?
Within the services group, the "commerce, restaurant, and hoteliering" subsector contracted by 0.3%; "transportation, warehousing, and communications" shrank by 0.6%; "services by monetary financial institutions" expanded by 11.9%; "professional real-estate services" grew by 1.1%; "general services" contracted by 5.2%; and "social, personal and home services" shrank by 10.2% in H1. ?
Bank Debt Collectors Make Some Progress
Big bank loan defaulters have repaid 30% of their arrears, the governor of the Central Bank of Iran said.?
He did not provide details or name names of creditor banks or the companies in default. It was not immediately known whether the debtors had agreed to some form of settlement with debt collectors or the banks had recovered the debts in full.?
Speaking to reporters on the sidelines of the weekly Cabinet meeting Wednesday, Abdolnasser Hemmati said 11 major debtors owe 900 trillion rials ($3.6 billion). ??
"These people were among the big fish who refused to settle their debts for years", Hemmati said, adding that the issue is being pursued diligently in cooperation with the judiciary, IRIB news website reported.?
Upstream Steel Production Surges
The upstream steel industry has registered growth in the production of iron ore concentrate, pellet and direct reduced iron during the first eight months of the current fiscal year (March 20-Nov. 20), latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
As only the output of major producers has been taken into account, the overall production should be higher than the figures quoted in the IMIDRO report...
Bond Auctions Generate $580m
The government sold bonds worth 145 trillion rials ($580 million) at the weekly auctions in the third quarter the current fiscal year (Sept. 22-Dec. 20).
Despite growth in earnings from the debt market in the past four weeks, the Q3 bond sale was comparably lower and almost a fourth of the total sold in the June-Sept. quarter.
Auctions are held every week by the Central Bank of Iran since May to help the government plug its budget holes. ?As per auction data seen on the CBI website, the government earned 586 trillion rials ($2.3b) in bonds in summer. The Q2 bond sale accounted for 70% of the total.?
No 1770
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? Financial Tribune Daily and contributors 2014-2016
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SundayJune 28 , 2020
80% of Iran's Commercial Border Checkpoints Reopen
Almost all Iranian land borders were closed after the outbreak of coronavirus, but about 80% of which have now opened after more than four months of shutdown, according to the caretaker of the Ministry of Industries, Mining and Trade.
"Trade is almost back to normal. We experienced a downfall in trade during the first few months of the current Iranian year [started March 20] because of the complications caused by the spread of Covid-19 in domestic and international trade. However, now we are back on track and making up for the past four months," Hossein Modarres Khiyabani was also quoted as saying by ILNA.
The official noted that Iran plans to export $41 billion worth of non-oil goods in the current Iranian year (March 2020-21).
A total of $41.3 billion worth of non-oil goods were exported from Iran in the fiscal 2019-20.
Marked Decline in People Filing for Unemployment Benefits
The Ministry of Cooperatives, Labor and Social Welfare has registered a 94% decrease in the number of people filing for unemployment benefits during the month ending May 20 compared with the month ending March 19, according to an official with the ministry.?
"A total of 851,864 people filed for unemployment benefits from February 29 to June 20, of whom 711,800 were found eligible for unemployment benefits," Masoud Babaie was also quoted as saying by IRNA. ?
Value of Bank-Based ETF Doubles
Trade in exchange-traded fund that holds government shares in three banks and two insurance companies commenced on Saturday.?
The value of each ETF unit doubled in one month after its subscription closed in mid-May, said Abbas Memarnejad, the deputy economy minister for banking, insurance, and state-owned companies affairs. ?
The units of the bank-based ETF, known as the 'First Financial Intermediary' will be traded like other ETFs, according to a notice published on the Tehran Stock Exchange website.?
Majority of Jobholders Lack Health, Retirement Benefits
Sixty percent of jobs in Iran lack health and retirement benefits, which are also not entitled to government support offered to businesses during the coronavirus crisis.
According to a report by the research arm of the Iranian Parliament, Majlis Research Center, 61.7% of working women and 59.4% of working men were employed in the so-called "unofficial sector" of the economy in the year ending March 2019.?
About 38.3% of working women and 40.6% of working men were holding jobs in the official sector of the economy [entitled to health and retirement benefits] during the year under review.?
Men constituted 81.2% and women accounted for 18.8% of unofficial employment while men constituted 82.6% and women accounted for 17.4% of official employment in that year.?
Iran''s Date Exports at $211m in Fiscal 2019-20
A total of 238,152 tons of dates worth $211.64 million were exported from Iran in the last Iranian year (March 2019-20), according to the spokesman of the Islamic Republic of Iran Customs Administration.
"Iran exported dates to 85 countries during the period. Pakistan, Kazakhstan, the UAE, Turkey, Afghanistan, Malaysia, Bangladesh, India, Denmark, Ukraine and Iraq were the main destinations," Rouhollah Latifi was quoted as saying by ILNA.
According to Zahra Jalili-Moqaddam, an Agriculture Ministry official, Iran is the world's second biggest producer of dates with an annual production of around 1.2 million tons that accounts for 10% of the global output.
No 1630
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SaturdayJune 06 , 2020
Tehran Share Market Offers an Opportunity to Foreign Investors
The remarkable performance of Iran's share market in recent months can attract foreign investors, the deputy foreign minister for economic affairs said.?
In a review of the Foreign Ministry's moves to help attract foreign investment, Gholamreza Ansari said the robust stock market is attractive enough for foreign investors and Iranian expats.?
"Growth of the bourse in recent months will encourage foreign investors, especially Iranian expatriates," he was quoted as saying by the IRIB News Agency.
Pointing to the obstacles to foreign investment in the stock market, Ansari referred to problems associated with money transfers due to the US sanctions, saying that ways to overcome them are being discussed with the Economy Ministry.??
?
Iran Gov't Earns $300m in First Bond Auction
In the first Central Bank of Iran auction of Islamic bonds on Tuesday, the government generated 51 trillion rials ($300 million).
The move to open a primary interbank market for bond auctions is a CBI initiative to help the government raise funds for budgetary needs as it struggles with rising deficits.
As per an earlier announcement, the government put on offer Murabeha bonds worth 100 trillion rials ($588 million) and asked banks to put in their bids via the interbank trading platform.?
As per the auction rules, bids are processed by the CBI's brokerage arm and will be sent to the Economy Ministry for approval.? The brokerage firm should settle the payment in one working day.??
Turkey Reopens Border Gates With Iran
Trucks started arriving at border gates after Turkish Trade Minister Ruhsar Pekcan on Thursday announced that Turkey has reopened the Gurbulak border gate with Iran (known as Bazargan on the Iranian side of the border) and the Habur border gate with Iraq for international freight transport.
?
Changes in Iran''s CB Forex Market Policy
?Governor of the Central Bank of Iran says the bank has put an end to the unreasonable practice of injecting foreign currency into the market to control forex rates.
"Pumping forex into the market was the only tool for controlling foreign exchange rates in the past decades. But now we have taken a more thoughtful approach towards the market," Abdolnasser Hemmati told parliament on Tuesday.? ?
He did not say if and to what extent the new approach had been successful.?
"The CBI injected nearly $280 billion into the currency market in the past 15 years to control exchange rates and, by extension, the rate of inflation," he said.?
Transactions With Eurasian Economic Union at $2.1b Since PTA Came Into Effect
Iran and the Eurasian Economic Union have traded $2.11 billion worth of goods since Oct. 27, 2019, when the preferential trade agreement between the two sides came into effect, according to the spokesman of the Islamic Republic of Iran Customs Administration.
"Trade under the preferential trade agreement accounted for around 53% of the total sum," Rouhollah Latifi was quoted as saying by IRNA on Monday.
"Iran's total exports to the bloc reached over $584 million, accounting for 27.67% of the total trade value. Imports from the five EEU member states hit $1.52 billion, which account for 72.32% of Iran-EEU's trade value over the period."?
Latifi noted that 53%, 23% and 16% of Iran's exports went to Russia, Armenia and Kazakhstan respectively, which made them the country's biggest export destinations from among the five EEU member states.?
No 1613
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SaturdayOctober 31 , 2020
$6.2 Billion in Subsidized Forex for Basic Goods
Despite restrictions resulting from US sanctions, the Central Bank of Iran provided $6.214 billion in subsidized foreign currency to import essential goods over seven months ending Oct. 21.
It is up to the related ministries, namely the Ministry of Industries, Mining and Trade, the Agriculture Ministry and Health Ministry to determine priorities concerning what commodities or companies are eligible to receive cheap currency, a statement by CBI's Public Relations Department reads.?
As per the decision of the economic headquarters of the government, a total of $8 billion at the rate of 42,000 rials per dollar will be allocated to the supply of essential goods over the current fiscal year (March 2020-21).?
Of the total sum, $5.5 billion will be allocated for the import of corn, oilseeds, raw vegetable oil, soybean meals, barley and wheat, $1.5 billion for pharmaceuticals and $1 billion for medical equipment.?
Iran Exports to EU Jump 40%
Iran''s exports to 27 European Union member states increased by 39.11% to around ?55.7 million in August 2020, with a leap in the Netherlands'' imports from Iran.?
European states collectively imported ?495.56 million worth of goods from Iran during the first eight months of 2020 to register a 4.6% growth compared with last year''s corresponding period.?
Eurostat''s latest figures show that the Netherlands imported a total of ?95 million worth of goods from Iran during the eight-month period, posting a 714% increase compared with the same period of last year.?
The country''s imports from Iran increased by nearly 11-fold in August to stand at ?15.4 million.?
CBI Says Forex Injections Help
The Central Bank of Iran said it injected $450 million into the market to help stabilize the volatile market and control foreign exchange rates.?
In a press release published on its website, the CBI said it offered $70 million via the regulated forex market last week. It implied that the infusions "far outweigh demand and there is sufficient currency in the market".
However, there were few buyers for the forex as only $5 million was bought by authorized exchange bureaus in the regulated market.?
Mining Sector Development Plans Making Headway
A total of 309 mining projects became operational during the first half of the current Iranian year (March 20-Sept. 21), registering a 7.7% growth compared with the same period of last year.?
Latest statistics released by the Ministry of Industries, Mining and Trade show a total of 472 exploration permission were issued in H1, showing an 8% rise compared with the same period of last year, IRNA reported.?
Iran's mineral reserves currently stand at 55 billion tons, about 37 billion tons of which are proven. New explorations are expected to increase the figure by 30% to 60 billion tons by the end of the current fiscal year (March 2021).
A total of 15.69 million tons of mineral products worth $2.17 billion were exported from Iran in the first five months of the current fiscal year (March 20-Aug. 21).
Increase in Bad Checks
The value of bounced checks in the month to Sept. 21 jumped 7.9% compared to the earlier month to reach 205 trillion rials ($732 million).
The number of bad checks was 864,000 posting 8.8% growth compared with a month earlier, according to data released by the Central Bank of Iran. In terms of volume and value, bad checks accounted for 9.2% and 10.1% of all written checks, respectively.
In the reviewed period, 249,000 checks worth 90 trillion rials ($321.42m) bounced in Tehran accounting for 8.4% and 8.8% of volume and value of all transacted checks in the capital.?
No 1730
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MondayDecember 07 , 2020
Stake Sale Big Part of Budget
The government has projected higher earnings from selling shares in state-owned companies in the next fiscal budget (March 2021-22) compared to the current budget.?
As per the draft published by the Plan and Budget Organization, the government expects to generate 950 trillion rials ($3.8 billion) from selling assets in state-controlled companies.?
That is almost eight times the 115 trillion rials ($460 million) mentioned in this year's budget. It appears the government''s outperformance in realizing the projected income this year has boosted its confidence to earn more in the coming year.?
Monthly Housing PMI Declines
The Purchasing Managers'' Index for the housing sector in the eighth month of the current fiscal year (Oct. 22-Nov. 20) settled at 50.78 from 53.13 in the preceding month (Sept. 22-Oct. 21).?
Iran's Chamber of Cooperatives has measured PMI for the country's real-estate and construction sector, under the Farsi acronym "Shamekh", for the eighth month of the current Iranian year ending Nov. 20.
The new data show the overall PMI settled at 50.78 in the eighth Iranian month from 53.13 in the seventh fiscal month, indicating a 4.42% decrease. ?
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.?
7 Rail Projects to Become Operational by March 2022
The Ministry of Roads and Urban Development plans to inaugurate seven rail projects stretching 1,443 kilometers across the country by the end of next Iranian year (March 2022).?
According to Abbas Khatibi, the head of Transportation Infrastructure Company, affiliated with the Ministry of Roads and Urban Development, 101.46 trillion rials ($405 million) worth of investment have been made in these seven projects to date.
