Economy

Over 80 competitors from 10 Iranian provinces raced last week in an off-road racing competition. According to Tasnim News Agency, the competition was held at a newly-established 1,800-meter race-…

A total of 626,101 passenger vehicles have been produced in the current Iranian fiscal year (started March 21, 2015), said the spokesman of Iran’s Automotive Policymaking Council. Compared to the…

Value Added Tax rate of 9% will remain unchanged for the budget bill of 2016-17 fiscal year, announced the deputy head of Iranian National Tax Administration this week.

An interim agreement on preferential tariffs was signed by Iranian Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh and Minister in charge of Trade of the Eurasian Economic…

The government has reportedly set the rate of the US dollar exchange rate in the 2016-17 draft budget law at 29,997 rials which is slightly higher than this year’s 29,850 rials. To the surprise of…

The total number of properties insured against natural disasters has increased by 10% in the outgoing fiscal year (ends March 19).

Mohammad Farid Latifi, Disasters Management Organization’s…

The Ministry of Roads and Urban Development has expressed dissatisfaction over the interest rates set for the recently-launched mortgage scheme, saying they are unrealistically high.

Bank Maskan has so far opened more than 25,000 accounts for its new Housing Savings Account. According to the Ministry of Roads and Urban Development news website, a total of 4.9 trillion rials…

Some $17 million worth of furniture were exported from Iran during the nine-month period ending December 21, said head of Iran Furniture Manufacturers and Exporters Union, Hassan Ahmadian, on the…

Presidents of the Developing-8 Federation of Chambers of Commerce and Industry (D-8 FCCI) met in Ankara on December 24 for the second time after their first meeting in Kuala Lumpur this year, the…

The iron ore and steel sector is undergoing a major transformation.

China, the world’s largest steel producer, is grappling with a lingering slump in domestic demand. Its strategy is to…

The University of Tehran’s Faculty of Economics hosted a forum dubbed “Economic Aspects of Military Service” on Tuesday.

Iran and Russia have discussed ways of expanding scientific and technological cooperation, particularly in the fields of space and aviation industries.

Turkey’s Higher Education Board (YOK) has agreed with Iran’s Ministry of Science, Research and Technology to set up a monitoring group to flesh out cooperation between the countries’ higher…

Iranian researchers at Amirkabir University of Technology have designed an exoskeleton, which is a kind of wearable robot. Faezeh Eskandari, a postgraduate of biomechanics- biomedical engineering…

This year’s “Capture the Flag” contest hosted by Sharif University of Technology will be held during February 5-10, 2016, in Tehran.

CTF is a special kind of information security…

Just over a week after Samsung paid Apple more than $548 million for infringing the patents and designs of the iPhone, Apple has asked a US court to force its biggest smartphone rival to cough up…

The central banks of Iran and Russia will open a joint account and launch correspondent banking soon after the sanctions are lifted, Valiollah Seif, governor of the Central Bank of Iran said on…

Economy Minister Ali Tayyebnia ruled out future cuts in interest rates in the foreseeable future due to the current state of the country’s financial markets.

Banks lent 1.86 quadrillion rials ($61.38 billion at the official exchange rate) in the first seven months of the fiscal year (ends  March 19, 2016), marking an increase of 5% or 88.6…

Heads of transportation departments of the five Caspian littoral states clinched an agreement in Tehran on Wednesday to expand multilateral cooperation in key areas including maritime transport…

The domestic steel industry is now self-sufficient in the production of steel pipes and has completely indigenized the technology required for its manufacture, announced Aziz Qanavati, managing…

Close to 2.7 million tons of steel were imported during the eight months ending November 21, says the head of Iranian Mines and Mining Industries Development and Renovation Organization. Mehdi…

The 66% plunge in oil since June 2014 poses a tremendous challenge to the Iranian economy.

The government’s main source of revenue has shrunk to a third of the level it had been for years.…

Iran Mercantile Exchange’s export trading board witnessed the supply of 12,000 tons of aluminum oxide for the first time by Iran Alumina Company at the base price of $299 per ton on Wednesday.