Financial Tribune

  • First Vice President Es'haq Jahangiri on Monday officially inaugurated the Forex Deals Integrated System, an online system designed to address the country's currency needs and boost transparency.
    "This system is a new opportunity for importers to be able to get their required foreign currency easily and for exporters to offer their proceeds to the market," Jahangiri, accompanied by CBI Governor Valiollah Seif and Industries Minister Mohammad Shariatmadari, among others, was quoted as saying by IBENA.
    In this system, locally known by the acronym Nima, importers declare their currency needs, exporters–including the government as oil exporter–register their foreign currency proceeds, and banks and money exchangers act as mediators. 

  • Slightly weaker data on industrial production, retail sales and construction suggest the eurozone is going through a period of slightly lower economic growth  in the first months of 2018.

    When will the European Central Bank join the US Federal Reserve and start raising interest rates?

  • The banking system will support small to medium enterprises by providing them with cheap loans.

    As per the Iranian New Year’s state tradition, the motto for the current fiscal (started March 20) was announced by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei in his inaugural address to be “Support for Iranian Products”. 
    Subsequently, many officials stepped forward to clarify the role of money and capital markets in facilitating the realization of this goal. “Financing the local companies is how money and capital markets can support Iranian production,” said the CEO of Export Development Bank of Iran and the former chairman of Securities and Exchange Organization, Ali Salehabadi, in an interview with SENA.
    Salehabadi noted that with a population of over 80 million, Iran's potential is enticing for every producer but instead of offering this opportunity to foreign producers, local manufacturers must move in to make the best of it. 
    To have a competitive edge in the global markets, Iranian products need to be both of high quality and affordable. Consequently, they can be exported and only then local consumers can put their trust in the quality of Iranian products.

  • Laying the 290km gas pipeline needs an investment of €245 million ($300 million) and will be completed by March 2020.

    Iran’s defense and oil ministries signed a contract on Monday for transferring natural gas via pipeline from the city of Iranshahr to Chabahar in Sistan-Baluchestan Province. 
    According to Shana, Oil Minister Bijan Namdar Zanganeh and Iran’s Defense Minister Amir Hatami were present at the signing ceremony.
    The contract is aimed at supplying gas to industrial units in the south of the province, including petrochemical plants, steel units and power stations in Chabahar and Konarak, and providing gas to the area's residents.
    In addition, gas export to the neighboring country Oman depends on launching the Iranshahr-Chabahar Pipeline, which will be implemented by an unnamed subsidiary of the Defense Ministry. 

  • Government Expenditure Payments Made Public

    Treasury’s public expenditure payments have been made public on 
    Following President Hassan Rouhani's call for safeguarding citizens’ rights, the Ministry of Economic Affairs and Finance unveiled a section entitled “Report on Treasury Payments” on its official website in which information about payments made by the treasury during March 21-April 20 are accessible “and will be continuously updated”, IRNA quoted deputy economy minister, Rahmatollah Akrami, as saying. 
    The new feature was made available on Saturday.

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