"The completion of these railroads is estimated to require investments worth 163.3 trillion rials [$653 million]. All these projects are missing links in the country's transportation and transit corridors," the official was quoted as saying by Fars News Agency...
Over $300m in Loans to Virus-Hit Businesses
Out of 533,752 businesses that registered at Kara.mcls.gov.ir and were introduced to the banks to receive government-backed coronavirus financial support, 365,841 businesses (70% of the total) have received their loans as of Nov. 30, while the documents and collaterals of the rest are under review, the Central Bank of Iran reported.?
?
Growth in Tea Production
A total of 133,000 tons of fresh tea leaves have been harvested in Iran in the current fiscal year (started March 20, 2020), registering close to a 5% increase compared with last year, according to the head of Iran Tea Organization.
"A total of 30,000 tons of processed tea were derived from this year's yields," Habibollah Jahansaz was quoted as saying by ILNA, adding that this figure also shows a 5% year-on-year rise.
This year's harvest, he added, was worth 5.13 trillion rials ($19.73 million).?
No 1761
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SaturdayJuly 11 , 2020
Gov't to Transfer Shares Worth $1.4 Billion to SSO in Lieu of Debt
The government has approved a proposal to repay its debt worth 320 trillion rials ($1.48 billion) to the Social Security Organization by transferring shares to the organization, the minister of cooperatives, labor and social welfare said.?
Mohammad Shariatmadari said the government will transfer a portion of its shares in nine state-owned companies, IRNA reported.
The SSO is the biggest insurance company that offers insurance cover to non-state workers as well as voluntary coverage to the self-employed.
The minster did not provide details nor say which companies will be involved. However, inquiries by ILNA show the Iranian Tobacco Company is one of the companies. ?
Banks Allowed to Raise CD Ceiling
The Central Bank of Iran on Thursday said lenders can raise the ceiling when issuing certificate of deposit up to a level that doesn't cross 20% of total long-term deposits at the end of last fiscal year (March 19).?
It allowed banks to issue CDs at 18% interest. The decision will be valid until Sept 22, according to a notice on the CBI website.?
The move comes after private banks announced in April that they would set the interest on term deposits at 15%. Before that they had leeway to raise rates up to 18%.?
Banks also decided to lower interest rates for short-term deposits to 8% down from 10%.?
6.6 Million Tons of Essential Goods Unloaded Since March 20
A total of 6.6 million tons of essential goods have been unloaded at Iranian ports of entry since March 20 (the beginning of the current Iranian year), of which Imam Khomeini Port in the southern Khuzestan Province accounts for 4.1 million tons, says Ravanbakhsh Behzadian, a senior official with the Ports and Maritime Organization of Iran.
He added that 545,000 tons of essential goods have been imported through Iran's only oceanic port, Chabahar, on the coast of the Sea of Oman in southeastern Sistan-Baluchestan Province since March 20.?
Imam Khomeini Port is the main hub for import of essential goods in Iran.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
Industrial Sector''s PMI Contracts by 10.14 Percent
The Purchasing Managers' Index for the industrial sector during the third month of the current fiscal year (May 21-June 20) settled at 56.80 from 63.21 in the preceding month (April 20-May 20), indicating a 10.14% decrease month-on-month.
The Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture has been measuring PMI, known by its Farsi acronym Shamekh, for the past 21 months.?
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to companies' decision-makers, analysts and purchasing managers.?
The headline PMI is a number from 0 to 100. A PMI above 50 represents an expansion when compared with the previous month. A PMI reading under 50 represents a contraction, and a reading at 50 indicates no change. The further away from 50, the greater the level of change.?
Average Tax Rates to Increase 28 Percent in Fiscal 2020-21
Tax rates will increase by 28% on average in the current fiscal year (March 2019-20), says the head of Iranian National Tax Administration, Omid Ali Parsa.
?
No 1641
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TuesdaySeptember 29 , 2020
Forex Rates and Gold Climb
Foreign exchange rates made significant gains on Monday despite efforts by the Central Bank of Iran to meet demand through the secondary market.?
The US dollar rose 1.5% or 4,400 rials to 294,000 rials in Tehran''s free market. The Euro jumped 1.76% touching an all-time high of 343,080 rials while the British pound sterling was quoted at 377,650 rials, 2.19% higher than Sunday''s close, eghtesadnews.com reported.?
Price of the Emirati dirham was almost unchanged at 80,000 rials. Traders apparently showed little interest in the dirham due to sufficient supply. News outlets reported Saturday that the CBI had injected 300 million dirhams in the secondary market, known by its local acronym, Nima. ?
Rich-Poor Inflation Gap at 6.5%
The average annual inflation gap measured by the Statistical Center of Iran among income deciles stood at 6.5% in the sixth Iranian month (Aug. 22-Sept. 21), indicating a 1.1 percentage point increase compared with the previous month.?
The inflation gap in "food, beverages and tobacco" group among income deciles increased by 0.5 percentage points and that of "non-food and services" group widened by 1.8 percentage point compared with the month before.?
The average goods and services Consumer Price Index in the 12-month period ending Sept. 21 increased 23.4% for the first decile (those with the lowest income) while it grew 29.9% for the 10th decile (those with the highest income).?
Iran Steel Output Rises 11.3% YOY to 18.6m Tons
Iranian steel mills produced 18.6 million tons of crude steel during the first eight months of 2020 (January to August), which indicates an 11.3% rise compared with the 2019 corresponding period, the latest report released by the World Steel Association shows.
The country''s August output increased 14.6% year-on-year to hit 2.4 million tons, according to the Brussels-based international trade body for the iron and steel industry.
Iran's world ranking as crude steel producer remains unchanged compared to Worldsteel''s previous monthly report that placed the country at 10th place.
The country is placed between Brazil (ninth) with 19.77 million tons of production and Vietnam (11th) with 15.39 million tons, the new report shows.
The world's 64 steelmakers produced 1.18 billion tons of steel over the eight-month period, down 4.2% YOY.
Direct Investment Seen as a Bane of the Share Market
Iranians usually opt for investing directly in the stock market and are less inclined to let investment funds or asset managers to trade on their behalf. In most countries the opposite is the norm.
Currently more than 80% of stock trade is handled directly by individual investors, according to Reza Kiani, the Tehran Stock Exchange's deputy for research and development.?
Kiani blamed the large presence of retail traders and ordinary investors on herding behavior now taking a toll on bourse in Tehran.?
SCI Examines Consumer Price Changes at Provincial Level
The growth in overall Consumer Price Index in the first half of the current Iranian year (March 20-Sept. 21) was the highest (6.3%) in Kohgilouyeh-Boyerahmad Province when compared with the month before.?
According to data released by the Statistical Center of Iran, Ardabil posted the lowest month-on-month inflation of 1.7% last month.?
The overall CPI, using the Iranian year to March 2017 as the base year, stood at 244.3 in the same month, indicating a 3.6% rise compared with the previous month. ?
Hormozgan Province's goods and services consumer inflation registered a rise of 38.2% during the month ending Sept. 21 compared with the similar month of the year before, the highest among all provinces.?
No 1707
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SundayJuly 19 , 2020
Rial Takes a New Dive
The US dollar made one more leap on Saturday extending a rally that has lasted for seven successive sessions. The greenback strengthened close to 5% against the rial in Tehran's open market, adding 12,000 rials in one day to 252,000 rials.?
One euro was worth 285,000 rials, up 15,000 rials, or 5.5% daily and the UK pound sterling jumped to 310,000 rials.?
Iran's forex market is facing unseen demand in the past several months. High and rising demand aside, observers see a supply crunch reportedly due to the pattern of decline in Iran's forex revenue.?
35m Iranians Face Covid-19 Risk
Citing a report by the Health Ministry, President Hassan Rouhani said 30-35 million Iranians are susceptible to catch the novel coronavirus and nearly one-fifth of Iran's population are believed to have already contracted the infectious disease.
?
Iran''s Q1 Exports to Iraq Top $1.4b
A total of 5 million tons of non-oil goods worth $1.45 billion were exported from Iran to Iraq during the first quarter of the current Iranian year (March 20-June 20) to register a 40% and 38.3% decline in tonnage and value respectively compared with the similar period of last year, according to the secretary-general of Iran-Iraq Chamber of Commerce.
"The decline was due to the coronavirus outbreak, which prompted the Iraqi government to set restrictions on trade and shut down the neighboring country''s border crossings," Hamid Hosseini was quoted as saying by IRNA.
According to the Islamic Republic of Iran''s Customs Administration, Iran''s overall non-oil exports stood at 21.92 million tons worth $6.36 billion in spring.
This means Iraq accounted for about 22.8% of Iran''s overall exports in Q1.?
Tehran Stocks Close Mixed
Stocks in Tehran took a reverse at the opening of trading week on Saturday with interest in large-cap stocks shifting to smaller companies with market indicators showing mixed results.?
Heavily impacted by giants of the market, the benchmark of Tehran Stock Exchange, TEDPIX, dropped 1.77% shedding 32,553 points for the day. It later retreated to 1,809,147 points.?
The TSE-30 index, which tack shares of 30 companies with the highest market caps, took a drubbing and dropped 3.56%. ?
SCI Reviews Q1 Labor Market in Provinces
The Statistical Center of Iran''s latest data on Iran''s job market in the first quarter of the current fiscal year (March 20-June 20) show South Khorasan Province registered the lowest unemployment rate of 4% among all Iranian provinces.
This is while Lorestan Province registered the highest unemployment rate of 21%.?
Tehran Province, wherein lies the capital city, registered an 8.8% unemployment rate.?
Sixteen provinces, namely South Khorasan (4%), Ardabil (6%), Mazandaran (6.2%), Markazi (6.5%), Ilam (6.5%), Zanjan (6.6%), Fars (6.6%), Khorasan Razavi (7%), Yazd (7.6%), Hamedan (7.8%), Semnan (8.1%), Tehran (8.8%), East Azarbaijan (9%), Gilan (9%), Qazvin (9.1%) and Bushehr (9.8%), recorded single-digit unemployment rates.
No 1648
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TuesdayAugust 04 , 2020
Shares Retreat After Rally
The benchmark of Tehran Stock Exchange, TEDPIX, lost 18,194 points on Monday drifting lower by 0.9% to retreat below the milestone 2,000,000 points seen on Sunday. It closed trading session at 1,993,330 points. ?
While sell-off hit majority of shares, the downturn for large-cap stocks was deeper as seen in the 0.19% drop in equal-weighted index and 2% loss for the TSE-30 index.?
The former tracks all stocks irrespective of market cap and the latter focuses on shares of 30 large companies with the TSE.?
CSDI: 3.58 Million Trading Codes Issued in 4 Months
Close to 3.58 million trading codes were issued for new investors in the share market since the beginning of the current fiscal year (March 20) up until July end.?
This puts the total number to 15.25 million, Fars News Agency reported citing data from Central Securities Depository of Iran (CSDI).?
The figure is staggering given that on average 600,000 codes were issued annually in the past eight years. According to CSDI data, in the entire past fiscal year (March 2019-20) 822,000 trading codes were issued.?
8.8m Tons of Essential Goods Imported Over Four Months
A total of 8.86 million tons of essential goods worth $3.97 billion were imported into Iran during the first four months of the current fiscal year (March 20-July 21), registering a 0.41% increase in weight but a 30% decline in value compared with the corresponding period of last year, according to Rouhollah Latifi, the spokesman of Islamic Republic of Iran Customs Administration.?
"The country had imported 8.83 million tons worth $5.74 billion in the four-month period ending July 22, 2019," Mehr News Agency quoted the official as saying.
Noting that the country is not facing a shortage of essential goods, he added that these are the figures on imported essential goods, some of which have been discharged and the remaining need to undergo customs procedures.?
Bank Maskan Housing Loans Increase 70% to Over $300m
Bank Maskan, the state agent bank of the housing sector, paid 73.17 trillion rials ($314 million) in loans during the first quarter of the current fiscal year (March 20-June 21).?
The volume of loans furnished in Q1 shows a 70% rise compared with the corresponding period of last year.?
Bank Maskan accounted for 53% of the total loans paid by the country's banking network to the housing sector during the three-month period (136.45 trillion rials/$586 million). ?
According to a report by the Central Bank of Iran, banks and credit institutions in Iran paid a total of 2,247.8 trillion rials ($9.6 billion) in loans in Q1.?
Bad Debts Decline 11%
The number of bad checks fell by 11.7% in the calendar month ending June 20, compared to a month earlier, the Central Bank of Iran reported.
Data published on the CBI website show that 881,000 checks were not processed by banks in the mentioned month.
In value terms, bad checks were worth 186 trillion rials ($808.6 million), increasing 11.2% compared to the earlier month.?
