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Carmaker says cannot deliver Renaults due to sanctions
Pars Khodro, a subsidiary of flag-carrier auto maker Iran Khodro, said it was unable to deliver 36,000 Renault cars which it had pre-sold the nation. Pars Khodro said in a statement that US sanctions had hampered supplies of parts, adding that Renault cars would not be handed over to customers for the time being.
March 10, 2019
Decline seen in volume of Iran’s domestic flights
Iran announced a decline of 14 percent in the volume of domestic flights over a period of 11 months starting March 21, 2018 compared to the corresponding period the previous year. Iran Airports Company announced in a statement that a total of 47.59 million passengers and 474,794 tons of cargos had been transported during the period. The figures, it added, indicated a 17% and 14% decline respectively year-on-year.
March 11, 2019
Iran bans Boeing 737 Max jets
Following the deadly crash of an Ethiopian plane, Iran joined many other countries by announcing a ban of Boeing 737 Max 8 jets – the same class of the crashed airliner. Boeing 737 Max accounted for the largest portion of Iran’s orders after sanctions against it were lifted in the aftermath of a 2015 landmark nuclear deal.
March 15, 2019
SAIPA to make Brilliance sedans in Syria
Iran’s leading automaker SAIPA announced a plan to produce the Chinese-derived sedan Brilliance H330 in Syria. The company said the cars would be made in cooperation with its Syrian partner SIVECO in industrial hubs of Damascus, Aleppo, Latakia, Homs and Hama.
March 20, 2019
Iran biggest importer of corn from Russia
Based on media reports in Moscow, Iran was the biggest importer of corn from Russia from September 2018 to February 2019. Official figures showed that Iran had imported 1.4 million tonnes of corn from Russia over the period, 48.5% less than the corresponding period of the previous year.
March 22, 2019
INSTEX chief visits Tehran to discuss mechanism
Europe’s proposed INSTEX financial mechanism received a serious boost after its president Per Fischer travelled to Tehran to discuss the details of launching it with Iranian officials. Fischer was accompanied by a technical team from EU as well as representatives from Britain, Germany and France in his meetings with Iranian officials.
Mar. 12, 2019
Iran registers local version of INSTEX
The CBI announced in a statement that the corresponding entity to EU’s INSTEX mechanism created for non-dollar trade with Iran has been registered. The bank added that the move could expedite efforts to make INSTEX operational.
Mar. 15, 2019
Pompeo presses oil executives over Iran oil cut policy
Reuters reported that US Secretary of State Mike Pompeo had met top oil executives in a closed-door meeting to press them on following the Trump administration’s policy of reducing Iran’s oil exports to zero. The executives present in the meeting were reportedly from major companies including Chevron, Total, Royal Dutch Shell, ConocoPhillips and Occidental Petroleum.
Mar. 16, 2019
Iran announces plan to raise gas exports to Turkey, others
Iran announced a plan to increase gas exports to Turkey, stressing that this would be carried out based on a request from its northwestern neighbor. Iran also announced that it was considering a rise in gas exports to Iraq, Armenia and Azerbaijan, as well.
Mar. 21, 2019
Trump declares Iran’s IRGC terrorist organization
US President Donald Trump declared Iran’s IRGC as a terrorist organization. The move drew angry reactions from Tehran with the country’s officials emphasizing that an action in kind needs to be taken. To the same effect, Iran’s Parliament declared CENTCOM – the US Central Command in Qatar – as well as the military forces affiliated to it as terrorist entities. The move has nonetheless triggered concerns that both countries could move faster toward escalation but it is still not clear whether this would lead to actual war.
Apr. 08, 2019
CBI names BSI, BM as Iran’s top lenders
CBI figures show Bank Saderat Iran (BSI) and Bank Mellat (BM) were Iran’s biggest lenders in the third quarter of the current fiscal which ended on December 21. By the end of Q3, BSI had paid IRR 9.9 trn (USD 73.3 mn with each USD at average free market rate of IRR 135,000) while BM paid IRR 8.5 trn (USD 62.9 mn).
Mar. 01, 2019
Parliament votes to increase wages of state employees, pensioners
The Parliament approved a plan that would enable the government to increase the wages of its employees as well as pensioners by IRR 4 mn (USD 30). The approval came during debates over the budget bill for the next Iranian calendar year (March 21, 2019-2020).
Mar. 04, 2019
Iran’s non-oil exports to Persian Gulf up 22.7%
The latest figures provided by the Customs Administration of Iran show that the country’s non-oil exports to the Persian Gulf states stood at USD 13.2 bn from March 21, 2018 to Jan. 20, 2019. The figure indicated a rise of 22.7 percent compared to the similar period last year.
Mar. 04, 2019
Home, land prices up 60.3% in Q3 of 2018-2019 fiscal
A study by the SCI showed that the average home and land prices in Iran surged by 60.3 percent during the third quarter of Iran’s March 2018-2019 fiscal. The minimum price of each square meter of residential floor area across urban areas during the period was IRR 864,000 (USD 6.3) with the maximum price registered at IRR 513.72 mn (USD 3,749). The average price was IRR 26.23 mn (USD 191.45), the SCI study added.
March 05, 2019
Value of Iran, EU trade in 2018 at €18.3 bn
The latest data announced by Eurostat showed that the value of trade between the European Union and Iran stood at EUR 18.3 bn in 2018, registering a decline of 12.2 percent compared to 2017. Figures showed Italy was Iran’s main export destination by registering EUR 2.9 bn worth of purchases. The biggest EU exporter to Iran was Germany that sold goods and services worth a total of EUR 2.7 bn over the same period.
March 07, 2019
Iran’s capital market now worth $66 bn
Saeed Fallahpour, a board member of the Securities and Exchange Organization said the value of the country’s four bourses had reached as high as IRR 9,000 trn (USD 66.6 bn). Fallahpour also said the volume of trade by March 2018 for the four bourses was IRR 2,450 trn (USD 18.1 bn), adding that it had reached IRR 3,080 trn (USD 22.8 bn) before February 19, registering a rise of 70 percent.
March 07, 2019
CBI announces plan to merge five military-affiliated banks
The CBI announced a plan to merge five banks and credit institutions affiliated to armed forces with the state-owned Bank Sepah. The CBI said in a statement named the banks to be merged as Ansar Bank, Bank Hekamt Iranian, Mehr Eqtesad Bank, Ghavamin Bank, and Kosar Credit Institution. It added that the plan was meant to centralize the capability and capacity of the entities, stressing that this would lead to the emergence of a more efficient and stable financial institution under the banner of Bank Sepah.
March 07, 2019
Slight rise in Iran’s steel exports
Official figures show that Iran exported 6.38 million tons of steel over a period of 10 months starting March 21, 2018. The figure was slightly higher than the corresponding period the previous year by 2.81 percent. Imports stood at 0.9 tons over the same period thus registering a decline of 52.36 percent compared to the previous year.
March 15, 2019
CBI chief says currency market stable
CBI governor Abdolnaser Hemmati said the government is in full control of the currency market that was hit by turmoil last year. Hemmat emphasized in a message to the nation that the CBI has preserved the value of the national currency as much as it can thus stopping further rises in prices of goods.
March 19, 2019