• Jahangiri officially notified the process of repatriation that obligates exporters to return 95% of their currency yields.

    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 process translated into a measure that has prompted mixed response from the private sector.
    One of the 16 measures approved by the Cabinet following the forex unification decision that set the US dollar rate at 42,000 rials decreed that “all exporters are obligated to repatriate currency proceeds from their exports to the country’s economic cycle based on the framework that will be devised by the Central Bank of Iran”.
    On Monday, First Vice President Es’haq Jahangiri officially notified the process of repatriation that obligates exporters to return 95% of their currency yields–by accepting imported goods, reimbursing currency debts, selling foreign currencies to banks and exchanges, or making deposits in banks–within six months of receiving their customs export permit. A “pricing committee” with the Islamic Republic of Iran Customs Administration will handle and update export prices.
     

Economy

Iran economynews, Get the latest news about Iran economy, trade, growth prediction, agriculture, transport, aviation, infrastructural developments and investment opportunities.

  • GM has sought wage concessions from its labor union as well as government funding and incentives to save its remaining three South Korean factories.
    04/24/2018
    General Motors Co’s South Korean unit on Monday said it has reached a tentative wage deal with its labor...
  • 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...
  • 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...
  • 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...
  • Kerman Motor’s production lines (File Photo)
    04/24/2018
    Iran’s largest private automaker Kerman Khodro is hoping to raise capital by a public stock offering, an initiative that can shake things up and alter the status quo of Iran’s auto market....
  • 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...
  • IMIDRO’s Report on Downstream, Upstream Steel Sectors
    04/24/2018
    A total of 38.34 million tons of iron ore concentrate was produced in Iran in the last fiscal year (ended March 20, 2018), to register an 18% growth compared to the year before. According to the...
  • Snapp, Iran’s First Unicorn Startup?
    04/24/2018
    The widely used ride-hailing application Snapp will pursue new business opportunities by merging its program with hotel reservation apps and collaborating with Irancell to unveil a SnappPay...
  • Car Market Under Majlis Scrutiny
    04/24/2018
    The Iranian Parliament on Sunday advanced plans to directly engage in monitoring and moderating the country’s turbulent auto market. A total of 142 lawmakers voted for urgently pushing through the...
  • Subsidized Currency for Specified Imports
    04/24/2018
    The head of Management and Planning Organization has presented the list of imported goods eligible to receive foreign currency at subsidized rates. Mohammad Baqer Nobakht, in letter to the...
  • 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...
  • 12% More Foreign Flights Using Iranian Airspace
    04/24/2018
    The number of foreign flights using Iran’s airspace in the last Iranian year (ended March 20, 2018) increased by 12% compared with the year before, the Ministry of Roads and Urban Development’s...
  • Iran Business Environment Improves
    04/24/2018
    Iran’s National Business Environment Index improved slightly in the fourth quarter of the last fiscal year (Dec. 22, 2017-March 20), according to the results of a study undertaken by Iran Chamber...
  • 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...
  • 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.
  • Erbil Confab to Focus on  Iran Trade
    04/24/2018
    Iran-Iraq Chamber of Commerce plans to send a business delegation to Erbil in Iraqi Kurdistan to attend a conference on expansion of trade ties between Iran and the Kurdish region, the chamber...
  • 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...
  • Silk Thread Import Tariff  Up 26 Percent
    04/24/2018
    The import tariff for silk thread has increased from 15% last year to 26% in the current fiscal year (started March 21), the head of Sericulture Expansion Center affiliated with the Ministry of...
  • Because Iran is mostly arid, the agricultural sector relies on underground water resources to continue production.
    04/24/2018
    Iran has been facing acute water scarcity since past many years.  The effects of warming climate and lower precipitation over the years have exacerbated the problem, but it cannot be fully blamed...
  • 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...
  • Qeshm Ports Throughput Grows 2.2%
    04/24/2018
    A total of 695,454 tons of oil and non-oil products were loaded and unloaded in the ports of Qeshm Island located near the Strait of Hormuz during the Iranian month of Farvardin (March 21-April 20...
  • Foreign exchange volatility has impacted the decision making of investors and traders.
    04/23/2018
    Fluctuation is not a correct term for what is happening in Iran's foreign exchange market, the deputy head of Iran Chamber of Commerce, Industries, Mines and Trade said. “Foreign currency rates...
  • In addition to the smart solution, law enforcement forces have tightened their grip on the activity of cellphone smugglers.
    04/23/2018
    As part of the President Hassan Rouhani administration’s push to curb mobile phone's smuggling, the Registry Scheme went into full swing as of April 21. Following the move, government revenue from...
  • SCI Puts Inflation  at 8.1%
    04/23/2018
    The goods and services Consumer Price Index in the 12-month period ending April 20, which marks the end of the Iranian month of Farvardin, increased by 8.1% compared with last year’s corresponding...
  • Government Expenditure Payments Made Public
    04/23/2018
    Treasury’s public expenditure payments have been made public on Mefa.ir.  Following President Hassan Rouhani's call for safeguarding citizens’ rights, the Ministry of Economic Affairs and Finance...

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