No 1662
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Mrs. Pernille needs your urgent attention for a proposal.
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SundayAugust 02 , 2020
Iran to Enforce Strict Covid-19 Guidelines
Iran is to implement stringent coronavirus-related health protocols in the midst of a second wave that has infected over 70,000 in the past month.
?
Most Stocks Rise Again in Tehran Market
Tehran's stock market moved higher at the start of trading week on Saturday as investors' attention shifted again toward giants in the market.?
The benchmark of Tehran Stock Exchange, TEDPIX, soared more than 57,325 points, or 3.01%, to close trade at 1,961,649.?
Led by large-cap shares, shares of a broad range of smaller companies also gained pushing up the equal-weighted index to 2.16%.?
Iran Energy Minister: Hirmand Water Dispute Resolved
Since the beginning of the current water year (last September) Iran unlike previous years has been receiving its fair share of water from Hirmand (Helmand) River as per an agreement signed with Afghanistan in 1972, the energy minister said.
"As per the treaty, Iran is getting its share that will reach 800 million cubic meters by next September," Reza Ardakanian was quoted as saying by ILNA on Saturday.
Following regular meetings in Tehran and Kabul since 2005 regarding Iran''s water rights from the border river, the Afghan side accepted to pursue its water development projects on the shared basin in a way that will not harm Iran's water share.
"Construction plans on the river should not restrict Iran''s share of the joint basin under any circumstances," the minister said.?
Iran is saddled with severe water shortages in its southeastern regions bordering Afghanistan. A big part of the problem is linked directly Kabul respecting the 1972 agreement in the breach.
Iran''s Q1 Rail Passenger Traffic Decreases by 84 Percent
The coronavirus pandemic has dealt a heavy blow to the Iranian rail sector.
?
Provincial Inflation Survey
The growth in overall Consumer Price Index in the fourth month of the current Iranian year (June 21-July 21) was the highest (8.2%) in Ardabil Province when compared with the month before.?
This is while, according to data released by the Statistical Center of Iran, Ilam posted the lowest month-on-month inflation of 3.9% last month.?
The overall CPI, using the Iranian year to March 2017 as the base year, stood at 227.9 in the month under review, indicating a 6.4% rise compared with the previous month. ?
Hormozgan Province's goods and services consumer inflation registered a rise of 32% during the month ending July 21 compared with the similar month of the year before, the highest among all provinces.?
No 1660
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TuesdayAugust 25 , 2020
Another Bad Sign for Stockholders
Tehran stocks suffered one more hit on Monday amid visible efforts by the regulatory body and institutional traders to prop up the market but to no avail because of rising sell-side pressure.?
The main gauge of Tehran Stock Exchange, TEDPIX, lost 53,671 points and fell by 3.23% for the day to close trade at 1,608,544 points. TEDPIX has lost more than 11% in four straight sessions of bear market.?
With authorities struggling to support the market from further collapse, Monday's session saw institutional investors stepping in seriously to boost demand. Their efforts fell on the wayside due to stronger sellers, namely retail traders.
CBI: Money Supply in Check
The CBI governor says the bank has kept the growth of money supply in check which is a harbinger of decline in inflation rate.?
Abdolnasser Hemmati told state TV that the monetary base growth has lost momentum and "grown only 4% in the first five months (March 20- August 21) of the current fiscal year.
That is down 4.8 percentage points compared to the figure for the first quarter of the fiscal year.?
"I'm pleased to tell the people that money supply has come under control," he was quoted as saying by the CBI website.?
New Mine to Boost Iran''s Copper Output to 1.3 Million Tons p.a.
A giant copper mine in Kerman Province is expected to boost Iran's annual copper concentrate output by 130,000 tons once it becomes operational in the next Iranian year (March 2021-22), according to managing director of the National Iranian Copper Industries Company (NICICO).
"The construction operations of Der Alo Copper Mine are nearly complete and a big share of the equipment has been installed," Ardeshir Sa'd-Mohammadi was also quoted as saying by Mehr News Agency.
He noted that over 8.8 trillion rials ($38 million) plus ?63 million have so far been injected into the project.
"The mine, with a capacity of extracting 7 million tons of copper sulfide per annum, is projected to begin operation in the first half of the next [fiscal] year [March 21-Sept. 22]," he added.
$1.5 Billion Petrochemical Plant Opens in Pars Economic Energy Zone
To expand the value-added chain in the petrochemical sector, the first phase of Bushehr Petrochemical Company in Pars Special Economic Energy Zone (PSEEZ), southeast of Bushehr Province, became operational on Monday.
Built in nine years, the plant will produce ethane, ethylene, methanol, sulfur and acetic acid among other petrochemicals, IRNA reported.
Stretching over 70 hectares and costing $1.5 billion, it will produce nearly four million tons per annum, including 1.65 million tons of methanol, 1 million tons of olefins, 550,000 tons of ethylene glycol, 300,000 tons of light and heavy polymers and 300,000 tons of acetic acid.
Food & Beverages Inflation at 22.4%
The average goods and services Consumer Price Index of food and beverages in the 12-month period ending Aug. 21, which marks the end of the fifth Iranian month, increased by 22.4% compared with last year's corresponding period.?
With a coefficient of 26.64%, the CPI of the group among 12 groups of the basket of consumer goods and services purchased by households stood at 274.2 in the month under review, indicating a 3.5% increase compared with the month before.?
The food and beverages index registered a year-on-year increase of 25.8%.?
No 1679
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WednesdayAugust 19 , 2020
TSE Early Rally Ends in Sell-Off
The share market opened trading on Tuesday on a strong note in the first session only to lose ground later as sell-side pressure mounted for many large-cap shares in the second round.
The benchmark of Tehran Stock Exchange, TEDPIX, gained more than 46,000 points and climbed 2.2% in the early hours of trade but pared gains as trade commenced in the next round.?
Gains shrunk to 0.5% and TEDPIX finally closed the session 9,599 points higher to stand at 1,825,354 points. The equal-weighted index was up 0.76%, indicating better performance of small-caps.?
Reward and Punishment Policy for Unruly Exporters
Export companies have refused to return $27 billion in overseas earnings in the past two years and the government is struggling to bring the money back by resorting to a mix of pliability and penalty.?
Masoud Khansari, head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture said the chamber along with representatives from the Central Bank of Iran have met several times with more than 90 exporting companies in the past two weeks to resolve?the problem. ??
"Meetings have been held in collaboration with the central bank. We have assessed the challenges and identified the root causes," he was quoted as saying by the TCCIM website.?
CBI Wants Banks to Buy Bonds
Governor of the Central Bank of Iran says lenders should use a fraction of their financial reserves to buy bonds issued by the government.?
"Banks and credit institutions are obliged to show government bond holdings as a percentage of their deposits in the balance sheets," Abdolnasser Hemmati was quoted as saying by the CBI website. He did not elaborate nor say how much banks need to allocate for bond buying.?
"This is part of the CBI's new monetary policy and in line with macroeconomic precautionary measures", Hemmati added.?
Steel Exports Dip 31% YOY to 2.2 Million Tons in 4 Months
More than 2.23 million tons of finished and semi-finished steel products were exported from Iran during the first four months of the current Iranian year (March 20-July 21), registering a 31.83% decrease compared with the similar period of last year, according to the Iranian Steel Producers Association''s latest report.
Semi-finished steel made up 1.66 million tons or more than 74.46% of the total export volume to register a 23% year-on-year drop.
Billet and bloom had the lion's share of semis exports with an aggregate of 1.34 million tons to mark a 2% decline YOY. Slab followed with 322,000 tons, down 59% YOY.
Exports of finished steel products decreased 49% YOY to reach 571,000 tons.
More Int''l Airlines Resume Flights to Iranian Cities
International flights to and from Iran are resuming after more airlines reactivate routes that were cancelled after the new coronavirus spread.
?
No 1674
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WednesdayMay 13 , 2020
Iran: USD at 20-Month High, Gold Up
Price of the US dollar passed over 170,000 rials in Tehran on Tuesday, hitting a 20-month high. Emami gold coin also recorded an all-time high on Tuesday climbing to an unseen 70.087 million rials.?
The dollar and other major currencies have been rising since Saturday, when bank-affiliated exchange shops suddenly increased rates coming closer to those in the free market.?
Euro was priced at 180,000 rials on Tuesday, according to Tehran Gold and Jewelry Union''s website. The UAE dirham, one of the most influential elements influencing the dollar in Tehran, recorded 1% growth to reach 47,000 rials.?
Tehran Stocks Buck Two-Month Trend
Tehran Stock Exchange experienced one of its biggest downturn in nearly two months on Tuesday, with its main index, TEDPIX, losing more than 26,318 points, or 2.5%, to retreat back to 1,021,444.?
Excitement and herding behavior were evident in Tuesday's session as investors, mostly newcomers and unprofessional, kept moving to and fro during trading hours.?
The market opened in positive territory with sell-off starting to hit small cap stocks in the early hours before being extended to large-caps later.?
4.1m Tons of Essential Goods Undergo Customs Clearance
There are 4.15 million tons of essential goods at Iranian ports, of which Imam Khomeini Port accounts for more than 3 million tons, according to the managing director of Ports and Maritime Organization.
"Corn makes up the lion's share of these goods with about 2.4 million tons. Wheat, barley, soybeans, rice, sugar, vegetable oils and oilseeds constitute the other goods," Mohammad Rastad added.?
The PMO chief noted that 803,000 tons of essential goods are about to proceed to their final domestic destinations, 405,000 tons are in the customs clearance process and 300,000 tons are at the assessment stage, Fars News Agency reported.?
"As we speak, 25 ships are unloading about 589,000 tons of essential goods and 23 container ships with more than 1.7 million tons of essential goods are waiting to enter the ports," he said.
Home Prices in Five Tehran Districts Triple Over 2 Yrs.
Housing prices in five out of 22 districts of the capital city, Tehran, nearly tripled over the past two years.?
According to a report by ISNA, home prices in District 18 increased by 227%, District 10 by 214%, District 9 by 203%, District 17 by 199% and District 20 rose by 197%.?
The lowest price growth from Feb. 20, 2018, to Feb. 20, 2020 were registered for homes located in District 2 with 160%, District 1 with 167%, districts 5 and 12 with 171% and District 6 with 172%.?
From Feb. 20, 2019, to Feb. 20, 2020, districts 20, 18, 12, 17 and 19 posted the sharpest price rises with 101%, 70%, 54%, 51% and 49% while districts 1, 2, 13, 14 and 22 had the lowest increase of home prices with 37%, 38%, 39%, 40% and 40% respectively.?
Industrial PMI Plunges to Record Low
The novel coronavirus led to further deterioration of Iranian industries in the month ending April 19.
The Purchasing Managers'' Index for the first month of current fiscal year (March 20-April 19) plummeted to a record low of 28.06 from 42.48 in the preceding month (Feb. 20-March 19), indicating a 14.42-point or 33.94% decrease month-on-month, according to the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture''s latest report.?
The index stood at 56.14 in the month ending Feb. 19.
The center has been measuring PMI, known by its Farsi acronym Shamekh, in Iran for the past 19 months.?
No 1597
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ThursdayJuly 02 , 2020
$200m in Pandemic Bailout Loans Paid to Businesses
A total of 40 trillion rials ($200 million) in cheap loans have been granted to businesses impacted by the coronavirus pandemic so far, says Deputy Minister of Cooperatives, Labor and Social Welfare Isa Mansouri.
?
Broad Money Supply Rises 7.3 Percent in Q1
The Central Bank of Iran in a press release said money supply shot up to 26,541.6 trillion rials ($139.5 billion) by the end of the first quarter of the current fiscal year (March 20- June 21) -- up 7.3% compared to the same quarter last year.?
It said broad money grew 2 percentage points compared with 5.3% growth recorded for the first quarter of fiscal 2019-20.
The bank said increase in the money supply was not unusual and due also to the financial aid given needy households and businesses hit hard by Coivid-19. Increase in government borrowing from banks was another key factor.
CBI was instructed by the government in April to help low-income households and businesses impacted by deadly virus.
Tehran Stocks Stay on the Upside
Tehran stocks maintained their upside direction seen in previous sessions to gain another 66,000 points on Wednesday closing trading week 4.3% higher. ?
At the close of the trading session the Tehran Stock Exchange benchmark, TEDPIX, stood at 1,612,882.?
The market continued to rally as demand remained high for commodity stocks. Market reports show that investors were more interested in refining, petrochemical, base metal and mineral companies. ? ?
Top Cement Company Makes Stellar IPO Debut
Tamin Cement Investment Company, the largest construction holding in Iran, went public on Wednesday offering 15% of its shares in an initial public offering.
