• 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.

  • Majlis Nod to Financial Transparency Bill
    06/21/2018
    Lawmakers have agreed to fast-track a bill that seeks to promote transparency in non-governmental public entities on Wednesday with a majority of lawmakers supporting the measure that would make...
  • IME Capital to Increase by $29m
    06/21/2018
    Iran Mercantile Exchange’s shareholders have decided to increase their capital to 1.2 trillion rials ($29.52 million). The commodity exchange has finished holding its annual general meeting with...
  • Key Economic Figures Debate Iran’s Financial Condition
    06/20/2018
    Ongoing currency issues and the prospect of US reimposition of sanctions took a back seat on Tuesday at the annual Conference on Monetary and Foreign Exchange Policies in Tehran.  Instead,...
  • President Hassan Rouhani, flanked by Parliament Speaker Ali Larijani (R) and Judiciary Chief Ayatollah Sadeq Amoli Larijani, attended the meeting in Tehran on June 19.
    06/20/2018
    The Supreme Council of Economic Coordination, a joint meeting attended by the heads of the three branches of power, convened on Tuesday.  Employment, ways of encouraging private sector's...
  • Iran to Make Most of Eurasia Preferential Trade Agreement
    06/20/2018
    Iran’s ambassador to Kazakhstan highlighted Tehran’s efforts to maximize its benefits from a preferential...  
  • Iran Steel Output Surges 13%
    06/20/2018
    Iranian steelmakers produced a total of 7.66 million tons of semi-finished and finished steel products during the first two months of the current fiscal year (started March 21), registering a 13%...
  • FATF's Impartiality Test
    06/20/2018
    The deadline of the 18-month action plan prepared by the Financial Action Task Force for Iran ended in February 2018 and was extended for four months, in view of Iran's initiatives and fulfillment...
  • Tehran to Host Int’l Woodworking Exhibition
    06/20/2018
    The first edition of Medex Deutsche Messe Woodworking Exhibition, known as “MEDEX 2018”, is slated to open at Tehran’s International Fairground on July 10. The international event will be held...
  • TSE Gauge Ends Tuesday Trade 1.89% Higher
    06/20/2018
    Tehran's stock market bulls continued to lift up equities in a dramatic Tuesday trade that saw indices break even more records after showing signs of sinking in early trade. About 20 minutes past...
  • Iran Fara Bourse Announces Most, Least Transparent Firms
    06/19/2018
    Etela Alborz Investment Company was named Iran Fara Bourse’s most transparent company in the previous fiscal year (March 2017-18) by the Securities and Exchange Organization. 
  • Foreign Mining Firms Prefer Low profile in Iran
    06/19/2018
    Foreign mining companies still present in Iran are trying to stay under the radar over the fear of falling foul of US sanctions against the Islamic Republic, a senior manager at Iran’s largest...
  • Trends in Housing Sales, Rents
    06/19/2018
    The Statistical Center of Iran has presented crucial data pertaining to the housing sector in Tehran and across Iran over the past few years, which cover sale and rent price trends, empty homes and...
  • The Central Insurance of Iran (Bimeh Markazi) is the industry’s main regulator. 
    06/19/2018
    In its latest report on Iran's insurance sector, Capital intelligence, the international ratings agency, said addressing the structural problems of Iran’s insurance market is vital for...
  • Tehran to Host CERAFAIR in July
    06/19/2018
    The 25th International Tile, Ceramic and Sanitaryware Exhibition, also known as CERAFAIR, is scheduled to open at Tehran’s International Fairground on July 10. The exhibition is one of the major...
  • Gov’t Limits  Forex Supply  to Importers
    06/19/2018
    The government has curbed the allocation of foreign currency for the import of some commodities and appears set to launch a revised currency policy, Mehr News Agency cited an unnamed bank official...
  • Tehran once again had a predominant share of 68.1% .
    06/19/2018
    More than 9.9 million checks worth about 794 trillion rials ($18.78 billion) were exchanged in Iran during the second month of the current fiscal year (ended May 21), which indicated a respective...
  • Many have joined the campaign to not buy foreign exchange, gold coins, automobiles or any other commodities, the prices of which have gone up over the past few weeks.
    06/19/2018
    In an Instagram post on Sunday, Iranian footballing legend Ali Karimi urged people not to buy gold coins, automobiles or any other commodities, the prices of which have gone up over the past few...
  • Over 2.55 billion shares worth $169.2 million were traded at TSE on June 18.
    06/19/2018
    Tehran stocks showed no signs of backing down on their rally, as they further extended their historic high on Monday. Tehran Stock Exchange's primary index, TEDPIX, was up another 2.03% or 2,081....
  • Iran’s Secondary Capital Market on Maturation Path
    06/18/2018
    Since the 12th Iranian government took office in August 2017, issuing debt securities in unregulated markets has been banned and all debt securities must be issued within disciplined, regulated...
  • Iran Fara Bourse Allowed to Increase Capital
    06/18/2018
    The Securities and Exchange Organization has given the go-ahead to Iran Fara Bourse to increase its capital by 300 billion rials ($7.14 million), according to an official SEO statement released on...
  • People walk by the Paris branch of Bank Saderat Iran.
    06/18/2018
    Bank Saderat Iran, which boasts the most expansive overseas presence among the more than 30 Iranian banks and credit institutions, has recently been connected to TARGET2, its chief executive...
  • Field corn purchase accounted for 25.1% and 4.4% of the volume and value of Iran’s total imports respectively.
    06/18/2018
    More than 1.32 million tons of field corn worth over $296 million were imported into Iran during the first two months of the current Iranian year (March 21-May 21) to register a 2.6% and 6.1%...
  • TCCIM to Survey Trade Expansion With Thailand
    06/18/2018
    The 10th meeting of “Iran’s Export Capacities” with a focus on expanding trade ties with Thailand and identifying import demands in the southeast Asian country is scheduled to be held at Tehran...
  • Need for Banks to Support Entrepreneurship
    06/18/2018
    A lawmaker called for the establishment of specialized banks tasked with facilitating entrepreneurial development. The banking sector has long been grappling under President Hassan Rouhani with a...
  • Gold Coin Bullish Despite Massive Supply
    06/18/2018
    Despite several schemes by the Central Bank of Iran to satisfy the supply side, the gold coin rally has come a long way since the early days of the current fiscal year (started March 21).  The...

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