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Iran complains to ICAO for airports’ failure to fuel planes
The Civil Aviation Organization of Iran (CAO) filed a complaint to the International Civil Aviation Organization over the refusal of certain international airports to provide fuel to Iranian airliners. The CAO in a statement that failing to provide fuel to Iranian planes on grounds that US sanctions prohibit fueling is against international laws and regulations.
June 01, 2019
Iran closes 6 million bank accounts for "illegal activities"
The state-owned Iran Insurance Company was announced to have the highest capacity for risk retention at IRR 18.6 trn (USD 141.5 mn). Other leading insurers were Asia and Alborz insurance companies, with respective retention figures of IRR 3.5 trn (USD 26.7 mn) and IRR 3.1 trn (USD 23.9 mn), according to a statement by the Central Insurance Company of Iran.
June 03, 2019
Iran Insurance seen to have highest retention capacity
risk retention at IRR 18.6 trn (USD 141.5 mn). Other leading insurers were Asia and Alborz insurance companies, with respective retention figures of IRR 3.5 trn (USD 26.7 mn) and IRR 3.1 trn (USD 23.9 mn), according to a statement by the Central Insurance Company of Iran.
June 12, 2019
Iran airport traffic down 13%
Official figures have registered a total of 30,635 takeoffs and landings by planes in Iran over May and April, indicating a decline of 13 percent compared to the same period last year. Figures also showed declines in the number of passengers (12 percent) and cargoes (10 percent) year-on-year.
June 15, 2019
Imports of foreign cars to resume soon
A top Iranian auto importing official said the government had issued an authorization to import 7,500 foreign cars into the country. Mehdi Dadfar, the secretary of Iran Auto Importers Association (IAIA), said the move followed extensive talks between IAIA and officials, adding that imports would be made in the near future.
June 15, 2019
Iran, Turkey launch cross border train service
Iran and Turkey inaugurated a passenger train service between the two countries which had been delayed for about four years. The train would take passengers from Tehran to Iran’s northwestern city of Tabriz before departing for Turkey’s Van over a total of 24 hours. Tickets will cost IRR 2.25 mn ($17) for adults and IRR 1.3 mn ($10) for children.
June 24, 2019
Home prices in Tehran rise but deals decline
Figures released by the CBI showed that home prices in Tehran increased while property deals declined at the start of the popular moving season (June 2019). Accordingly, the average price of each square meter of a residential unit in Tehran stood at about IRR 132.99 mn ($1,023) during the month, showing an annual surge of 104.3 percent. This came as average prices reached IRR 65.1 mn ($500) in last year’s same month, the CBI added in its statement.
June 29, 2019
Iran's Bank Mellat rejects UK's offer to barter damages claims
Iran's Bank Mellat – that reached a settlement in mid-June with the UK Treasury over a complaint concerning restrictions against the bank – said it would not barter its damages claims in exchange for goods. The amount over which the UK Treasury said it would settle the complaint with Bank Mellat stood at Pounds 1.3 bn (USD 1.6 bn).
June 29, 2019
Exports to Arab League up at $16.6bn
Figures released by the Customs Administration of Iran show the country's non-oil exports to Arab League states over a year ending March 21, 2019 stood at USD 16.6 bn, showing a rise of 11.2 percent compared to a year before. Figures also showed imports from the Arab League were worth USD 7.1 bn, down 32.2 percent year-on-year.
June 29, 2019
Foreigners to get Iran residency over investments, deposits
The government of Iran approved a plan to allow foreigners to settle in the country for five years in return for an investment of above EUR 250,000 or its equivalent in other foreign currencies. According to the plan, investments that trigger the residency permit are not exclusive to manufacturing activities. Rather, those with bank deposits or investments in bonds or housing sector would also be eligible.
June 30, 2019
Iran takes second step of moves to reduce JCPOA pledges
As previously warned, Iran proceeded with further steps to reduce its JCPOA commitments only to draw criticisms by the remaining parties to the agreement as well as a strong condemnation by the US. Accordingly, officials in Tehran announced that a uranium enrichment limit of 3.67 would no longer be observed and that the country was already on the way to increase its enrichment to as high as five percent. This, and further measures, would continue until September 7, 2019 when a third step of measures would be taken if Europe failed to live up to its JCPOA commitments, Iranian officials warned in a press briefing in Tehran. In the third step, officials later said, the country would move its enrichment level to as high as 20 percent. Returning Arak nuclear plant to its pre-JCPOA status was also among a key threat that the officials raised in response to Europe's failures to live up to its commitments. The first step – that was taken on May 8, 2019 – included exceeding reserves of low enriched uranium to above 300 kilograms.