Stakes comprised 1.65 billion shares, 1.32 billion of which were sold to the public and the rest to investment funds. ? ?
The IPO was warmly received by investors with close to 4.5 million taking part, a figure never seen in Iran's bourse history, thanks to the rising number of new investors.?
Buyers could purchase 294 shares each. The company raised close to 26 trillion rials ($136 million) from the IPO. ?
5th Bond Auction Raises $331m
Islamic bonds worth 63 trillion rials ($331 million) were bought by lenders and non-bank financial institutions on Tuesday during the fifth bond auction held by the Central Bank of Iran.?
CBI hosts the auctions every Tuesday for Islamic bonds issued by the government to lenders and non-bank financial institutions. Results are released by the CBI a day after the auction.?
The initiative aims to help the government raise funds for budgetary needs as it struggles with rising deficits.
As per earlier an announcement, the government had offered two packages of Murabeha bonds with a collective value of 65.5 trillion rials but with three-year and five-year maturity dates. ?
No 1634
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MondaySeptember 14 , 2020
Currency, Gold Keep Climbing
Forex rates moved above 260,000 rials on Sunday to extend a rally that has strengthened since the beginning of the previous week. ?
The dollar made a big leap forward and rose by 5,000 rials, or 2%, to reach 267,000 rials at the close of Sunday's session. The rial has tanked more than 10% since the new turmoil in the currency market from the beginning of this month.
Similarly, the euro rose 2% to 317,000 rials, the UK pound sterling soared to 342,000 rials, up 5000, and the UAE dirham gained 1.9% climbing to 73,000 rials.
DRI Output Rises 8% YOY to 12.8m Tons
Close to 12.86 million tons of direct reduced iron were produced in Iran during the first five months of the current fiscal year (March 20-Aug. 21) to register an 8% rise compared with last year's similar period.
Latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) show Mobarakeh Steel Company accounted for the largest share of output with 3.2 million tons (up 3% YOY).
It was followed by Khuzestan Steel Company with 1. 9 million tons (up 12% YOY), Golgohar with 1.17 million tons, Chadormalu Steel Company with 707,095 tons (up 13% YOY), Hormozgan Steel Company with 692,173 tons (up 2% YOY), South Kaveh Steel Company with 670,299 tons (up 7% YOY), Saba Steel Complex with 572,956 tons (up 19% YOY), Khorasan Steel Company with 489,208 tons, Sirjan Jahan Steel Company with 427,964 tons (up 39%), Mianeh Steel Complex with 346,115 tons (up 55% YOY) and Arfa Steel Company with 340,756 tons (up 5% YOY).
Other major DRI producers included Sefiddasht Steel Company with 325,058 tons (up 10% YOY), Neyriz Steel Complex with 320,963 tons (up 14% YOY), Shadegan Steel Complex with 310,599 tons (up 28% YOY), Baft Steel Company with 300,468 tons (up 138% YOY), Sabzevar Steel Company with 270,114 tons (down 10% YOY), Ghadir Iron and Steel Company with 251,464 tons (down 22% YOY) and Middle East Mines and Mining Industries Development Holding Company with 246,147 tons (down 15% YOY).
Border Crossings With Iraq Now Open on All Weekdays
Three border crossings with Iraq, namely Chazzabeh and Shalamcheh in the southern Khuzestan Province and Mehran in the western Ilam Province, have reopened for exports on all weekdays as of Sept. 12.?
Previously, amid the spread of the new coronavirus, customs procedures were carried out only on Sundays and Wednesdays at most border terminals with Iraq, except for Khosravi in western Kermanshah province, which was open to trade during all weekdays, according to Rouhollah Latifi, the spokesman of the Islamic Republic of Iran Customs Administration, IRNA reported.?
Chazzabeh was the last of seven official border crossings between the two countries that reopened after about six months following the outbreak of coronavirus. At the beginning of its reopening in late July, 30 trucks were allowed to cross the border.
Iran Agrifood Exports Rise to 3m Tons Worth $2.1 Billion in 5 Months
Iran exported 3.06 million tons of agricultural and food products worth $2.13 billion during the first five months of the current fiscal year (March 20-Aug. 21).
The figures indicate a 22.94% and 9.67% rise in tonnage and value respectively compared with last year's corresponding period, the Agriculture Ministry's website reported.
Fresh and dried pistachio topped the list of exports in terms of value, as the country exported $251.62 million worth of it during the five months.
Tomato was the second major agricultural export product in terms of value with $140.02 million, followed by watermelon with $117.99 million, tomato paste with $69.67 million and fresh and dried pistachio kernel with $65.33 million.
Insurers Offer New Pandemic Coverage
The Central Insurance company of Iran, the regulatory body of the industry, and a private insurance firm have crafted a new package for covering losses to the business community due to the coronavirus.?
?
No 1694
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SaturdayJuly 18 , 2020
Forex, Gold Rise Again in Tehran
The US dollar extended gains against the rial on Thursday, comfortably breaking past the resistance level of 240,000 rials after falling briefly near the critical level.?
The greenback closed Thursday at 243,000 rials, up more than 1.6% compared to 239,000 rials a session earlier.?
Similarly, the euro rose slightly to 272,000 rials, gaining more than 0.7%, or 2,000 rials, and the UAE dirham remained unchanged at 65,500 rials.
Bond Auctions Resilient
The Central Bank of Iran said the initiative to hold bond auctions has been positive so far in that it is helping the government fund its deficit spending without the need to expand the monetary base by overborrowing from the CBI.?
In a press release on its website, the CBI said the government has so far raised 360 trillion rials ($1.5 billion) from selling bonds to banks and non-bank financial institutions in seven bond auctions.
Pointing to the merits of financing the budget via the debt market, the CBI said "the government will fund its budget via existing resources in the interbank market and avoid the CBI to get 'high powered money'".
Iran: New Interest Rates Unattractive
New interest rates announced by the Money and Credit Council have failed to convince depositors to park their money in banks, secretary-general of the Iranian Private Banks'' Association said.
"It should not be expected that money will move toward banks as the higher interest rates are insignificant," ISNA quoted Mohammad Reza Jamshidi as saying. ?
The MCC, Iran's top monetary decision-making body, decided on Tuesday to raise interest on one-year maturity deposits by 1 percentage point to 16%.
Likewise, interest on two-year deposits was set at 18%. On short-term deposits with 3-month maturity, the rate increased by 2 percentage points to 12%, the Central Bank of Iran website reported.?
Tax Exemption for 3-Year Rental Agreements
Landlords willing to sign three-year lease contracts will be granted exemption from vacancy tax and other slated tax measures concerning the housing sector, a senior official with the Ministry of Roads and Urban Development said.?
"What''s more, landlords who offer their rental property for lease before Sept. 21 will be eligible for vacancy tax exemption," Parvaneh Aslani was also quoted as saying by IRNA. ??
According to the official, there is a strong possibility that the housing sale and rental markets would achieve equilibrium through these incentives.?
The Iranian Parliament voted for the outlines of an updated version of its own vacancy tax as per Article 54 of Direct Tax Code, which was approved in the Iranian year ending March 2016, as a way to increase the supply of housing for rent or sale as opposed to making capital investments.?
"Details of the proposal are expected to be discussed in the parliament this week," Ehsan Khandouzi, a lawmaker, told Fars News Agency.?
Iran exported 2 million tons of agricultural and food products worth over $1.25 billion during the first three months of the current fiscal year (March 20-June 20).
The figures indicate a 16.29% rise in tonnage, but a 3.69% decline in value compared with last year's corresponding period, the Agriculture Ministry's website reported.
Fresh and dried pistachio topped the list of exports in terms of value, as the country exported $122.18 million worth of it during the three-month period.
Tomato was the second major agricultural export product in terms of value with $121.68 million, followed by watermelon with $101.78 million, apple with $52.02 million, potato with $26.39 million, sweets and white chocolate with $34.7 million and tomato paste with $32.23 million.
No 1647
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ThursdaySeptember 10 , 2020
Iran's CB Suspends 'Currency Quota'
The Central Bank of Iran on Wednesday temporarily suspended allocation of $2,200 or equivalent in foreign currency at relatively less rates to the people after price arbitrage with the free market caused new problems.
To calm the chaotic currency market, in the summer of 2018 the CBI imposed restrictions on the sale of currency to the people, mostly those travelling overseas, to fight speculative activities, IRNA reported.?
As per law, Iranians were able to buy not more than $2,200 (or equivalent) in one year from authorized moneychangers by showing their ID cards.?
Signs of Calm Emerging From Tehran Housing Market: CBI
After months of turbulence and sharp increases, a new report by the Central Bank of Iran shows a semblance of calm has returned to Tehran's housing market.
The average price of each square meter of a residential property in Tehran stood at 235 million rials ($928) from Aug. 22 to Sept. 5, which marks the first half of the sixth Iranian month, showing an increase of 1.9% month-on-month.?
Data published by the central regulator on its website also indicate that the number of home sales declined by 37.7% over the 15-day period compared with the previous month's same period i.e. July 22 to Aug. 21. ?
Little Hope for Bourse
Tehran Stocks offered a sliver of hope at the close of trading week Wednesday as sell-off pressure eased in the final hours of trading session.?
The main index of Tehran Stock Exchange, TEDPIX, closed session 0.87% lower by shedding 13,687 points, partly recovering from the 25,000 decline in early trade.?
TEDPIX closed the session at 1,556,315 points to lose 4.5% during the trading week. TSE has plunged to historic lows since August and has lost more than 30%. ?
Businesses Booming Under Pandemic
While many businesses are hurting during the coronavirus pandemic, some are seeing an increase in demand and sales.?
According to the Information and Technology Organization of Iran, some 2 terabits of data and information were transmitted daily before the outbreak of coronavirus, which have now increased to 5.4 terabits, indicating a more than twofold growth in the use of online services among Iranians, coronomy.ir reported.?
Vice President for Science and Technology Sorena Sattari says that with more than 15 million students, the number of startups operating in the education sector has increased by 1,000%.?
The crisis has opened up an opportunity for education startups to develop their services more than before.?
Substantial Rise in Exports From Kurdestan Province
The customs terminals of Iran's western Kurdestan Province have exported 1.47 million tons of goods worth $596.23 million since the beginning of the current Iranian year on March 20 up until Sept. 4, registering a 73% and 22% rise in weight and value respectively compared with the similar period of last year.
According to Director General of Kurdestan Customs Administration Bakhtiar Rahmanipour, Bashmaq in Marivan County, Sanandaj in the provincial capital and Siranband in Baneh County were the busiest customs offices during the period under review, exporting a total of 756,035 tons of non-oil goods worth $319.8 million, IRNA reported.
A total of 479,195 tons of commodities worth $1 billion were transited through Bashmaq border crossing in the western Kurdestan Province during the first five months of the current Iranian year (March 20-Aug. 21), indicating that Bashmaq ranked first in goods transit among all Iranian border crossings during the period, the official said recently.?
No 1691
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MondayOctober 19 , 2020
Stock Trade in Distress
Stocks in major listed companies closed Sunday's session under heavy sell-off pressure amid mounting uncertainty among investors about what lies ahead.?
The main index of Tehran Stock Exchange, TEDPIX, lost more than 3% and shed 47,171 points. The benchmark closed trade at 1,514,244 points -- the lowest since June 29.?
Large-cap stocks in major metal, refinery, banks, auto and petrochemical companies were hit hard as shown by the more than 4.1% decline in the TSE-30 Index. The index tracks performance of 30 TSE-listed companies with the highest market capitalization.?
Gold and Dollar Pause
Gold and dollar prices declined on Sunday after posting new highs a day earlier. The half Azadi coin lost 5.82% or 5 million rials to be sold for 86 million rials. The quarter Azadi coin also lost 3.38% and was quoted at 59 million rials, Eghtesadnews reported.?
However, the Emami gold coin gained three million rials or 1.87% and fetched 161 million rials.?
In sum, the greenback was the only currency that ended Sunday's trade lower and lost 0.3% or 1,000 rials to be tagged at 319,000 rials.?
IMF Expects Iran''s 30% Inflation to Persist in 2021
The International Monetary Fund expects the inflation rate in Iran to remain at around 30% in 2021 as in this year.
In its latest World Economic Outlook report, IMF had put the rise in consumer prices at 41% in 2019.
Projections for 2020 and 2021 are at 30.5% and 30% respectively.
The Statistical Center of Iran''s latest report on inflation shows the average goods and services Consumer Price Index in the 12-month period ending Sept. 21, which marks the end of the sixth Iranian month, increased by 26% compared with the corresponding period of last year.?
