• 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.

  • Following US Withdrawal From JCPOA: All Quiet on Tehran Stocks Front
    ​US President Donald Trump finally delivered on his campaign promise to pull out of the 2015 Iran nuclear deal on Tuesday night.  It did not come as a surprise to most observers, as he repeatedly...
  • No Hope of Fully Recouping NPLs
    The vice governor of Central Bank of Iran expressed doubts about the possibility of fully recovering the banking resources tied up in non-performing loans that amount to billions of dollars, a...
  • MTN Fears Fund Repatriation Amid Fresh US Sanctions
    MTN Group Ltd. said efforts to repatriate about €200 million ($237 million) from its Iranian unit will become tougher ...
  • US Deal Violation Creates Opportunity for Reforms
    US President Donald Trump took the harshest stance possible and promised the full return of sanctions when he withdrew from Iran's UN-endorsed nuclear deal with world powers on Tuesday, but many...
  • TEDPIX Ends Week at 93,691
    Tehran Stock Exchange’s main index gained 86.06 points or 0.09% on Wednesday compared to the day before to end trade at 93,691.9. About 2.03 billion shares valued at $111.03 million changed hands...
  • CBI: Forex Situation Stable Despite US JCPOA Pullout
    The Central Bank of Iran announced on Wednesday that foreign exchange resources and expenditures are under full control and the banking system is prepared to meet all the hard currency needs of the...
  • Iran Woos Chinese Investors Amid Global Uncertainty
    Iran welcomes further Chinese investment despite great uncertainty facing the global economy....
  • Seif: US Decision Not to Impact Economy
    The US decision regarding Iran’s nuclear deal, whatever that may be, will not cause any disruption to the country’s economy, the governor of the Central Bank of Iran said.  Valiollah Seif also...
  • Iran, China, Philippines  to Develop Economic Ties
    Officials from Iran, China and the Philippines agreed to develop economic ties after the historic 2015 nuclear deal that put an end to a decade of international sanctions on Iran’s economy. “Iran’...
  • Equipping all customs terminals with advanced X-ray systems to conduct speedy scans and help control ports of entry is one of IRICA’s main plans.
    Ninety percent of Iran's imports and transit will be controlled by advanced inspection technology by the Iranian yearend (March 20, 2019), the head of the Islamic Republic of Iran Customs...
  • Sea Exports Witness 18% Rise
    Iranian exports via sea have seen an over 18% rise since the beginning of the current Iranian year (started March 21), the deputy head of Ports and Maritime Organization of Iran said.  “The...
  • About 844 million shares valued at $44.65 million changed hands at TSE on May 8.
    Tehran Stock Exchange’s main index gained 439.97 points or 0.47% on Tuesday compared to the day before to end trade at 93,605.9. About 844 million shares valued at $44.65 million changed hands at...
  • 6m Presold Coins to Calm Gold Market
    Close to six million gold coins are to enter the market by the time the current Iranian year ends in March 2019 and this is expected to deflate the bubble in gold prices, which was formed ahead of...
  • Cooperatives Minister in Denmark
    Minister of Cooperatives, Labor and Social Welfare Ali Rabiei, who is heading a five-member delegation to Denmark, is scheduled to meet with his Danish counterpart and discuss the possibility of...
  • President Hassan Rouhani inaugurated 436 development projects worth about 40,000 billion rials ($952.38 million) in Khorasan Razavi Province on Monday
    The government will invest 21,510 billion rials ($512.14 million) in Khorasan Razavi Province in northeast Iran, the head of Management and Planning Organization, Mohammad Baqer Nobakht, said. ...
  • About 870 million shares valued at $62.91 million changed hands at TSE on May 7.
    Tehran Stock Exchange’s main index gained 316.02 points or 0.34% on Monday compared to the day before to end trade at 93,165.9. About 870 million shares valued at $62.91 million changed hands at...
  • Exchange shops were prohibited by CBI from trading hard currency in the wake of rate unification.
    Iran's foreign exchange and gold markets have witnessed historic rallies in the past few days as May 12 approaches, a date when US President Donald Trump is widely expected to deal a fresh blow to...
  • Special Committees Reimbursing Depositors of Shadow Banks
    Four special committees are pursuing the liquidation of the last remaining illegal credit institutions and their main task is to identify the assets of these entities for auction, a deputy Majlis...
  • Port Service Rates Moderated
    Ports and Maritime Organization of Iran has moderated prices for the port services it offers as of May 5, the deputy head of the organization said. “PMO’s approach is to ensure high throughput...
  • Iranian Investors Urged to Consider Iraq as Profitable Option
    Iran’s commercial attaché to Iraq, Nasser Behzad believes many economic players who are interested in making investments and conducting business activities outside Iran do not have accurate...
  • Croatian Minister of Economy Martina Dalic (L) met with CBI Governor  Valiollah Seif (2nd R) in Tehran on May 6. 
    Croatian Minister of Economy Martina Dalic called for closer cooperation to facilitate banking ties with Iran, describing them as critical to the expansion of bilateral trade. "Banking and...
  • Majlis Amends AML/CFT Laws to Satisfy FATF
    Iranian lawmakers on Tuesday came one step closer to fulfilling deficiencies in the country's action plan with the Financial Action Task Force, and passed amendment bills to the existing Law of...
  • New President  at IFSB
    Bangladesh Bank Governor Fazle Kabir has been elected the rotating president of Islamic Financial...
  • Commodities worth $15.08 billion were exported from Bushehr Province in the last Iranian year (March 2017-18).
    Ports and Maritime Bureau of Bushehr Province has formed a special committee to address challenges hindering expansion of trade between Qatar and the Iranian province, the caretaker of the state...
  • Iranians’ Crypto Purchases Surpass $2.5 Billion
    Iran has so far witnessed a capital flight exceeding $2.5 billion in the form of cryptocurrency purchases, the head of Majlis Economic Commission said. “Despite the fact that a minority of the...