Domestic Economy

Iran Economic News Headlines in the Week to November 25

Iran Economic News Headlines in the Week to November 25Iran Economic News Headlines in the Week to November 25

1. Foreign Minister Mohammed Javad Zarif: European countries are finding it difficult to set up a Special Purpose Vehicle to allow non-dollar trade with Iran. (ICANA)
2. Reza Nourani, the head of National Union of Agricultural Products: The US claim over exempting food and medicine from its sanctions on Iran is a flat-out lie. (IRNA)
3. Switzerland's Ambassador to Iran Markus Leitner: The government of Switzerland guarantees the supply of food and drugs to Iranian people and hospitals by Swiss companies in the face of reimposed US sanctions. (ILNA)
4. Deputy Industries, Mining and Trade Minister Jafar Sarqeini: The mining sector has been least affected by [US reimposed] sanctions. (IRNA)
5. Secretary-General of the Arbitration Center of Iran Chamber of Commerce, Industries, Mines and Trade Mohsen Mohebbi: The European Union’s [pro-Iran] stance [on Washington’s sanctions against the Islamic Republic] is thanks to Iran’s victory at the International Court of Justice in The Hague [on the illegality of sanctions regime]. (
6. Economist Vahid Shaqaqi-Shahri: The foreign exchange market has recovered from the headline effects [of sanctions]. (ILNA)
7. Minister of Industries, Mining and Trade Reza Rahmani: The government has directed its total concentration on resolving market uncertainties. (IRNA)
8. Head of Ports and Maritime Organization of Iran Mohammad Rastad: Iran’s complaint against the US government for imposing restriction on maritime transportation will be submitted to the International Maritime Organization next week in London. (Mehr News Agency)
9. Russian Energy Minister Alexander Novak: Russia may switch to settlements in national currencies with Iran. (TASS News Agency)
10. Turkish Energy Minister Fatih Donmez: Turkey has been granted a waiver of around 25% on US oil sanctions against Iran. (NTV)
11. Hadi Qavami, a member of Majlis Plan and Budget Commission: Iranian banks need to put aside their unrelated business practices. (IRNA)
12. Chairman of the Headquarters to Combat Smuggling of Goods and Foreign Exchange Ali Moayyedi Khorramabadi: About $12 billion worth of goods were smuggled into and out of Iran last [Iranian] year [March 2017-18]. (IRNA)
13. Chief of Staff of the President of Iran Mahmoud Vaezi: Foreign currency gained from exports should be returned to the domestic economic cycle. (IRNA)
14. Iranian President Hassan Rouhani: Trade with Iraq could increase to $20 billion from $12 billion [per year] at present. (IRNA)
15. Hedayat Fahmi, the deputy head of Water and Wastewater Planning Office at the Energy Ministry: Residents of metropolises like Tehran use 80 liters more water per day than the country’s average water consumption. (Fars News Agency)
16. First Vice President Es’haq Jahangiri: The government has allocated $100 million to resolve the fine dust issue in southern Khuzestan Province this year [March 2018-19]. (Mehr News Agency)
17. Chairman of Majlis Development Commission Mohammad Reza Rezaei: The government owes 200 trillion rials [$1.57 billion] to contractors. (
18. Abbas Golmohammadi, the deputy head of Geological Survey and Mineral Exploration of Iran: Mineral exploration in Iran is limited to surface mining operations. (IRNA)
19. Mohammad Ali Zeyghami, the deputy head of Iran Chamber of Cooperatives: Iranian cooperatives play no part in foreign trade. (IRNA)
20. CEO of Maku Free Trade Zone Gholamreza Soleymani: Maku FTZ has attracted some $24 million worth of foreign investment since the beginning of the current [Iranian] year (March 21). (IRNA)
21. Head of the Agricultural Mechanization Expansion Center [affiliated to the Agriculture Ministry] Kambiz Abbasi: Agricultural mechanization coefficient in Iran currently stands at 1.7 horsepower per hectare. (IRNA)
22. Jafar Sadeq Eskandari, the head of Industries, Mining and Trade Organization of East Azarbaijan Province: East Azarbaijan accounts for 31% of Iran's gold reserves. (IRNA)
23. Director of South Khorasan Economic Affairs and Finance Organization Isa Jafari-Geev: South Khorasan Province absorbed 27.8 million in foreign direct investment in the first half of the current [Iranian] year (March 21-Sept. 22). (IRNA)


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