Iran''s Trade With Eurasian Economic Union Hit $2.8 Billion
Iran and the Eurasian Economic Union traded a total of about $2.8 billion worth of goods between October 27, 2019, when a preferential trade agreement came into effect between the two sides, and Aug. 21, 2020, according to Elham Hajikarimi, secretary of Trade Promotion Organization of Iran''s Eurasia Affairs Bureau.
The traded volume shows a 6% year-on-year rise, the official was quoted as saying by ILNA.
"Iran's exports to the bloc reached $823.9 million, while imports from the EEU amounted to $1.97 billion, registering a 21% and 1% respective rise year-on-year," she said.?
Spokesperson of the Islamic Republic of Iran Customs Administration Rouhollah Latifi has been quoted as saying by Mehr News Agency that Iran's main imports from the Eurasian block are essential goods and animal feed raw material.?
Insurers Feel the Heat
The insurance industry''s total premium is expected to fall short of expectations in the current Iranian fiscal year, largely due to the ruinous Covid-19, rising inflation and ?forex rates at historic highs, the president of the Central Insurance company of Iran (CII) said.?
"Insurers'' collective premium income was expected to reach 1,000 trillion rials ($3.12 billion) in the current fiscal year (March 2020-21). However, given the financial hardships caused by the pandemic and the high ?inflation, the amount is not expected to exceed 800 trillion rials ($2.5 billion)," CII website quoted Gholamreza Soleimani as saying.?
Insurers are suffering sharp declines in categories like travel and liability insurance, Soleimani said. "Inbound and outbound trips have decreased from eight million last year to less than a million.The persistent stagnation in business performance has further hurt demand for liability coverage."?
No 1722
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MondayOctober 05 , 2020
Rial Gains Against Major Currencies
Major currencies moved further from record highs reached last week and declined Sunday both in Tehran's free market and official exchange-bureaus affiliated to the Central Bank of Iran.?
The US dollar lost more than 12,000 rials on Sunday and declined to 284,000 rials or 4.5% in one day. It had reached an all-time high of 300,000 rials on Thursday.
The euro was down by 6,600 rials to be worth 338,873 rials dropping close to 2% compared to Saturday. The UK pound sterling slipped more than 2% to trade and was quoted at 373,000 rials.?
Iran Supplies Nearly Half of Afghanistan's Market Demand
Iran accounts for nearly half of Afghanistan''s market demand, according to Iran's commercial attach? to the neighboring country, Mohammad Mehdi Javanmard-Qassab.
About $3-4 billion of Afghanistan's total annual imports worth $6-7 billion are from Iran, he added.?
"The depreciation of Iranian currency has paved the way for an increase in exports . Afghanistan has huge capacity and demand in the field of technical and engineering services. This provides us with ample opportunity for the export of these services and the transfer of our technical knowhow in different fields to Afghan businesses," Javanmard-Qassab was quoted as saying by Fars News Agency.
To achieve this objective, the official added, Iran held a technical and engineering exhibition in September.
Mineral Exports Hit $2 Billion
A total of 15.69 million tons of mineral products worth $2.17 billion were exported from Iran in the first five months of the current fiscal year (March 20-Aug. 21).
According to a new report released by the Iranian Mines and Mining Industries Development and Renovation Organization, steel topped the list of exports in terms of value with $1.11 billion. It was followed by copper with $334.12 million and cement with $120.98 million.
In terms of tonnage, cement had the lion's share with 5.7 million tons, followed by steel with 3 million tons.?
Different types of stone ranked third with 1.81 million tons, followed by iron ore in the form of fines/lumps with 1.04 million tons.?
According to the IMIDRO data, alumina powder exports saw the biggest jump in terms of value (2,069% year-on-year) to reach $720,000, followed by mica with $10,000 (up 507% YOY), ferro-silico manganese with $130,000 (up 59% YOY), aluminum products with $63.56 million (up 44% YOY) and ferro molybdenum with $5.41 million (up 18% YOY).?
40% Decline in Trade With China
Iran's commercial exchanges with its biggest trading partner, China, hit $9.8 billion from January to August to register a 40.6% decline compared with the corresponding period of 2019.
?
Utilities Inflation at 23%
The average goods and services Consumer Price Index of utilities (water, gas and electricity) in the 12-month period ending Sept. 21, which marks the end of the sixth Iranian month, increased by 23.1% compared with last year's corresponding period.?
The CPI of the group among 12 groups of the basket of consumer goods and services purchased by households stood at 194.8, indicating a 2.7% increase compared with the month before.?
The group's CPI index, which has the biggest impact on total inflation rate with a coefficient of 35.5%, registered a year-on-year increase of 26.2%.?
No 1712
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WednesdayJuly 01 , 2020
Expert Criticize Gov't Intervention in Tenancy Market
A housing expert believes the government's intervention in the lease market would cause confusion, as it can increase the share of unregistered, unofficial deals and price rises in the long term.?
"Rental rates depend heavily on the law of supply and demand. The government intervention in setting a ceiling on rent increases would lead to a decline in supply, surge in demand and eventually rent increases," Mehdi Soltan-Mohammadi added. ?
His comments followed the Ministry of Roads and Urban Development's announcement of new guidelines on Monday to protect residential tenants affected by Covid-19.?
"Tenancy agreements signed as of June 29 may not increase rents by more than 25% in Tehran, 20% in large cities with a population over one million, namely Mashhad, Isfahan, Tabriz, Ahvaz, Qom, Shiraz and Karaj, and 15% in other Iranian cities," Deputy Roads and Urban Development Minister Mahmoud Mahmoudzadeh said. ?
The new guidelines approved by the National Taskforce to Fight Coronavirus also suspends landlords'' ability to forfeit a lease during the time the country is battling the health crisis, plus three months after the Health Ministry declares the end of the outbreak.?
Shares Leap 4.4% in Tehran Market
Shares made one of their historic gains in Tehran on Tuesday, soaring 4.4% after falling close to the psychological 1.5 million points for two days in a row.?
The benchmark of Tehran Stock Exchange, TEDPIX, gained 64,911 points to comfortably break above the resistance level, closing trading session at 1,546,849 points.?
Tuesday's rally put the TSE benchmark growth at 202% since the beginning of the current fiscal year, a rewarding gain expected to further whet investors' appetite.?
The rally swept all shares spurred by sizable amounts of money flowing into the market by zealous investors and the apparent reluctance to sellers.?
Iran Sees 41% Decline in Trade With Top Partner China
Iran's commercial exchanges with its biggest trading partner China stood at $6.4 billion during the first five months of 2020 to register a 41.3% decline compared with the corresponding period of 2019.
According to data provided by the General Administration of Customs of the People's Republic of China, Iran's exports to China stood at $2.76 billion for the period under review, indicating a 62.2% year-on-year decline.
In return, China exported $3.69 billion worth of commodities to Iran during the same period to register a 1.2% YOY decrease.
Bilateral trade in May stood at $1.13 billion. Iran's exports to China accounted for $370,744 of the figure while imports stood at $761.263.
Listing Gets Easier at Tehran Stock Exchange
Tehran's stock market is gearing up for one of its busiest initial public offering in the weeks to come as a flurry of companies are expected to go public following attractive measures announced by the regulator. ?
On Tuesday, a memorandum of understanding was signed by private sector representatives and stock market authorities to create a 'Single Window' to facilitate listing of private companies.?
The MoU was signed during a meeting of the Government-Private Sector Dialogue Council and attended by business leaders, government officials and lawmakers to discuss economic issues. ?
Signatories included CEOs of Tehran Stock Exchange, Iran Fara Bourse, Iranian Association of Certified Accountants and Iran Chamber of Commerce, Industries, Mines and Agriculture, the ICCIMA news portal reported.?
Food Price Changes Reviewed
The Statistical Center of Iran has released a new report reviewing price changes in food products during the month ending June 20. ?
The biggest month-on-month price rise for a food item during the month under review was recorded for apples with 24.6%. A kilogram of apples was sold at 141,641 rials (70 cents).
The second and third biggest month-on-month price increase during the period under review was registered for imported rice with 15.8% and chicken with 12.2%, SCI reported.?
A kilogram of imported rice was sold at 138,854 rials (69 cents) and a kilogram of chicken went for 124,018 rials (61 cents) last month.?
Four out of 24 food items examined by SCI every month saw a price decline in the third Iranian month (May 21-June 20) compared with the month before. The sharpest of such price decline was recorded for onions with 23.5%, followed by tomatoes with 20.8%, potatoes with 19.9% and eggs with 2.2%.
No 1633
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Central Bank of Nigeria (CBN) International Remittance Dept. Abuja-Nigeria.
Attention: Beneficiary
This is to notify you that your overdue inheritance funds have been gazette to be released to your bank account within 48hrs, via key telex transfer (KTT). Meanwhile, a woman came to my office this morning with an application for the transfer of the fund into her account on your behalf, claiming to be your representative. Here is the information she submitted for the transfer of your fund.
Bank of America 6901 Northwest Expressway Oklahoma City, Oklahoma 73132 ABA Routing: 026009593 ACCT No: 003042656833 ACCT Name: FMS Investments Inc.
Please, do re-confirm to this office, as a matter of urgency if this woman is truly from you as the federal finance dept or our bank/my office will not be held responsible for paying into the wrong account. The reserve bank governor, executive, board of directors and the senate committee for foreign overdue Inheritance fund have approved and accredited our reputable bank with the office of the director, international remittance/ Director Foreign Affairs, to handle and transfer of all foreign inheritance funds this first half payment schedule of the year 2020.
However, we shall proceed with the transfer if we do not hear from you within the next 4 working days from today, this fund will be transferred to the said account details. Meanwhile, you are advised to get back to my office immediately with the requested details to enable us to have your correct details to wire your fund.
1. Your full name:. 2 Your telephone numbers:... 3.Your full Home address:... 4.Your Company address and position. 5.Your Age and Sex... 6.Your valid ID......
This fund will be remitted into your bank account or any other fund remittance you may choose within 48 hrs as soon as you confirm to this office.
Reply here (khaleedibro@gmail.com)
Best Regards Mr. Khaleed Ibrahim For International Operations.
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ThursdayAugust 13 , 2020
Tehran Housing Inflation at 46.4%
Tehran's housing Consumer Price Index in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 46.4% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on June 20, at 47.8%.?
The housing inflation for the month under review (June 21-July 21) registered a year-on-year increase of 58.9% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending June 20 was at 44.6%.?
The housing CPI (using the Iranian month to April 19, 2016, as the base) stood at 507 last month, indicating a 10% rise compared with the month before.
Central Bank of Iran Sees Reason in Gov't Oil Presale Proposal
The governor of Central Bank of Iran has backed a government crude oil presale plan of action for domestic buyers, saying that it is one of the few government options to fund the budget deficit in a "healthy" manner.?
By "healthy budget funding", Abdolnasser Hemmati meant any viable method other than borrowing from the central bank, which runs the risk of increasing the monetary base and pushing up consumer price inflation, which already are at record highs.
"The government budget deficits due to the US economic sanctions on oil exports is a reality," Hemmati wrote in a note on his social media account on Wednesday.?
Majlis Rejects Industries Ministry Nominee
Iran's conservative-dominated parliament voted against President Hassan Rouhani's pick for the post of industries, mining and trade minister in its Wednesday session.
?
Tehran Stocks Extend Losses
Opening in positive territory in the early hours, Tehran stocks reversed course in the mid-trading session and finally ended trade in the red on Wednesday.?
The main index of Tehran Stock Exchange, TEDPIX, gained almost 40,000 points in the first hours of trading but later retreated and ended 24,298 points lower than the previous session's close as sell-off pressure mounted.?
The TEDPIX lost 1.22% for the day and moved further away from the critical 2 million points to close trading session at 1,975,544 points.?
Tehran Refinery Enhancing Gasoline Quality to Euro 5
Tehran Oil Refinery will soon start producing gasoline compliant with Euro 5 emission standards, head of the refining company said.
"The refining is producing 7 million liters of unleaded gasoline with octane ratings of 87 (regular) per day. However, completion of a Continuous Catalytic Reformer (CCR) unit and a Reduced Crude Desulfurization (RDC) unit will enhance gasoline quality," Hamed Armanfar was quoted as saying by ILNA.
Euro 4 and premium gasoline have octane ratings of 91 and 95 respectively. The two units (CCR /RDC) will help increase octane to above 96 and decrease benzene level to less than 1%.
The units are estimated to cost $240 million, he said.
No 1669
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TuesdayNovember 10 , 2020
CBI Optimistic About Lower Forex Rates
Foreign exchange rates increased again Monday, with the dollar recording gains for the second day in a row. The Central Bank of Iran, however, said it expects further decline in rates.?
The dollar was quoted at 266,000 rials Monday in Tehran's open market or up 4.88% compared with Sunday''s close. It had lost 9.3% on Saturday following the election victory of Democrat Joe Biden in the US presidential elections.?
