• Iran Could Join Russia’s Regional Payment Network

    Russia is looking to establish a regional payment network in the foreseeable future and Iran can become a member if it meets the technical requirements, the chief executive of Informatics Services Corporation said.
    On Monday, ISC chief Aboutaleb Najafi discussed the issue of integrating the payment systems of Iran and Russia, and the reasons behind the delay in the much-anticipated scheme for several months. In doing so, he spoke of a much larger plan that could benefit Iran by sidelining the US dollar and combating sanctions.
    Iran first announced in mid-May 2017 that it has reached an agreement with Russia to integrate their bank card systems, which would facilitate payments and boost tourism. The plan was originally slated for August 2017, but suffered from several delays.
    Referring to the scheme, Najafi said Iranian bank cards are magnetic, whereas the Russians employ smart cards with chips.

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.

  • Iranian and Iraqi officials agreed to establish a pharmaceutical committe in Baghdad on July 3.
    A special committee has been established to accelerate medicine import to Iraq and circumvent international procedures for the registry of pharmaceutical products. The committee comprises the vice...
  • ATR Applies to US for New Iran License
    ATR has applied for a new export license from the US Treasury Department’s Office of Foreign Assets...
  • Day Bank’s Return to Trading Prompts Share Meltdown
    Day Bank returned to trading after a two-year hiatus on Monday, as its shares lost half of their value in a single day. “BDYZ”’s opening price dropped 50% to about 700 rials from its July 19, 2016...
  • Urban Revitalization to Help Tehran
    Tehran will soon benefit from the government’s plan to revitalize urban areas as a significant portion of its 22 districts comprise distressed urban areas, the head of Tehran Management and...
  • About 1.47 billion shares valued at $95.12 million changed hands at TSE on July 3.
    Tehran Stock Exchange’s main index gained 2,409.37 points or 2.19% on Tuesday to end trading at 112,346.5. About 1.47 billion shares valued at $95.12 million changed hands at TSE for the day....
  • About 951 million shares valued at $67.45 million changed hands at TSE on July 2.
    Tehran Stock Exchange’s main index gained 1,242.97 points or 1.14% on Monday to end trading at 109,937.1. About 951 million shares valued at $67.45 million changed hands at TSE for the day....
  • Afghan moneychangers gather to deal with foreign currency at a money market in Herat Province, Afghanistan, on June 3.
    Aziz Ahmad is one of the unlikely winners of the standoff between the United States and Iran, turning...
  • 40 Tons of Gold Reserves Discovered
    Gold deposits discovered in Iranian mineral zones have added 40 tons to the country’s reserves, deputy minister of industries, mining and trade said on Monday. “New reserves have been discovered in...
  • Iran Interbank Market Worth $1.5 Trillion in 2017-18
    A total of 38,101 deals worth more than 64.05 quadrillion rials ($1.51 trillion) were conducted in Iran's interbank market during the previous fiscal year that ended on March 20, 2018, the Central...
  • Banking Reforms in Final Lap
    The initiative to reform the country’s banking system is in its final stage with financial stability being at the core of the measures, the vice governor of the Central Bank of Iran said. Akbar...
  • Privatization Tally Tops $24m Since March 21
    Iran Privatization Organization has sold 1.02 trillion rials ($24.4 million) worth of state-owned assets via tenders so far this fiscal year (started March 21). About 285 billion rials ($6.7...
  • Tehran Stocks’ Average P/E Sees 3.1% Growth in Q1
    The average price to earnings ratio of Tehran Stock Exchange-listed companies stood at 6.64 for the first quarter of the current fiscal year (March 21-June 21). The ratio has grown 3.1% compared...
  • Pre-Purchase Option for Housing Loan Applicants
    Prospective homebuyers who tap into the homeownership initiative launched by Bank Maskan, the agent bank of the housing sector, will soon have the option of making a pre-purchase, the chief...
  • CBI Eases Forex Rules for Int’l Exams
    Candidates attending international exams are eligible to apply for foreign currency at the official rate, the Central Bank of Iran said in a letter to the National Organization of Educational...
  • Mineral Projects Worth $2.3b Launched in Fiscal 2017-18
    Iranian Mines and Mining Industries Development and Renovation Organization inaugurated 23 mineral projects worth $2.3 billion in collaboration with the private sector last fiscal year (March 2017-...
  • 12% Rise in  Shiraz Int’l Flights
    Shiraz International Airport saw a 12% rise in the number of flights during the first three months of the current Iranian year (March 21-June 21) compared with last year’s corresponding period....
  • Ample Growth in Mining Insurance Coverage
    There has been a substantial growth in the value of coverage provided by Mining Investment Insurance Corporation to investors in the mining sector in the previous Iranian year (ended March 20, 2018...
  • Exporters Ordered to Repatriate Proceeds Quicker
    Iran's First Vice President Es'haq Jahangiri has sent a directive to all ministries and other related entities, which requires exports to significantly accelerate the process of repatriating their...
  • TEDPIX Posts Heavy Losses
    Tehran Stock Exchange’s main index lost 2,834.12 points or 2.54% on Sunday to end trading at 108,694.1. About 1.56 billion shares valued at $93.97 million changed hands at TSE for the day....
  • How to Overcome Forex Crisis
    Given the key parameters of Iranian economy, inflation rates of above 20% are not improbable for the current fiscal year (March 2018-19), Iranian economist and university lecturer, Vahid Shaqaqi-...
  • CBI Discloses List of Cheap Currency Recipients
    The Central Bank of Iran on Sunday published the full list of companies that have received foreign exchange for imports at the preferential rate of 42,000 rials.  The move comes after public...
  • FATF Plan Ratification an Opportunity for Iran
    Iran now has about four months to pass legal measures through parliament to would address shortcomings vis-à-vis the Financial Action Task Force’s action plan for the country, but reformists are...
  • OECD Downgrades Iran Credit Rating
    The Organization for Economic Cooperation and Development (OECD) downgraded Iran's rating in the country risk classifications 
  • Non-Oil Trade With Persian Gulf Arab States Increases Over 16%
    Iran’s non-oil trade with Persian Gulf littoral states, namely the UAE, Iraq, Kuwait, Qatar, Bahrain and Saudi Arabia, amounted to $23.89 billion in the last Iranian year (ended March 20, 2018),...
  • Indian Prime Minister Narendra Modi (R) shakes hands with US Ambassador to the United Nations Nikki Haley  in New Delhi on June 27.
    US Ambassador to the United Nations Nikki Haley on June 27 told India’s Prime Minister...