July 07, 2019
Iran-Britain relations deteriorate over tanker incidents
Relations between Iran and Britain deteriorated after a series of events involving oil tankers. In mid-June, British commandos boarded a tanker in the Gibraltar Strait allegedly carrying Iran's oil for Syria and seized the cargo. The seizure was said by London to have been in line with EU sanctions that banned shipments of oil towards Syria through the bloc's territorial waters. This provoked an angry reaction from Tehran that called for the immediate release of the tanker and its cargo. The incident was followed by a purported attempt by Iranian boats on July 11, 2019 to stop a British tanker in the Hormuz Strait. Iranian boats – allegedly belonging to the country's Islamic Revolution Guards Corps (IRGC) – fled after a British Royal Navy ship emerged. Britain complained to Iran over the move and called on the country to work to ease tensions. Iran, however, denied that any such incident had taken place with the country's Foreign Minister Mohammad-Javad Zarif rejecting the British allegation as "worthless".
July 11, 2019
CBI says INSTEX "not enough"
CBI chief Abdolnasser Hemmati called for using Europe's INSTEX financial mechanism for funding future sales of Iran’s oil. This, he said, would help maintain trade between Tehran and Europe. Hemmati said was not enough in its current form, stressing that it should expand to include all goods. The official said Britain, France and Germany that have devised INSTEX have reservations about purchasing oil from Iran due to US sanctions. However, he said the three countries have proposed a solution for linking INSTEX payments to income from future oil purchases from Iran – what he said Iran could also benefit from in face of US sanctions.
June 30, 2019
No more visas for Chinese, stamps in passports of others
The government of President Hassan Rouhani approved to lift visa restrictions for Chinese nationals visiting the country. The move is meant to encourage more Chinese tourists to arrive in the Islamic Republic. In a related front, the government has approved to dismantle requirements mandatory stamping of passports for foreigners arriving in Iran. This is meant to help protect the tourists that fear a ban from entering the US. According to sanctions against Iran approved by US President Donald Trump, foreigners who have an Iran visit stamp on their passports will be barred from entering the US.
June 30, 2019
€5bn repatriated since March by non-oil exporters
The CBI announced that at least EUR 5 bn have been repatriated to Iran's economy by exporters of non-oil products since March 2019. The CBI added that EUR 1 bn from the total had been repatriated by small- and medium-sized companies. In the last fiscal (March 2018-19), a total of EUR 18 bn had been repatriated by exporters of non-oil products, the CBI concluded in a statement.
June 02, 2019
Iran's non-oil trade surplus at $1.3bn
Figures released by the Trade Promotion Organization of Iran show that the country's non-oil trade surplus reached USD 1.3 bn during the first quarter of the current Persian calendar year (21 March-June 2019). Figures provided by the Organization also showed that the country's overall non-oil foreign trade during the same period stood at USD 21.7 bn.
June 07, 2019
Iran's liquidity up 23% at $144bn
CBI figures show that Iran's liquidity exceeded IRR 18,828 trn (USD 144.8 bn) by the end of last fiscal (March 21, 2019). The figure shows a rise of 23.1 percent in the volume of liquidity compared to last year when the cash flow in Iran's economy was IRR 15,299 trn (USD 117.6 bn) over the period leading to March 21, 2018.
June 08, 2019
Iran's GDP shrunk by 4.9%, growth down to -2.4% last fiscal
The SCI in a report said Iran's GDP shrunk by 4.9 percent in last fiscal year (2018/19). It said the overall GDP throughout the year stood at IRR 7,130 trn (USD 52.4 bn at the current market exchange rates). The SCI added in its report that the economic growth – excluding oil – stood at -2.4 percent over the period.
June 17, 2019
Major rise seen in bank deposits
Figures released by the CBI show that the value of bank deposits in the country had reached as high as IRR 20,673 trn (USD 159 bn) by the end of last fiscal (March 21, 2019). The figures show a rise of 25.6 percent compared to last year.
June 30, 2019