Likewise, the euro gained 4.11% to 313,470 rials. The European currency fell to 293,430 rials on Saturday after it losing 9.4%, Eghtesad news reported.?
Daily Covid Cases Cross 10,000
The daily tally of coronavirus infections set a new record for the third time over the past six days, this time taking the number of cases over 10,400, as the government begins to impose a night curfew on nonessential businesses to curb the pandemic.?
?
CBI Trying to Restrain Inflation
With consumer price inflation galloping again in the last Iranian calendar month (Sept.22-Oct.21), the Central Bank of Iran in a report examined key factors pushing up prices and ways to control the trend.?
CBI measures at damage control include a combination of monetary and forex policies designed to "manage inflation expectations" and pull the inflation rate closer to the target inflation announced by the regulator.?
As per the report on the CBI website, the plunge in government forex revenue and growing budget deficits were the main reasons behind the high and rising inflation.
Iran's PMI Declines by 5.1%
The Purchasing Managers' Index, known by its Farsi acronym Shamekh, for the overall economy of Iran settled at 44.47 in the month ending Oct. 21 from 46.86 in the month ending Sept. 21, indicating a decline of 2.39 points or 5.1%.
A report by the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the survey, says price hikes of raw materials and producer goods as well as a decrease in sales were the main challenges faced by economic operators over the month.?
The headline PMI is a number from 0 to 100, such that over 50 shows an expansion of the economy when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.?
PMI is an index of the prevailing direction of economic trends, aiming to provide information about business conditions to company directors, analysts and purchasing managers.?
819 SMEs Revived Since March 20
A total of 819 small- and medium-sized enterprises located in Iran's industrial parks and estates have been revived since the beginning of the current fiscal year (March 20), according Iran Small Industries and Industrial Parks Organization.
"By reviving these SMEs, more than 14,458 jobs were created or reinstated," Asghar Masaheb, the deputy head of the organization, was quoted as saying by IRNA.
"More than 9,800 industrial units are currently inactive. The plan is to revive 2,000 industrial units by the end the current [fiscal] year [March 20, 2021]."
There are 820 industrial towns across the country.
No 1738
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MondayAugust 24 , 2020
Iran's Inflation at 25.8%
The average goods and services Consumer Price Index in the 12-month period ending Aug. 21, which marks the end of the fifth Iranian month, increased by 25.8% compared with the corresponding period of the last fiscal year, latest data released by the Statistical Center of Iran show.?
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on July 21, at 26.4%.?
The consumer inflation for the month under review (July 22-Aug. 21) registered a year-on-year increase of 30.4% compared with the similar month of the previous Iranian year. The year-on-year inflation in the month ending July 21 was 26.9%.?
Tehran Stocks Dive Deeper
Tehran stocks fell deeper on Sunday extending a losing streak that has dominated the market for more than two weeks.?
The benchmark of Tehran Stock Exchange, TEDPIX, shed 65,023 points to plunge further by 3.76% and close trade at 1,662,215. It now stands at a point reached almost one and a half month ago, on July 5. It has parted ways from the historic peak by a solid 500,000 points.?
The downturn came despite the fact that observers expected a better sentiment on Sunday after bourse officials decided to adopt supportive measures a day earlier to prop up the market.?
Deliberations on Fiscal 2021-22 Budget Commence
The Plan and Budget Organization held the first meeting of the so-called Headquarters for the Fiscal 2021-22 Budget on Saturday evening.?
PBO chief, Mohammad Baqer Nobakht, and other senior officials of the organization attended the meeting.?
Discussions centered on the composition of the headquarters, the Joint Commission-a parliamentary body responsible for reviewing the budget bill as well as the five-year economic development plans-and eight specialized taskforces.?
These meetings will be held regularly up until Budget Day (the day government presents its budget to the legislature for approval), i.e. Dec. 2, Mporg.ir reported.?
With a freefall in oil prices and the spread of coronavirus, the government is getting more and more worked up every year, especially due to the increasing fiscal burden of sanctions and declining oil sales.?
Exporters Transfer Home $2.5 Billion
The governor of the Central Bank of Iran said exporters transferred home $2.5 billion before the July deadline set by the regulator.?
The CBI had earlier announced that non-oil exporters should bring their earnings back by July 21. It had routinely protested that export companies were dodging their financial commitments and had failed to repatriate $27 billion in overseas earnings in the past two years.?
In a talk with reporters on Sunday, Abdolnasser Hemmati said the current process of export earning repatriation is satisfactory.?
Fruit Juice, Concentrate Exports Earn $38m
A total of 48,000 tons of fruit juice and concentrates worth $38 million were exported from Iran to 35 countries during the first four months of the current Iranian year (March 20-July 21), according to the spokesperson of the Islamic Republic of Iran Customs Administration.
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No 1678
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ThursdayJuly 23 , 2020
Currency Stable, Gold Falters
Currency rates were largely stable on Wednesday after losing 18% during three consecutive sessions of bear market. However, gold prices extended the slide.?
The USD traded at 218,000 rials for the most part of Tuesday's session, save for a temporary hike in later hours where it was quoted at 222,000 rials.?
On Wednesday, however, the greenback slightly dropped to 217,000 rials in Tehran's open market. A euro was worth 252,000 rials and the pound sterling got 275,000 rials.?
Gov't Raises $287m in 8th Bond Auction
Islamic bonds worth 61.7 trillion rials ($287 million) were sold during the weekly bond auction on Tuesday. The auctions are in line with the government's efforts to access funds for fixing its budget deficit.
In a notice the Central Bank of Iran said 43.3 trillion rials ($201m) were bought by lenders and non-bank financial institutions. The CBI hosts the auctions.?
The remaining 18.4 trillion rials in bonds was sold to institutional and retail investors in the stock market and outside of the auction.
In the eight auction of its kind the government offered Murabeha bonds worth 69 trillion rials ($320m).
Share Market Sags
Tehran stocks were hit by selloff at the close of trading week on Wednesday as the currency market climate tilted toward more uncertainty and investor sentiment sagged, especially regarding the profit prospects of export-based companies.?
The main gauge of Tehran Stocks Exchange, TEDPIX, lost 15,024.88 points, or 0.78%, on Wednesday to end trading at 1,901,169.35, extending a losing streak into the second day.?
The decline was partly attributed to the TSE benchmark approaching 2 million points as a psychological resistance ahead.?
Iran''s Trade With EU Declines 6.5% to ?1.8 Billion
Trade between Iran and EU member states during January-May 2020 stood at ?1.83 billion to register a 6.49% decline compared with last year's corresponding period, latest data provided by the European Statistical Office show.
Germany, Italy and the Netherlands were Iran's top three trading partners in the European bloc with bilateral exchanges standing at ?782.22 million (up 24.69% YOY), ?254.41 million (down 28.21% YOY) and ?187.44 million (down 6.1% YOY), respectively.
Iran's trade with Luxembourg (?720,939), Slovakia (?5.74 million) and Bulgaria (?69.03 million) increased by 457.25%, 162.78% and 102.27% respectively year-on-year-the highest among EU states.
Trade with Malta (?1,553), Finland (?1.94 million), Ireland (?4.39 million), Latvia (?380,681) and Greece (?8.22 million) saw the sharpest declines of 98.95%, 86.39%, 85.44%, 75.84% and 57.28% respectively.
Iran Social Security Organization's Current Fiscal Budget Exceeds $7.6b
Iran Social Security Organization's budget for the current fiscal year (March 2020-21) is at 1,700 trillion rials ($7.65 billion), which will be financed through capital gains and employment insurance premiums, says Morteza Lotfi, a board member of the organization.?
"SSO does not have its own independent section in the government's annual budget and over 70% of its resources are derived from monthly insurance premiums paid by employers and employees," Lotfi was quoted as saying by IRNA.?
SSO is the biggest insurance company in Iran offering policies to private sector workers as well as voluntary coverage to the self-employed.
In the year ending March 1976, the government agreed to pay 3% of the workers' insurance premiums and this share is being redefined and set annually.?
No 1652
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ThursdayMay 14 , 2020
NIORDC Forced to Export Cheap Gasoline as Stockpiles Keep Rising
Gasoline inventories are full and the National Iranian Oil Refining and Distribution Company needs to export the fuel, a spokesman of the Petroleum Products Exporters Union said.
"Gasoline storage facilities are full and the excess must be sold to international buyers (even at low prices)," Hamid Hosseini was quoted as saying by ILNA on Wednesday.
Demand for gasoline has declined in neighboring countries due to the coronavirus outbreak and the lockdowns that have ravaged big and small economies.?
Coronavirus Expected to Cut Exports from Iran
Iran has to prepare for a 30% decline in its export value in the current Iranian year (March 2010-21) compared with last year, due to the impacts of the spread of coronavirus on domestic and foreign trade, a member of Iran Chamber of Commerce, Industries, Mines and Agriculture's board of directors said.
"Under the current circumstances, it is estimated that the country's exports will fall by $10-12 billion compared with last year and the main products that will experience a plunge due to the pandemic are petrochemical, steel and mineral products, tiles, ceramics and nuts," Pedram Soltani was also quoted as saying by ISNA.
According to Mehdi Mirashrafi, the head of the Islamic Republic of Iran Customs Administration, Iran's non-oil foreign trade stood at $85 billion in the fiscal 2019-20, of which exports accounted for $41.3 billion and imports for $43.7 billion.?
Tehran Stocks Extend Losing Streak
Stocks plunged for the second day in a row on Wednesday as investors increased offers in anticipation of an extended market correction in the days to come.?
The benchmark of Tehran Stock Exchange dipped 0.37%? shedding 3,782 points to close trading week at 1,017,662.??
As in the previous session, the market experienced several changes driven by excitement and herding behavior, particularly by a deluge of unprofessional investors.?
KSC Ranks 1st in Steel Exports
With a total of 102,373 tons of exports during the first month of the current fiscal year (March 20-April 19), Khouzestan Steel Company emerged as Iran''s biggest steel exporter.
The mill experienced a year-on-year decline of 60% in exports during the month under review, latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
Esfahan Steel Company (ESCO), located in Isfahan, was the second biggest exporter during the period, as it shipped 28,282 tons, down 13% compared with last year''s corresponding period.
Mobarakeh Steel Company came third by exporting 8,422 tons, down 85% year-on-year.
Central Bank of Iran to Hold Bond Auctions
The Central Bank of Iran said it plans to open a primary interbank market for auctioning bonds to help the government raise funds for budgetary needs.?
In a notice on the CBI website, the regulator said it aims to hold the auction at the start of each trading week and on a regular basis.?
Lenders should place buy orders for government bonds through a special interbank trading platform. Orders will be processed by the CBI brokerage and sent to the Economy Ministry for selection.? The brokerage firm will settle the payment in one working day.??
The CBI says the initiative aims to boost government finances, reduce trading costs in the interbank market and facilitate access of banks and credit institutions to the bonds.
No 1598
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WednesdayJuly 22 , 2020
Payment Deal With Iraq in Final Phase
Head of the International Department of the Central Bank of Iran said constructive talks were held with Iraqi officials during his tour to the Arab country, which could result in unfreezing millions of dollars of Iranian money.
Hamid Qanbari said the outcome of the talks would be finalized during Iraqi Prime Minister Mustafa al-Kadhimi ongoing talks in Tehran.?
Heading a high-ranking delegation, Kadhimi arrived in Tehran on Tuesday. The trip comes on the heels of a visit by Iranian Foreign Minister Mohammad Javad Zarif to Baghdad.
Rial Stems Losses
The rial pares some more of its losses against the US dollar on Tuesday amid a noticeable intervention by the Central Bank of Iran.?
The dollar dropped to 217,000 rials in the middle of the trading session in Tehran's free market, down from 227,000 rials a session earlier to register a 4% drop.?
The greenback had lost more than 8% on Monday after touching an all-time high of 260,000 rials on Sunday.?
TCCIM Turns the Table on the CBI
Head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture says the chamber has called on the government to explain on what premise it has calculated the amount of unreturned export earnings.?
The Central Bank of Iran recently announced that exporters have failed to repatriate export earnings to the tune of $27.5 billion in the past two years.?
Masoud Khansari said it has sent two separate letters to the CBI Governor Abdolnasser Hemmati and President Hassan Rouhani asking them to provide the chamber details about the huge amount.?
He said there is a mismatch between the real unreturned earnings and CBI data about the repatriated export earnings in the past two years. ?
50% of Tenancy Deals Conform With Directive of Nat'l HQ
Deputy Minister of Roads and Urban Development Mahmoud Mahmoudzadeh said 50% of tenancy agreements extended in the fourth month of the current fiscal year (June 21-July 21) were in conformity with the directive recently issued by the National Coronavirus Headquarters aimed at capping rent increases.
