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China to build subway cars for Iran
Beijing Rail Transit Technology Equipment Group Co. (RTTE) signed a contract worth USD 366.9 mn with the Tehran Municipality and local Pars Wagon company over constructing 367 new subway cars.
Jan. 09, 2019
Govt. allowed to get $5bn in loan from Russia
MP Mohammad-Mehdi Mofatteh said the Parliament had given the go-ahead to the government of President Hassan Rouhani to get a loan worth USD 5 bn from Russia for infrastructure projects. Mofatteh also said the government has also been authorized to secure up to USD 30 bn from foreign lenders.
Jan. 15, 2019
Afghanistan to send first cargo to India through Chabahar
The government of Afghanistan announced that it would send the first cargo of goods to India through Iran’s south-eastern Chabahar Port. Afghanistan’s Ministry of Transport said the cargo that would comprise five containers would comprise mung beans weighing a total of 22 tonnes.
Jan. 28, 2019
China again Iran’s top export market
The latest figures released by the Customs Administration of Iran show China remains the country’s top non-oil export market by claiming around USD 7.52 mn worth of total exports. China was followed by Iraq to which Iran exported USD 7.51 mn worth goods. The period under study in the Customs Administration’s report was from the start of Iran’s calendar year on March 21, 2018 to 21 January 2019.
Jan. 31, 2019
EU unveils INSTEX to keep trade with Iran alive
Britain, France and Germany unveiled a much-awaited financial vehicle to help keep trade with Iran under US sanctions. The vehicle - named the Instrument in Support of Trade Exchanges (INSTEX) – would enable European companies to transfer payments to Iran over the trading of humanitarian goods and food. The government of President Hassan Rouhani welcomed the move, but criticisms nonetheless emerged in Tehran that INSTEX would not be enough to help the country overcome the impacts of US sanctions. Washington, on the other hand, warned Europe that it was watching the developments around EU’s initiatives toward Tehran, stressing that entities that engaged in sanctioned activity with the Islamic Republic would be punished.
Jan. 31, 2019
€22bn allocated for imports of necessity goods
The CBI announced that the government had allocated EUR 22 bn for imports of essential goods such as rice, cooking oil, sugar, beans and others over a period of nine months starting March 21, 2018 which marks the start of the new Iranian calendar year.
Jan. 06, 2019
WB expects decline of -3.6% in Iran’s economy
The World Bank said in a report that Iran's GDP is bracing for further contraction in 2019 to reach -3.6%. It said this would come after the country experiences an estimated economic decline of -1.5% in 2018 before stabilizing in the positive territory at 1.1% in 2020 and 2021.
Jan. 11, 2019
Iran removes 47 items from banned imports
Iran’s Ministry of Industries, Mining and Trade announced that it had removed 47 items from the list of banned imports. The items include include apparel and footwear, automobiles, copper, lead and tin ore and concentrate, leather, ventilation fans and systems, fluorescent lighting, batteries, gas meters and industrial milk powder.
Jan. 14, 2019
Petroleum Ministry to issue $3bn in Islamic bonds next fiscal
During their debates over the next fiscal year’s budget bill, the MPs approved to give the go-ahead to the Ministry of Petroleum to issue up to USD 3 bn in Islamic bonds during the next fiscal year (March 2019-2020) to attract funds for oil projects.
Jan. 16, 2019
Foreign investment in Iran’s capital market rose 20-fold from 2013-2018
The Planning and Budget Organization in a report said the volume of foreign investment in Iran’s capital market had increased 20-fold from 2013 to 2018. The Organization said foreign investments in the country during the period stood at IRR 878 bn (USD 7.7 bn with each USD at the average free market rate of IRR 120,000).
Jan. 19, 2019
CBI official says using cryptocurrencies not on agenda
A top CBI official said Iran is not considering to use cryptocurrencies to dodge the impacts of US sanctions. Head of CBI’s Monetary and Banking Research Institute Ali Deyvandari said that Iran’s financial transactions are too heavy to be handled by new technologies like blockchain.
Jan. 21, 2019
Iran port activities down 13%
The Ports and Maritime Organization of Iran announced a decline of 13% in the country’s port activities since the start of the calendar year (March 21, 2018). The Organization added that around 111 million tonnes of goods had been loaded and unloaded over the period.
Jan. 22, 2019
House sales in Tehran down 60% as prices surge 90%
Official figures show that house sales in Tehran declined by around 60% over a period of 10 months starting March 21, 2018. Iran’s Ministry of Housing and Urban Development announced that the decline in house sales followed a rise of about 90% in prices. The average price of each square metre of a residential unit in the capital stood at IRR 97.7 mn (USD 814).
Jan. 23, 2019