• 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.

  • Wagon Pars Steals Limelight
    Iran’s Wagon Pars Company, a manufacturer of rolling stock, had a strong presence in the Sixth International Exhibition of Rail Transportation and Related Industries and Equipment, also known as...
  • New Flower Export Terminal Planned
    About 200 billion rials ($4.76 million) have been allocated from the National Development Fund of Iran for building and equipping a new flower and plant export terminal, which will soon become...
  • Tehran to Host 2 Int’l Food Expos
    The Federation of Iranian Food Industries Associations is planning to hold two concurrent food-related exhibitions, namely the Ninth International Beverages, Coffee & Tea Industry Exhibition,...
  • ICJ to Hear Iran’s Lawsuit Against US Over Frozen Assets
    The UN's top court will in October hear a case brought by Iran against the United States seeking to recover billions in frozen assets, which US courts say should go to American victims of terror...
  • About 1.62 billion shares valued at $120.17 million changed hands at TSE on June 23.
    Tehran Stock Exchange’s main index gained 528.51 points or 0.49% on Saturday to end trading at 109,401.4. About 1.62 billion shares valued at $120.17 million changed hands at TSE for the day....
  • 2nd Real-Estate Investment Trust Launched
    The Iranian government on Saturday inaugurated the country’s second real-estate investment trust (REIT) called Narvan in Tehran through the Maskan Investment Group, the parent company of Bank...
  • Zargaran Joins ISOA Board
    Secretary-General of the Federation of Iranian Food Associations Kaveh Zargaran was elected a member of the board of directors of the International Sunflower Oil Association. The other 13 new board...
  • Steel Output Rises 24% to Surpass 10 Million Tons
    Iranian steel mills produced 10.14 million tons of crude steel during the first five months of 2018, up 24.3% compared with last year’s similar period, the latest report released by World Steel...
  • India Looks to Operationalize Chabahar by 2019
    India is trying to make the strategic Chabahar Port in Iran operational by 2019, Indian Union Minister...  
  • Non-Gov't Public Entities Mandated to  Release Financial Reports by Parliament
    Iranian MPs have voted to increase financial transparency of non-governmental public entities by mandating them to publish their financial reports. The relevant bill received overwhelming support...
  • Cheap Homeownership Loans Attract 440,000 Applicants
    Affordable loans allocated to first-time homebuyers through the Housing Savings Account have so far attracted more than 440,000 applicants, a deputy roads minister said. “At present, on average, 1...
  • Gov’t Mulling Creation of Forex Open Market
    The government has agreed to consider a business community proposal to recognize a "secondary" foreign exchange market where rates are determined by supply-demand mechanism.  According to...
  • Iran’s Minister of Industries, Mining and Trade Mohammad Shariatmadari (L) and Serbian Minister of Trade, Tourism and Telecommunications Rasim Ljajic (2nd R) address a press conference in Belgrade on June 21.
    Iranian Minister of Industries, Mining and Trade Mohammad Shariatmadari signed three agreements during his visit to Belgrade, the capital and largest city of Serbia to take part in the 15th session...
  • Turkey Worries Over Impact of Anti-Iran Sanctions
    Turkey’s Economy Minister Nihat Zeybekci said his country “will continue to trade with Iran as...  
  • Iran, Syria Revive Talks of Setting Up Joint Bank
    Central Bank of Iran’s Governor Valiollah Seif discussed the proposal of establishing a joint bank with Syria.  Initially mooted years ago but left dormant due to the ongoing conflict in the...
  • Karbasian Discusses Slovakian Ties
    During a one-day visit to Slovakia, Iran’s Economy Minister Masoud Karbasian met with the country’s deputy prime minister and finance minister, Peter Kazimir, to discuss the improvement of...
  • Train Fares  Rise 10%
    Train fares have risen by 10% as of June 22, a member of the board of directors of the Association of Rail Transportation Companies announced. Alireza Sheikh Taheri was speaking on the sidelines of...
  • Gao Feng
    China will maintain normal relations with Iran, the Commerce Ministry in Beijing said on Thursday.  
  • Currently, each US dollar is reportedly being traded for as much as 75,000 rials in Tehran’s black market.
    Seventy days after the government decided to unify the US dollar's exchange rate at 42,000 rials and assure importers that all hard currency needs would be fulfilled at that rate, it is abandoning...
  • Banks Lending to Economic Sectors Up 21% in 2 Months
    The Central Bank of Iran has published its latest report on the lending portfolio of banking system, which shows that all banks and credit institutions doled out a total of 689.5 trillion rials ($...
  • About 2.55 billion shares valued at $166.73 million changed hands at TSE on June 20.
    Tehran Stock Exchange’s main index gained 2,368.52 points or 2.22% on Wednesday to end trading at 108,872.6. About 2.55 billion shares valued at $166.73 million changed hands at TSE for the day....
  • Big Benefits of a German ‘Iran Bank’
    Since US President Donald Trump pulled out of the nuclear agreement with Iran, formally known as the Joint Comprehensive Plan of Action, the EU has been looking for ideas to prevent the worst: the...
  • Structural Reforms in Banks  to Help Ensure Fiscal Stability
    The second and final day of the Conference on Monetary and Foreign Exchange Policies came to a close in Tehran on Wednesday after focusing on structural reforms, mostly in the banking system, with...
  • Kerman to Host 2 Int’l Mining Expos Next Week
    The Sixth International Exhibition of Mining, Mineral Industries and Mineral Processing as well as the Fourth International Exhibition of Mining and Road Construction Machinery will be held...
  • Tehran Stock Exchange Benchmark Gains 13 Percent in Q1 - Report
    Iran's financial markets had no shortage of drama in the first quarter of the current fiscal year (March 21-June 21).  A burst of currency shocks led to a major change in the government's foreign...