Financial Tribune

  • Gov’t Mulling Creation of Forex Open Market

    The government has agreed to consider a business community proposal to recognize a "secondary" foreign exchange market where rates are determined by supply-demand mechanism. 
    According to Gholamhossein Shafei, president of Iran Chamber of Commerce, Industries, Mines and Agriculture, said on Saturday the private sector has proposed the creation of an open currency market that the government has accepted and is taking measures to fulfill it. 
    "A committee has been set up at ICCIMA and the private sector has announced its views in this regard to the decision-makers," Shafei was also quoted as saying by IBENA. 

  • 1st 130-Km/h Expressway Project Halfway Through

    Iran’s first bypass expressway with a speed limit of 130 km/h and connecting Abyek in Qazvin Province to Charmshahr along Qom-Garmsar Highway is under construction. 
    According to Roads and Urban Development Minister Abbas Akhoundi, the project has made 45% progress, IRNA reported. 
    “The 158-kilometer bypass expressway project connects the highways of Tehran-Saveh, Tehran-Qom and Qom-Garmsar to each other on its way,” he said.
    The construction of this project, the official said, started in the fiscal 2016-17 and plans are for it to become operational next year (March 2019-20)
     

  • Non-Gov't Public Entities Mandated to  Release Financial Reports by Parliament

    Iranian MPs have voted to increase financial transparency of non-governmental public entities by mandating them to publish their financial reports.
    The relevant bill received overwhelming support in the Iranian Parliament on Wednesday.
    As an addendum to Article 44 of the Constitution (privatization law), the new measure mandates the businesses to regularly report their financial statements and information on their dealings to the regulatory body of the Iranian capital market.
     

  • Almost 40% of Middle East’s gas consumption take place in Iran.

    Iran is burning off record amounts of natural gas, which is way higher than the global average, the deputy for gas distribution at the National Iranian Gas Company said.
    "While the average global gas consumption has observed a mild rise of 1.65% in the past three decades, Iran's demand of the fuel has hiked about 4.2% during the same period, which is alarming," Saeed Momeni was also quoted as saying by Shana.
    "Such injudicious consumption pattern should be reconsidered by adopting efficient strategies," he added.
    According to a report published early June by BP Statistical Review of World Energy, Iran natural gas consumption in 2017 stood at 214.4 billion cubic meters, up from 201.3 bcm one year ago. This marks an upward shift of 6.50%.
    Reportedly, almost 40% of Middle East gas consumption take place in Iran, an unreasonably high level by any standard. 

  • The accumulated improvement in the structural balance since 2015 amounted to 0.7% of GDP.

    The European Council closed the excessive deficit procedure for France, confirming that it has...

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