• 5-6% Flexibility in USD Rate Until March

    Governor of the Central Bank of Iran said the exchange rates of the US dollar, which were unified at 42,000 rials last month, will not remain fixed and change 5-6% until the end of the current fiscal year on March 20, 2019. 
    Valiollah Seif, who was addressing a gathering of bank chief executives on Sunday, added that CBI will act according to the inflation rate when it comes to determining the forex rate, IBENA reported. 
    The forex unification came on the heels of a sharp slide in the value of rial.
    According to the CBI measures, the US dollar for all purposes, including imports, travel, overseas students and research projects, will be offered by the government at the exchange rate of 42,000 rials. 
    The announcement was later followed by other measures approved by the Cabinet and subsequently notified by CBI. 

Business And Markets

Iran Business And Markets News, Get the latest business news about Iran including banking, stock market, real estate market, steel industry, mining, trade finance, fintech and insurance.

  • BMI Loans for Turkey Business
    Bank Melli Iran, the nation’s biggest state-owned lender, has called on Iran and Turkey’s businesspeople to tap into special letters of credit facilities offered as part of the nations’ currency...
  • TEDPIX Ends Sunday Trade 0.29 Percent Higher
    Tehran Stock Exchange’s main index gained 274.54 points or 0.29% on Sunday compared to the day before to end trade at 94,165.6. About 704 million shares valued at $34.15 million changed hands at...
  • The Bulgarian economic delegation met Iranian officials  in Tehran on May 13.
    Minister of Economic and Finance Affairs Masoud Karbasian called for increasing banking cooperation with Bulgaria, proposing that the EU member state open bank branches in Iran for facilitating...
  • The conditions for getting Housing Savings Account loans have consistently eased since the initiative was launched in June 2016.
    The number of people, mostly first-time homebuyers who have registered to receive government facilities for boosting their purchasing power in the housing market, is drawing closer to half a...
  • Rial’s Devaluation Makes Room for Stocks Growth
    The market capitalization of companies listed on Tehran's two stock exchanges has dropped by about 33% in US dollar terms in the past 14 months due to the rial's sharp devaluation against the US...
  • MSC Sees Double-Digit Growth in Output, Sales
    Iran’s largest flat steel producer Mobarakeh Steel Company ended the first month of the current fiscal year (started March 21), with double-digit upticks in production and sales value while sales...
  • Most State Entities Barred From Receiving Bank Interests
    The Central Bank of Iran has notified rules concerning interest paid to state bodies on their bank deposits.  According to the IBENA report on Sunday, most state entities cannot receive any...
  • Travel Currency Rules Updated
    The Central Bank of Iran has updated rules concerning the forex ceiling for travelers when entering or exiting the country.  According to a directive published on CBI’s website, travelers who...
  • Banking Sector to Take No Hit From US JCPOA Exit
    Iran’s banking sector has rebounded in the absence of sanctions lifted under the 2015 nuclear deal and will continue to rebuild its foreign correspondent relations despite the recent US withdrawal...
  • LME Keeps Status Quo on IRALCO After US Sanctions Snapback
    The London Metal Exchange is maintaining the status quo on its treatment of Iranian aluminum brand...
  • Iran is expected to turn increasingly to Chinese technology for steel and metal development projects, if it is unable to work with the Europeans.
    Major Iranian steelmakers exported 420,944 tons of semi-finished and finished steel products during the first month of the current fiscal year (March 21-April 20) to register a 6% growth year-on-...
  • About 1.05 billion shares valued at $51.4 million changed hands at TSE on May 12.
    Tehran Stock Exchange’s main index gained 199.94 points or 0.21% on Saturday compared to the day before to end trade at 93,891.12. About 1.05 billion shares valued at $51.4 million changed hands...
  • BMI Targets Lower Lending Rates
    One of Iran’s top bankers has renewed the beleaguered banking system’s call for service fees to emerge as the main source of income instead of interests. “Bank Melli Iran has started charging...
  • Banks’ purchase of hard currency held by foreigners and others would have to be approved by the Organization  for Investment, Economic and Technical Assistance of Iran.
    The Central Bank of Iran has allowed lenders to purchase the hard currency held by foreign tourists, transit drivers, foreign diplomatic missions based in Iran and representative offices of foreign...
  • Non-Oil Trade With Singapore Increases by 36%
    Iran traded $992.34 million worth of non-oil goods with Singapore during the last Iranian year (ended March 20, 2018) which is 36.59% more compared to the year before, making the Southeast Asian...
  • Housing Rent Index Grows
    The Central Bank of Iran has released its latest report on the index of housing rent across the country for the fourth quarter of the previous fiscal year (ended March 20, 2018), which shows an...
  • A Third of Domestic Capital Market Trading Online
    Online trading accounted for more than 34% of the Iranian capital market’s total trading volume of 41 trillion rials ($976.19 million) during the first month of the current Iranian year (March 21-...
  • Chabahar Port is the best entry point to connect three continents: Asia, Europe and Africa.
    US President Donald Trump on Tuesday pulled out from the Iran nuclear deal negotiated under his...
  • CBI added that of the total foreign exchange allocations, $3.75 billion have been delivered by banks to the applicants.
    The Central Bank of Iran has announced allocating $6.6 billion to fulfill the country' foreign exchange needs between April 11 and May 8 at the unified rate of 42,000 rials.  CBI said in a...
  • Banking Ties Unaffected by US Deal Exit
    Iran’s banking relations with the international community, excluding the US, will continue as usual following the United States’ May 8 withdrawal from the Joint Comprehensive Plan of Action (the...
  • China to Be Major Beneficiary of US’ Iran Nuclear Deal Pullout
    The decision of US President Donald Trump’s administration to unilaterally withdraw from the Iran...
  • Over 5.63 billion shares valued at $349.1 million were traded on TSE last week.
    This week saw one of the main Tehran equity market's uncertainties come to a close, as the United States announced its refusal to waive key economic sanctions on Iran as part of the 2015 nuclear...
  • Export Billet, Slab Prices Increase With New Deals
    Prices for Iranian exports of steel billet and slab increased in the week ending May 9, with new...
  • Impact of JCPOA Pullout on Housing Sector Uncertain
    Iran’s housing sector has been showing signs of exiting a deep recession that had undermined the country’s overall growth for more than five years, but US President Donald Trump’s pullout on May 8...
  • CBI Underscores Support for Agricultural Sector
    Central Bank of Iran Vice Governor Akbar Komijani underscored the banking system’s contribution to the implementation of a national policy to promote domestic production by providing substantial...