• 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.

  • Bank Branches Shrink
    04/26/2018
    Iranian banks have shrunk by 0.3% in the previous quarter ending March 20 compared with the previous year, fulfilling a long-held target for an industry marked by overcapacity and rapid...
  • Banks to Support Domestic Production
    04/26/2018
    Secretary of the Association of Banks and Private Institution said banks have agreed on a number of schemes to support domestic production. Mohammad Reza Jamshidi also explained that these measures...
  • While Iran currently produces about 400,000 tons per year of aluminum, consumption is around 600,000 to 700,000 tons.
    04/26/2018
    Iran is on track to launch a new aluminum smelter early next year that would boost the country’s output by 70%, making it self-sufficient in the metal by taking advantage of its rich natural gas...
  • Export Price Index Rises 33.5% YOY, 7.5% MOM
    04/26/2018
    The export price index stood at 323.1 in the 11th Iranian month of Bahman (Jan. 21-Feb. 19), registering a 7.5% increase compared to the preceding month and a 33.5% rise compared with last year’s...
  • In its meeting on Tuesday, the Money and Credit Council, headed by CBI Governor Valiollah Seif, approved further cuts to interest rates levied on Housing Savings Account.
    04/26/2018
    Iran's highest financial decision-making body has approved further cuts in interest rates to make the most attractive home loans cheaper and more affordable. The entity also eased conditions for...
  • A host of high-level officials, including several ministers, CBI Governor Valiollah Seif and two deputies of President Hassan Rouhani were present at the meeting on April 25. 
    04/26/2018
    Iran’s First Vice President Es’haq Jahangiri on Wednesday sought to reassure importers that their currency requirements will be fully met by the government and spoke of the banking system’s new...
  • Natural Disasters Cause Hefty Agro Losses
    04/26/2018
    Natural disasters such as frost and drought inflict losses of between 120 and 150 trillion rials ($2.8-3.5 billion) to farmers and orchard owners in Iran every year, a board member at Agricultural...
  • Work-Related Fatalities Remain Unchanged
    04/25/2018
    Despite the increase in the population of workers in Iran, the number of workplace accidents and fatalities in the last Iranian year (March 2017-18) remained unchanged compared to the year before,...
  • Funds raised via these debt securities will be invested in a wide range of sectors, including pharmaceuticals, auto production, aviation, oil, steel, communications and railroads
    04/25/2018
    The current fiscal year (started March 21) will see the issuance of 12 batches of corporate bonds totally...
  • About 578 million shares valued at $32.79 million changed hands at TSE on April 24.
    04/25/2018
    Tehran Stock Exchange’s main index gained 276.97 points or 0.29% on Tuesday compared to the day before to end trade at 94,576.5. About 578 million shares valued at $32.79 million changed hands at...
  • Iran Switch to Euro Reflective of Trade
    04/25/2018
    Iran’s decision to report foreign currency transactions in euro rather than the US dollar reflects the fact that the bulk of Iran’s foreign trade is with European and Asian countries and that it...
  • 5m Coins Sold  in Presales
    04/25/2018
    As the Central Bank of Iran launched a new round of gold coin presales since the beginning of the new fiscal year (March 21), a total of five million coins have been sold by Bank Melli branches,...
  • S. African Delegation to Visit Semnan
    04/25/2018
    A South African business delegation of economic players in the fields of food, chemicals, pharmaceuticals, auto parts, aviation, steel, communications, meat industry and furniture is due to visit...
  • Oxin Steel is Iran’s biggest producer of heavy plates, with a capacity of 1 million tons per year.
    04/25/2018
    Khouzestan Steel Company, Iran’s largest exporter of semi-finished steel products, intends to integrate its production and is negotiating to buy local plate producer Oxin Steel, a company source...
  • Masoud Karbasian attends the parliament’s open session on April 24.
    04/25/2018
    Iran's state-owned banks have sold excess assets worth 135 trillion rials ($3.21 billion), which included real estate, company shares and other resources, from the beginning of President Hassan...
  • Crackdown on Unlicensed Exchangers Continues
    04/25/2018
    As the Central Bank of Iran is continuing its rate unification and market control policies, the Tehran police force is maintaining its support for the regulator by cracking down on speculative and...
  • Banks to Present IFRS-Based Balance Sheets by June
    04/24/2018
    All Iranian banks officially listed in the capital market will devise and present their balance sheets as per the International Financial Reporting Standards, according to the CEO of the state-run...
  • Mouteh Gold Output  at 602 kg Last Year
    04/24/2018
    Mouteh Gold Mine produced 602 kilograms of gold ingots during the previous fiscal year (March 2017-18), registering a 58% growth compared with the year before, according to data released by the...
  • Exporters and even local traders say they have put everything on hold for now until the dust settles on the new normal.
    04/24/2018
    The foreign exchange market recently went in a frenzy, with the rial losing its value against the US dollar on a daily basis.  The government had to intervene to bring back stability by fixing USD...
  • Jahangiri officially notified the process of repatriation that obligates exporters to return 95% of their currency yields.
    04/24/2018
    When President Hassan Rouhani’s administration decided to unify Iran’s dual foreign exchange rate regime to prevent further depreciation of its currency on April 9, part of its market control...
  • Gov’t Weighing Impact of Forex Measures on Trade
    04/24/2018
    The government is assessing the effect of unified exchange rates on the country’s exports and imports to find the best strategy for foreign trade, the head of Trade Promotion Organization of Iran...
  • Institutional Investors Dominate Equity Trading
    04/24/2018
    Institutional investors had the largest share of trading in Tehran’s equity market in the first month of the current fiscal year (March 21-April 20), the latest data showed.
  • The banking system will support small to medium enterprises by providing them with cheap loans.
    04/24/2018
    As per the Iranian New Year’s state tradition, the motto for the current fiscal (started March 20) was announced by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei in his inaugural...
  • 04/24/2018
    First Vice President Es'haq Jahangiri on Monday officially inaugurated the Forex Deals Integrated System, an online system designed to address the country's currency needs and boost transparency...
  • About 486 million shares valued at $34.52 million changed hands at TSE on April 23.
    04/24/2018
    Tehran Stock Exchange’s main index lost 194.67 points or 0.21% on Monday compared to the day before to end trade at 94,299.5. About 486 million shares valued at $34.52 million changed hands at TSE...

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