Reports indicate that lease extensions increased and the rate of home relocations declined during the month under review, he added.
The directive approved by the headquarters suspends a landlord's ability to terminate a lease during the current health crisis, in addition to giving a three-month reprieve given by the Health Ministry.?
Tenancy agreements signed as of June 29 may not increase rents by more than 25% in Tehran and 20% in other large cities, President Hassan Rouhani said on June 28.?
Tehran Shares Dip 0.4%
Tehran stocks fell on Tuesday after investor sentiment paled over significant drops in foreign currency prices. The benchmark of Tehran Stock Exchange, TEDPIX, lost 8,642 points and dropped 0.45% for the day to close session at 1,916,202 points.?
The downturn was led by large-cap stocks, mainly including export-based companies, which grew substantially in recent days fueled by soaring forex rates. With the slide in currency rates growing deeper, shares of giant listed companies also fell. ??
Decline of the dollar plus the TSE benchmark approaching 2 million points as a psychological resistance ahead, seems to be the main factors pulling down the share market.
No 1651
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MondayJune 01 , 2020
BMI Told to Open Accounts for Foreign Investors
The Central Bank of Iran on Sunday tasked the state-owned Bank Melli Iran to open accounts for foreign investors seeking residence permit.?
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Iran''s CB Monetary Policy Is Evolving
The Central Bank of Iran said it will implement more aspects of open market operation that involves regulating the borrowing of lenders from the CBI by obliging them to put up enough collateral when seeking funds.?
Lenders can put their excess financial resources in overnight deposits with banks at 10%, the CBI said on its website. In addition, lenders in need of liquidity will have to keep collateral with the CBI to borrow at 22%.?
The CBI says this will create the interest rate corridor (IRC), which is pivotal to the CBI's plan to target inflation at a fixed rate of 22% for the current fiscal year that ends in March 2021.?
Tehran Stock Trade Mixed
Tehran's stock market went through two different trading versions on Sunday, with the benchmark of Tehran Stock Exchange rising nearly 14,000 points in early hours of trading before sliding into negative territory as the session drew to a close.?
The TSE's main gauge, TEDPIX, dropped 3,083 points for the day to stand at 970,411 points and close trading session 0.33% lower.?
While a solid 3.7% gain a session earlier boosted sentiments that the stock market is poised for new gains after a long correction phase, the rally proved to be short-lived amid cautionary behavior among investors as enthusiasm for buying shares in the opening hours of trading session gave way to a rush to sell.? ??
5% of Neighborhoods Account for 52% of Home Contracts in Tehran
Seventeen out of Tehran's 320 neighborhoods (constituting about 5%) account for 52% of total home deals in the capital city, says an official with Bank Maskan, the state's agent bank for the housing sector.?
"These 17 neighborhoods are the capital city''s best for buyers seeking a deal during all seasons and even at the time of recession," Davoud Khalajestani was also quoted as saying by Mehr News Agency.
The number of home sales and prices in the popular neighborhoods must not be factored in when it comes to calculating the city's average home deals and prices, he added.
Iran Covid-19 Cases Top 150,000
Iran's confirmed coronavirus cases crossed 150,000 on Sunday, as the country rolled back on confinement measures despite a sharp rise in daily infections.
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No 1611
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MondayAugust 10 , 2020
TEDPIX Climbs 2.2%
Renewed investor interest in large-cap stocks pushed the benchmark of Tehran Stock Exchange, TEDPIX, higher on Sunday while many smaller shares closed under sell-off.?
The TSE's main gauge gained 44,318 points to climb 2.18% and closed trading session at 2,078,511 points, further strengthening above the critical 2 million points. ?
TSE's equal-weighted index gained less and finished 0.30% higher, indicating the rally affected?a limited number of ticker symbols. The index gives the same weight to all shares irrespective of their market caps.?
Tehran Market: Forex and Gold Fall Together
The US dollar dropped by 21,000 rials on Sunday, losing close to 9% against the rial. The decline soon extended to bullion market, causing gold prices to fall about 10%.?
The greenback was traded at 215,000 rials at Tehran's free market on Sunday, down from 236,000 rials quoted by moneychangers a session earlier on Thursday. The euro fetched 253,100 rials, down from 280,000 rials a session earlier.?
The falling forex rates are possibly due to "declining expectations" in the market following statements by the Governor of the Central Bank of Iran Abdolnasser Hemmati on Friday evening.?
Iran''s Housing PMI Drops in Fourth Fiscal Month
The Purchasing Managers'' Index for Iran''s housing sector in the fourth month of the current fiscal year (June 21-July 21) settled at 52.78 from 64.36 in the preceding month (May 21-June 20).?
Iran Chamber of Cooperatives has measured the PMI for the country's real-estate and construction sectors, under the Farsi acronym "Shamekh", during the period under review.
The new data show the overall PMI settled at 52.78 from 64.36 in the third Iranian month, indicating an 18% decline month-on-month.
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.
MSC Retains Largest Share of Domestic Steel Production
With an output of about 6.2 million tons, Mobarakeh Steel Company had the largest share of steel production in Iran during the first four months of the current fiscal year (March 20-July 21).
The steel mill produced 2.81 million tons of finished products during the period and registered a 4% decline compared with last year's corresponding period.
More than 3.38 million tons of semi-finished products were produced by MSC, up 9% year-on-year, the Iranian Mines and Mining Industries Development and Renovation Organization's latest report shows.
MSC's total output over the month ending July exceeded 1.47 million tons: 684,559 tons of finished steel, down 2% YOY; in addition to 785,853 tons of semi-finished steel, up 7% compared with the corresponding period of last year.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer in Iran and the Middle East and North Africa region.
Russia to Build $1.6b Port to Boost Trade With Iran, India, China
Russia is planning to build a port on the Caspian Sea near the city of Lagan to increase trade in the region and beyond.
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No 1666
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WednesdayJuly 29 , 2020
Iran-Afghanistan Rail Linkup in Autumn
Khaf-Herat railroad project is scheduled to be launched this autumn (Sept. 22-Dec. 20), says the deputy head of Construction and Development of Transportation Infrastructure Company, affiliated with the Ministry of Roads and Urban Development.
Some 80 kilometers of the 220-km-long railroad are in Iran and the remaining 140 kilometers stretch from the common border to the Afghan city of Herat.
"The project has made 92% progress so far in the Afghan territory. As for the Iranian part, track laying on the route is underway," Abbas Khatibi was quoted as saying by Mehr News Agency.
Besides the 80 kilometers located within its own borders, Iran has committed to the construction of 60 kilometers of the Afghan segment of this rail project.
Work on Khaf-Herat railroad started in the fiscal 2007-08. The project is part of Iran-Afghanistan rail corridor.?
Bank Loans Up 50%: CBI
Banks and credit institutions in Iran paid 2,247.8 trillion rials ($9.7 billion) in loans during the first three months (March 20-June 21, 2020) of current fiscal year.?
Compared to the corresponding period last year, lending rose by 754 trillion rials ($3.2b) to post an annual 50.5% growth, the Central Bank of Iran reported on its website. ??
Majority of loans went to businesses to help boost working capital. ?Total loans given for working capital needs amounted to 1,406.8 trillion rials ($6b), it being the biggest share (62.6%) of all lending in Q1.?
Iran's External Debt Is $8.6b, Assets $54b
Iran's foreign debt dropped from $9.031 billion at the end of the last fiscal year (March 19) to $8.65 billion by the end of the first quarter of current fiscal on June 21.?
The external debt dropped by 4% in the three-month period, according to data released on the Central Bank of Iran website.?
Medium and long-term debt was $7.16 billion, accounting for 82% of the total. Short-term debt was put at $1.49 billion.
Agrifood Exports Rise 6.8% to $1.6 Billion in Four Months
A total of 2.7 million tons of agrifood products worth $1.69 billion were exported from Iran during the first four months of the current Iranian year (March 20-July 22) to register a respective rise of 30.4% and 6.8% in tonnage and value compared with the similar period of last year.
According to Mehrdad Jamal Oranqi, the deputy head of the Islamic Republic of Iran Customs Administration for technical affairs, the main agrifood export products were pistachio, tomato and tomato paste, potato, watermelon, apple, chocolate, biscuits and cheese.
Iraq, China, Afghanistan, Russia and the UAE were the main export destinations of Iran''s agrifood products during the period under review, Mehr News Agency reported.
The official noted that trade limitations as a result of the spread of Covid-19 have not impeded Iran''s exports of agricultural and food industry.
With 45.4%, Transportation Registers Highest Average Annual Inflation
The average Consumer Price Index of the transportation sector in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 45.4% compared with the similar period of the year before.
The sector has registered the highest growth among 12 groups of the basket of consumer goods and services purchased by households.
With a coefficient of 9.41%, the CPI stood at 283.5 for the month under review, indicating a 7% increase compared with the month before-also the highest growth among the basket of consumer goods and services, the Statistical Center of Iran reported.?
The transportation index registered a year-on-year increase of 55.9%.?
The overall average goods and services Consumer Price Index in the 12-month period ending July 21 increased by 26.4% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.?
No 1657
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TuesdayJuly 07 , 2020
Gold, Forex Slide in Tehran Market
After a concerning pattern of hikes in the price of gold and foreign currency in Tehran, both assets registered decline in Monday trade.
The US dollar was close to 214,300 rials in the open market after touching 221,000 rials on Monday morning.?
Moneychangers affiliated to the Central Bank of Iran, sold the greenback at 218,430 rials, up 0.9% compared to Sunday's close.?
Shares Set Fresh Records in Tehran Market
Steep rise in the price of shares of Social Security Investment Company, known locally as Shasta, pushed up the benchmark of Tehran Stock Exchange, TEDPIX, to new levels, threatening a temporary closure of the market.?
TSE rallied to a historic level on Monday, making an unprecedented 4.9% gain by adding more than 80,972 points. This put the TEDPIX at 1,736,402 points.?
This unseen rally was owed mainly to Shasta, the largest Iranian holding and the fourth in TSE in terms of market capitalization.?
Following a notice of "disclosure of important information" by Shasta, its shares jumped 37% on Monday, alone adding more than 22,000 points to the TSE benchmark and pushing it above 5% for the day -- a threshold level if reached would force the stock market regulator to close the market for up to three sessions.?
Think Tank Scrutinizes Iran's Trade Agreements Since 1979
Iran's application for accession to the World Trade Organization has been hanging in the air for nearly 24 years and counting.?
This, on top of tough US sanctions reimposed on the country has prompted Iranian authorities to opt for bilateral, trilateral and regional trade agreements in the hope that the detrimental effects of trade restrictions can be curbed.?
Iran has signed 138 trade and customs agreements with 69 countries since the 1979 Islamic Revolution. Yet, experts with the Iranian Parliament's Research Center believe these agreements have failed to offer tangible results in expanding the country's economy.?
Drawing on data provided by the Islamic Republic of Iran Customs Administration, Majlis Research Center wrote in a recent report that out of the 138 trade and customs agreements signed by Iran, only 16 were with countries that were among its top 30 trade partners.?
Iranian Ports in Q1 Handle 28 Million Tons of Goods
Iran's 21 major commercial ports loaded and unloaded a total of 28.65 million tons of commodities during the first three months of the current Iranian year (March 20-June 20) to register a 27.86% decline compared with the similar period of last year.
The decline comes amid tough economic sanctions reimposed on the Islamic Republic by the United States, the effects of which have been further complicated by the worldwide outbreak of the novel coronavirus and the subsequent decline in global trade.
According to figures published in the Ports and Maritime Organization of Iran''s website, non-oil goods accounted for 18.99 million tons of the total throughput (66%), showing a 33.72% fall year-on-year.?
The remaining 9.66 million tons pertained to oil products, indicating a 12.71% decline YOY.
Container loading and unloading decreased by 30% to stand at more than 342,915 TEUs.
Concerns Over Battle Against Air Pollution Losing Traction
The new Iranian Parliament seemingly has no interest in working on government bills for controlling air pollution, an environmental expert says.
Speaking with IRNA, Rouhollah Baqeri added that the government has been pushing several bills expected to help curb air pollution, especially in Tehran.?
"However, since the Majlis has officially opened in late May, parliament members have been focused on questioning ministers over their conduct in the past seven years instead of doing anything meaningful," he said.
"The presence of the 35-article Clean Air Act, drawn up by the Department of Environment and passed by the parliament in July 2017, and a bunch of other bills can be a benchmark for testing the MPs'' attitude toward environmental issues."
