• 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.

  • Forex Lenders Expand
    05/05/2018
    The Central Bank of Iran has allowed Tejarat, Parsian and Mellat banks to join their peers Melli and Saman in operating as the authorized lenders of hard currency to importers, outbound tourists...
  • Iran Mall Hosts CIDEX 2018
    05/05/2018
    The inauguration of First Construction Industry Development Exhibition (CIDEX 2018) on May 1 coincided with the launch of the first phase of Iran Mall, an all-Iranian monumental project slated to...
  • Fate of Iran’s Airplane Orders in European Hands
    05/05/2018
    The fate of Iran Air’s post-sanctions contracts with western planemakers depends on European’s reaction to US President Donald Trump’s expected decision to leave the 2016 nuclear deal, an advisor...
  • IRALCO’s shares at TSE grew 26.9% from April 16 to May 1.
    05/03/2018
    In market disruptions, one’s loss is usually another’s gain. This was particularly true for the aluminum market in April. Carnage was unleashed on April 6 by the imposition of United States’...
  • Iran’s low level of public external debt is an important rating strength.
    05/03/2018
    Capital Intelligence Ratings (CI Ratings), the international credit rating agency, has announced that it has affirmed Iran's Long-Term Foreign and Local Currency Sovereign Ratings at 'BB-' and its...
  • Mellat Insurance Company is Iran’s first private insurance entity.
    05/03/2018
    Mellat Insurance Company, affiliated with Bank Mellat, has signed a contract with Munich Re, the biggest reinsurance company in the world, based on which the German firm will cover the entire life...
  • Iranian mills offered May-June output billet at $500-510 per ton FOB, although bids came in at $495-500 per ton FOB.
    05/03/2018
    In Iran, export prices for steel billet remained unchanged in the week that ended April 25, as buying activity slowed.  
  • Industry PPI Inflation at 15.5%
    05/03/2018
    Producer Price Index for the industrial sector in the four quarters ending March 20, 2018, which marks the end of winter, increased by 15.5% compared with the same period of last year, according to...
  • About 625 million shares valued at $35.42 million changed hands at TSE on May 1.
    05/03/2018
    Tehran Stock Exchange’s main index gained 0.04 points on Tuesday compared to the day before to end trade at 93,612.1. About 625 million shares valued at $35.42 million changed hands at TSE for the...
  • Construction Permits Increase
    05/03/2018
    The number of permits issued for the construction of residential units both across Iran and in Tehran registered increases during the third quarter of the previous fiscal year to Dec. 21, 2017,...
  • Banking Merger Imminent
    05/03/2018
    Reports suggest that the planned merger of two lenders, namely Mehr Eqtesad Bank and Samen Credit Institution, with Ansar Bank will take place in the coming days. According to ISNA, Samen and Mehr...
  • Iran had a total of 12.42 million wage-earning workers during the fiscal 2016-17, 70% of whom operated in the private sector.
    05/03/2018
    Most Iranian breadwinners are working in the private sector, even though those engaged in the public sector work tend to earn more and are placed in higher income deciles. However, households with...
  • About 578 million shares valued at $44.11 million changed hands at TSE on April 30.
    05/01/2018
    Tehran Stock Exchange’s main index lost 218.57 points or 0.23% on Monday compared to the day before to end trade at 93,586.9. About 578 million shares valued at $44.11 million changed hands at TSE...
  • Private Sector Forms Forex Panel
    05/01/2018
    A permanent currency commission has been set up by Iran Chamber of Commerce, Industries, Mines and Agriculture to address challenges facing the private sector in the wake of recent foreign exchange...
  • Isfahan Hosts Int’l Stone Expo
    05/01/2018
    The 14th International Exhibition of Stone, Quarries & Related Industries opened in Isfahan Province on Monday. The five-day event will witness local and foreign companies showcase their latest...
  • SSIC Subsidiary to Sell Stake in Mobarakeh Steel
    05/01/2018
    A 4.06% stake in Iran’s largest steelmaker Mobarakeh Steel Company has been scheduled to be sold by Saba Tamin Investment Company on May 5. The sale comprises 3.04 billion shares with a base price...
  • Yazd: Tile, Ceramic Production Hub of Iran
    05/01/2018
    Producing half of the 550 million square meters per year of the domestic output of tiles and ceramics, Yazd Province is the production hub of these products in Iran, the deputy head of Iran’s Tiles...
  • Seif: Currency Volatility Not Linked to Past Banking Woes
    05/01/2018
    The governor of the Central Bank of Iran has decried analyses linking the recent volatility in the foreign exchange market to past woes besetting the banking system.  Valiollah Seif wrote on his...
  • The first phase of Tehran’s ambitious Iran Mall project is slated for first launch on May 1.
    05/01/2018
    Iran Mall, an all-Iranian monumental project slated to be one of the world's top five commercial and cultural complexes and the biggest in the Middle East, is to have its first of the two phases...
  • Last year’s IPOs barely boosted the average market float, partly due to the fact that most of their buyers were large-cap institutional investors.
    05/01/2018
    Companies listed on Tehran's equity market had an average free float of slightly over 20% in the last fiscal year (March 2017-18), according to the latest market data released by Securities and...
  • Per capita chicken consumption in Iran is twice the global average.
    05/01/2018
    Chicken is the most consumed meat in Iran and with a chicken and egg output of over 3 million tons per year, the industry has played an important role in the country’s food security.  With a...
  • The corridor in its entirety will connect Iranian mineral plants to those of Afghanistan.
    04/30/2018
    Section-3 of Khwaf-Herat Railroad, part of Iran-Afghanistan rail corridor, has made 80% progress, according to a delegation of the Islamic Republic of Iran Railways which recently visited Herat...
  • Financial Constraints Impeding Plane Deals
    04/30/2018
    US President Donald Trump’s threats to leave the nuclear agreement has so far made no direct impact on Iran Air’s contracts to buy airplanes from western planemakers, an advisor to the minister of...
  • CBI Vows to Address Forex Policy Flaws
    04/30/2018
    The governor of the Central Bank of Iran acknowledged shortcomings in the government's new foreign exchange policy, promising that they would be addressed.  Valiollah Seif, in his first TV...
  • Bank Loans Reach $145b in Fiscal 2017-18
    04/30/2018
    Iran’s economic sectors received a total of more than 9.35 million counts of loans valued at 6.13 quadrillion rials ($145.95 billion) from banks and credit institutions during the previous fiscal...

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