• 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.

  • ‘Motor vehicle, trailer and semi-trailer manufacturing industries’ gave the biggest boost to IPI.
    For the second year in a row, most Iranian industries experienced continuous growth for each quarter of the previous fiscal year (March 2017-18), the latest data on Industrial Production Index for...
  • Asia-Pacific Postal Union Meets in Vietnam
    Delegates from 30 countries in the Asia-Pacific region convened in the central city of Da Nang, Vietnam to discuss postal regulations and expand regional relations. The Asian-Pacific Postal Union...
  • CBI Puts Inflation at 9.4%
    The average goods and services Consumer Price Index for urban areas in the 12 months ending June 21, which marks the end of the Iranian month of Khordad, increased by 9.4% compared with last year’s...
  • Two IPOs in Pipeline at Tehran Stock Exchange
    Tehran Stock Exchange is set to witness initial public offerings for two entities: a petrochemical company and an agricultural enterprise over the next two weeks, TSE's listing manager announced on...
  • MPs Ratify CFT Amendments
    Members of Iran's Parliament convened a plenary session on Tuesday and ratified several articles of the amendments to the country's combating financing of terrorism law presented by the...
  • Bank Pasargad Joins AIBE
    Bank Pasargad has joined the Association of Iranian Banks in Europe, an independent body established in Frankfurt, Germany, about a year ago to facilitate banking transactions between Iran and...
  • TEDPIX Snaps Winning Streak
    Tehran Stock Exchange’s main index lost 1,646.84 points or 1.43% on Tuesday to end trading at 113,527.7. About 4.50 billion shares valued at $171.29 million changed hands at TSE for the day....
  • PMO Launches Marine Website
    Ports and Maritime Organization of Iran has launched a comprehensive marine website, which displays the arrival and departure of ships and connects related maritime departments, including ports,...
  • On Tuesday, the US dollar continued to lose ground in the unofficial market where exchange rates  were quoted at around 80,000 rials. 
    President Hassan Rouhani announced on Tuesday that he has ordered the Central Bank of Iran and the Ministry of Industries, Mining and Trade to publish the list of all individuals and firms that...
  • New Transport Corridor Links Iran's Caspian Port to China, Kazakhstan
    With the arrival of an Iranian vessel at the Caspian Port in Gilan Province’s  Anzali Free Trade Zone, the China-Kazakhstan-Iran Multimodal Corridor was officially launched on Tuesday
  • ICCIMA, ISIPO Sign Deal to Help Small Industries
    Iran Chamber of Commerce, Industries, Mines and Agriculture and Iran’s Small Industries and Industrial Parks Organization signed a memorandum of understanding to implement the Iran Subcontracting...
  • Iran’s Foreign Minister Mohammad Javad Zarif (L) met with Indian Minister of External Affairs Sushma Swaraj in New Delhi on May 28. (file Photo)
    The unilateral sanctions the US is anticipated to reimpose on Iran in August and November have...
  • Stocks at Historical High as  Forex Open Market Returns
    Bulls are reigning over Tehran equity markets just as foreign exchange, gold, housing and stock markets have all recorded unprecedented gains. Recent changes in government forex policy are also...
  • BMI Funding  143 Projects
    Iran’s Bank of Industry and Mine is financing 143 national projects that can generate more than 30,000 direct jobs.  “The bank is providing 370 trillion rials [$8,809 million] in funds required for...
  • Following the measure, the US dollar lost momentum in the unofficial market with rial reportedly being traded at 80,000-85,000 rials.
    The government has finally consented to allow open market exchange rates for certain import transactions and markets reacted positively to the news, as the bull run in the foreign exchange and gold...
  • Tehran to Host Int’l Home Furniture Expo
    The 27th International Exhibition of Home Furniture, known as HOFEX 2018, is scheduled to open at Tehran’s International Fairground on August 15. The four-day exhibition, considered to be the...
  • Gov’t to Levy Taxes  on Forex, Gold Dealers
    Iran National Tax Administration has announced details of the government’s initiative to levy taxes on people purchasing high amounts of foreign currencies and gold coins as investments, signaling...
  • Iran Proposes Bank Card Switch With Georgia
    Iran has proposed to integrate its bank card switch with Georgia in a move aimed at boosting tourism revenues for the two countries. The proposal was made by Iran’s Minister of Economic and...
  • Steel Exports Rise Over 28%
    Iranian steelmakers exported 1.62 million tons of their products during the first two months of the current fiscal year (March 21-May 21), registering a 28.7% year-on-year growth, the Iranian Steel...
  • CBI, Capital Market Agree to Control  Gold Coin Bull Run
    As gold coin prices are skyrocketing, the Central Bank of Iran has reached an agreement with the capital market on implementing the latest scheme aimed at controlling the bull run. Representatives...
  • Mohammad Javad Zarif (4th L) addressed representatives of Iran Chamber of Commerce, Industries, Mines and Agriculture on June 24. (Photo: Bahareh Taghiabadi )
    Foreign Minister Mohammad Javad Zarif assured the business community that the future of the Joint Comprehensive Plan of Action–the formal name of the nuclear deal Iran signed with world powers in...
  • IME Monthly  Trade Hits $1.3b
    About 2.1 million tons of commodities worth over 56 trillion rials ($1.33 billion) were traded at Iran Mercantile Exchange during the second month of the current fiscal year (April 21-May 21). Oil...
  • TEDPIX Breaks Above 112,000 to Notch New High
    Tehran Stock Exchange’s main index gained 2,659.33 points or 2.43% on Sunday to end trading at 112,060.7. This is an all-time high for the benchmark, as it has been rallying consistently in recent...
  • $1.5b in Tax Evasion Identified From Bank Accounts
    About 63 trillion rials ($1.49 billion) worth of unpaid tax were identified in the last Iranian year (ended March 20, 2018) as a result of a new scheme to monitor dubious bank transactions, the...
  • More Support for Tourism Sector
    Governor of the Central Bank of Iran Valiollah Seif has pledged greater support for domestic tourism, after a call from the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to help shift...