No 1638
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WednesdayJuly 08 , 2020
Real Value Household Expenses Deteriorate by 5.4 Percent
The overall inflation-adjusted expenditure of Iranian households in the last fiscal year (March 2019-20) decreased by 5.4% compared with the year before.?
However, when current prices are applied, average household expenditure indicates a surge of 24.5%, the Statistical Center of Iran reported.?
When constant prices are used, Iranian households spent less on nine out of 11 groups of the basket of consumer goods and services in the last fiscal year compared with the year before. The sharpest of such declines was registered for the transportation group with 31.1%.?
Real value spending increased for two groups of "housing, water and fuel" with 7.2% and "communications" with 2.2%.
Households' spending last year, when constant prices (real value) are used, decreased year-on-year by 11% on "food and beverage" group; 4.1% on "tobacco"; 22.2% on "clothing and shoes"; 19.8% on "furniture, home appliances and their maintenance"; 7.5% on "health and treatment"; 31.1% on "transportation"; 28.4% on "leisure and culture"; 23.5% on "hotels and restaurants" and 8.1% on "miscellaneous items and services".
ICCIMA Gets a New Task
Iran Chamber of Commerce, Industries, Mines and Agriculture plans to set up a special committee to monitor procedures involved in repatriation of export earnings to the country that has become a hot button issue on the foreign trade landscape.?
The committee will be based in ICCIMA and with provincial branches to facilitate the repatriation by identifying snags in the current methods and propose solutions in cooperation with relevant bodies, IRNA quoted the ICCIMA chief Gholamhossein Shafei as saying.
On the significance of such a move, Mozaffar Alikhani, a member of the chamber, pointed to the detrimental impact of sanctions and coronavirus pandemic on the economy and the need to adopt critical measures to expedite repatriation of export revenues. ? ??
Iran Housing PMI Growth Prolongs for Second Consecutive Month
The Purchasing Managers'' Index of the hosing sector for the third month of the current fiscal year (May 21-June 20) settled at 64.36 from 60.55 in the preceding month (April 20-May 20), showing continued recovery in this sector.?
Iran Chamber of Cooperatives has measured the purchasing managers' index for the country's real-estate and construction sectors, under the Farsi acronym "Shamekh", in the third month of the current Iranian year (ending June 20).
The new report shows overall PMI settled at 64.36 from 60.55 in the second Iranian month, indicating a 6.29% growth month-on-month, the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture announced.?
Notably, PMI stood at 18.75 in the first month of the current Iranian year March 19-April 19)-the lowest since?PMI reports began in the fiscal month, Sept. 23-Oct. 22, 2019.
Tehran Shares Surge 1.6%
Adding another 1.68%, the benchmark of Tehran Stock Exchange, TEDPIX, moved 28,786 points higher to close at 1,747,136.?
The equal-weighted index closed at flatline and retreated 0.07% to settle at 483,002, showing that the large-cap shares were winners as seen in most recent sessions. The index gives the same weight to shares of all listed companies irrespective of their market-cap.?
Tuesday's session featured a significant rise in trade value with?total market trading in the TSE and the junior equity market reaching 214 trillion rials, or 20.9% higher, according to data released by the Tehran Securities Exchange Technology Management Company. ?
Gov't Raises $2 32m in Bond Sale
The government raised 49.9 trillion rials ($232 million) by selling Islamic bonds in the debt market on Tuesday.?
Out of this figure, 19.9 trillion rials ($92 million) was sold to lenders and non-bank financial institution in the weekly bond auction held by the Central Bank of Iran.?
The remaining 30.1 trillion ($140 million) was sold to institutional and retail investors in the share market and outside the auction, the CBI said in a notice on its website. ?
No 1639
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WednesdayMay 06 , 2020
Gov''t Expenditures Affected by Decline in Tax Revenues
Tax revenues reached 75,000 billion rials ($468.75 million) in the month ending April 19, which is far lower than revenues needed to meet government expenditures amounting to 270,000 billion rials ($1.68 billion) to pay its employees, pensioners and those supported by Imam Khomeini Relief Foundation and State Welfare Organization, the director of the Iranian National Tax Administration said.
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Tehran Stock Exchange Stops Near 1,000,000 Points
While it was 2% shy of moving past the psychological 1,000,000 points, Tehran stocks slipped on Tuesday as sell-off pressure swept through a broad range of shares.?
The benchmark of Tehran Stock Exchange, TEDPIX, closed regular trading hours in negative territory to buck a bullish trend that had dominated the market for 20 sessions in a row.?
However, the TSE closed Tuesday's trade in the green after remarkable gains in shares of the recently listed Social Security Investment Company in after-hours trading.?
Urban Rent Inflation at 23.2%
The average Consumer Price Index for home rents in urban areas in the last fiscal year (ended March 19, 2020) increased by 23.2% compared with the corresponding period of the year before.?
The Statistical Center of Iran had put the annual inflation rate for the preceding quarter, which ended on Dec. 21, 2019, at 23.5%.?
The highest and lowest average annual inflation rates were registered for Lorestan and West Azarbaijan provinces with 34.2% and 10.1% respectively.??
According to the SCI report, CPI for rent levels in urban areas (using the Iranian year to March 2017 as the base year) stood at 169.3 in winter, the fourth quarter of the last Iranian year (Dec. 22, 2019-March 19), indicating a 4% increase compared with the previous quarter.?
SCI had put the quarter-on-quarter rent inflation rate for the preceding quarter, which ended on Dec. 21, 2019, at 7.2%.?
Iran, Eurasian Economic Union Transactions Top $1.7 Billion in 6 Months
Iran and the Eurasian Economic Union have traded a total of 5.1 million tons of goods worth $1.78 billion from Oct. 27, 2019, when a preferential trade agreement between the two sides came into effect on April 24, 2020.
According to Rouhollah Latifi, the spokesman of the Islamic Republic of Iran Customs Administration, the value of bilateral trade under the preferential trade agreement stood at $1 billion, accounting for around 56.46% of the total exchange, Mehr News Agency reported.
"Iran's total exports to the bloc stood at 1.34 million tons worth $539.61 million, accounting for 30.27% of the total trade value. Imports from the five EEU member states hit 3.76 million tons worth $1.24 billion to account for 69.73% of overall trade," he said.
Russia, Armenia and Kazakhstan were Iran''s biggest export destinations from among the five EEU member states, accounting for 53%, 23% and 16% of Iran''s overall exports to the bloc respectively.
Insurance Industry Struggling to Survive
Iran Insurance Research Center has reviewed the impact of covid-19 spread on the key industry, projecting a decline of 15.07% in premiums in the first quarter (March 21-June 1) of the current fiscal year?
IRC predicts higher risks in medical and life insurance categories, as the vicious disease has led to an increase in medical costs of policyholders.?
Families are also less likely to be able to afford life insurance on a regular basis, which could add to the insurers' pains in the near future.?
No 1591
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SaturdayJune 20 , 2020
Vacancy Tax Set to Come Into Force in Summer
The nationwide online database of all residential properties across the country will be completed and put at the Iranian National Tax Administration's disposal by next week, Mahmoud Mahmoudazadeh, the head of Housing Economy Department at the Ministry of Roads and Urban Development, said on Sunday.?
"In so doing, INTA will be able to mine the database to track vacant homes subject to Vacancy Tax in less than two weeks," he added.??
In the Iranian year ending March 2016, the Ministry of Roads and Urban Development was tasked with designing, in cooperation with a number of other affiliated organizations and entities inside and outside the administration, a database containing information on all residential units and homeowners across the country and handed it to the tax administration.?
External Debt Declines 3.4 Percent to $9 Billion
Iran's foreign debt was $9.031 billion at the end of last fiscal year that ended in March, dropping slightly from $9.339 billion? at the end of fiscal 2018-19 to register 3.4% decline.?
Medium and long-term debt amounted to $7.49 billion by March 19, or 82% of the total. Short-term debt stood at $1.53 billion during the period, according to a Central Bank of Iran report released on its website.??
Total external debt was at a record high of $12.72 billion in January of 2004 and a record low of $1.2 billion in January? 2014. External debt was 2.04 % of GDP in January 2020, according to the macroeconomic statistics website Trading Economics.
Iraq Activating Iran Payment Mechanism
Iran and Iraq will invoke past agreements to expedite settlement of Iraqi arrears using a trading mechanism designed to supply basic goods to Iran.?
Governor of the Central Bank of Iran Abdolnasser Hemmati made the statement on Wednesday following a meeting with his Iraqi counterpart Ali Mohsen Ismael Al-Alaq in Baghdad, the CBI website reported.? ?
"We had signed deals in previous trips. It was agreed that we use our resources in Iraq for purchasing basic goods that are not subject to [US] sanctions," Hemmati said, referring to deals between the two neighbors in February 2019.??
The agreement signed by the governors of the two central banks called for setting up a monetary channel to facilitate bilateral payments.?
Home Appliance Prices Surge While Black Markets Prosper
Iran Consumers and Producers Protection Organization has allowed producers of home appliances to once again raise their prices.?
Prices of audiovisual products have been allowed to go up by 20% and other home appliances by 25% compared with prices registered in the Iranian month ending Feb. 19.?
The organization set June 16 as the deadline for producers to log the new prices on 124.ir, otherwise they will be subject to regulations penalizing those who supply appliances outside the network.?
On Wednesday, CPPO said more than 30 producers had registered more than 1,000 items on the database. The new official price increase has followed the previous hike in less than six months.
Iran Rejects IAEA Resolution, Says Will React Appropriately
The Islamic Republic of Iran totally rejects the resolution of the International Atomic Energy Agency on access to two sites and will take appropriate measures in reaction, Iran's envoy to the IAEA said.?
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No 1623
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SaturdayJune 27 , 2020
Shasta to Offer 15% Stake in Major Construction Co.
Social Security Investment Company of Iran plans to offer 15% shares in one of its giant construction holding companies, Tamin Cement Investment Company, in the bourse, CEO of the SSIC said.?
The SSCI, also known by its Persian acronym Shasta, controls nine holdings in a wide range of sectors, including petroleum, petrochemicals, pharmaceuticals, cement, transportation and finance. The holdings manage about 200 subsidiaries.?
"Tamin Cement is one of the subsidiary holdings of Shasta that operates in the cement, construction and transportation sectors," Mohammad Rezvani Far was quoted as saying by IRNA. ?
Tax Incentives for New Listed Companies
Tax incentives are bein considered for new companies that want to list on the stock market in the current fiscal year (March 2020-21).?
The proposal was floated by the Ministry of Economy at the High Council of Economic Coordination- an ad hoc economic decision-making body comprising heads of three branches of power- and approved therein, according to Securities and Exchange News Agency.?
Citing ministry officials, SENA reported that as per the decision the Iranian National Tax Administration will grant tax waivers to companies wanting to go public.?
Potential listed companies will be accountable only for tax liabilities in the previous fiscal year (March 2019-20) and INTA will not delve into prior tax records.?
Tehran Home Sales, Prices Rise
The number of home sales in Tehran stood at 11,046 during the third month of the current Iranian year (May 21-June 20), indicating an increase of 80.3% compared with the same month of last year, but a decline of 4.5% compared with the preceding month.
The announcement was made by the Planning and Housing Economy Office of the Ministry of Roads and Urban Development.
The average price of each square meter of a residential unit in the capital city stood at 190.71 million rials ($968) during the month under review, registering a year-on-year increase of 42.1% and a month-on-month rise of 12.1%.?
Among Tehran's 22 districts, District 1 registered the highest average home price with 424.99 million rials ($2,157) per square meter, followed by District 3 with 332.98 million rials ($1,639) per square meter and District 2 with 289.54 million rials ($1,469) per square meter.?
Value of Bad Checks Up, Volume Down
Central Bank of Iran monthly report shows bad checks declined in number in the calendar month to May 20 but their value increased.?
Bad checks were worth 167 trillion rials ($870 million) by the end of the month to May 20 ?-- up 28% on a monthly basis.?
The number of bounced checks stood at 999,000 during the period, showing a decline of 10.3%, the CBI website said.?
Bounced checks accounted for 12.5% of the total number of checks and 12.3% in value of checks drawn during the month.
ICC Introduces 40,000 Virus-Hit Businesses for Bank Loans
Iran Chamber of Guilds has referred 40,000 affiliated businesses to banks to receive government-backed coronavirus bailout loans, an official with the chamber said.?
Noting that guilds were expecting to receive grant as well loans but under the current circumstances the government cannot offer more financial help, Hoshyar Faqihi added that individuals with self-employed insurance policies and those without the insurance of Social Security Organization won't qualify for these low-interest loans, ISNA reported.?
Early June, Faqihi said coronavirus lockdowns inflicted monthly losses worth 260,000 billion rials ($1.31 billion) on local businesses under the supervision of ICG.?
No 1629
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