10078
CBI’s $1.2b Payment
Economy, Business And Markets

CBI’s $1.2b Payment

The government has received a hefty payment in rials tantamount to 1.2 billion dollars from the Central Bank of Iran (CBI) with the permission of the Special Solutions Committee, during the current fiscal year (ending March, 21). The amount is to later be compensated from oil revenue dollars.  The sum is part of revenues from Iran’s oil sales which are blocked overseas and have not been received by the CBI, Fars news agency reported.  The parliament however does not formally acknowledge the permission of the SSC. “What the government has done is not legally legitimate,” said a member of the parliament’s planning and budget commission, wishing to remain unnamed.  The commission held a meeting on Wednesday with CBI Governor Valiollah Seif who confirmed the transaction had taken place.  The government has received the rial amount without actually paying any dollars to the CBI. That means the bank did not exchange the money and rather printed it, further increasing inflationary pressures. Furthermore, the share of the National Development Fund of Iran, of the oil revenues has not been given to it.   

Short URL : http://goo.gl/DI68DM

You can also read ...

NISTC Could Undermine Suez Canal’s Importance
Iran and Azerbaijan inaugurated a short railroad in early March...
The 14.5% rise in workers’ minimum wage is one of the lowest wage growths witnessed in the last 10 years, though the economy has also experienced the lowest inflation rate in a decade.
After a 12-hour session, the Supreme Labor Council agreed to...
Iranian Lenders Hobbled by Big Bank Qualms
Iran's banking network has historically had a robust presence in...
[The burden of the government’s payment arrears to CBI lightened, posting a drop of 17 trillion rials ($450 million).
Data released by the Central Bank of Iran for the month ending...
The Law on Implementation of Article 44 of the Constitution does not allow dismissal of employees following the privatization of companies.
The remaining 323 out of 1,713 enterprises on the privatization...
1.5b Tons of New Metal Reserves
Over 1.5 billion tons of proven metal reserves have been...
CBI  Priorities  for Next Year
The Governor of the Central Bank of Iran has named bringing...
Gold Down, USD Up
Bahar Azadi Gold Coin fell by 100,000 rials on Wednesday,...

Trending

Googleplus