The number of overnight coronavirus deaths in Iran crossed 270 for the first time since the viral infection was detected in the country, a health official said on Monday.
The number of overnight coronavirus deaths in Iran crossed 270 for the first time since the viral infection was detected in the country, a health official said on Monday.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said Iran will continue to withstand American sanctions until the United States’ maximum pressure turns into "maximum disgrace and a source of regret" for them.
Water in 16 dams in and around West Azarbaijan Province has shrunk by 250 million cubic meters compared to last year, director of the provincial regional water company said.
“Dams now hold 750 cm of water, down 25% from last October when it was close to a billion cubic meters,” Atabak Jafari was reported as saying by IRNA.
Giving some numbers, he said Boukan, Aqchai, Shahre-Chai, Mahabad, Aras and Karamabad dams hold 214 mcm, 162 mcm, 110 mcm, 82 mcm, 1mcm and 2 mcm, respectively.
Average precipitation in the province reached 375 millimeters in the last water year that ended in September -- down 23% compared to the corresponding period in 2018-2019.
“The volume of water in the province, stretching over 44,000 sq km, is estimated at 8.2 bcm of which 4.7 bcm comes from snow and rainfall.”
Oil prices dropped 1% for a second straight session on Monday as US producers began restoring output post-Hurricane Delta.
Thermal Power Plants Holding Company has plans to indigenize almost 80% of equipment for power plants, director general of the Technology and Indigenization of Power Plants Office at the TPPHC said.
"So far contracts worth $23 million have been signed with domestic manufacturers and knowledge-based companies to produce parts for power stations," Ali Isapour was quoted as saying by Mehr News Agency.
“Importing the parts would cost at least $38 million.”
Under the present conditions, wherein import of spare parts and equipment is limited (due to the US sanctions) “if we do not embark on the indigenization process plants will face closures if problems arise,” the official noted.
Iran’s Wagon Pars Company, a manufacturer of rolling stock, has manufactured 275 freight and passenger wagons since the beginning of the current Iranian year on March 20, 234 of which have already joined the country’s rail fleet, according to the company’s CEO.
“Out of the total rolling stock delivered to the operating companies, 14 were passenger and the rest were cargo wagons,” Mohammad Reza Mokhtari was also quoted as saying by IRNA recently.
The official noted that Wagon Pars currently produces each passenger and freight wagon at a cost of 120 billion rials ($400,000) and 10 billion rials ($33,000) respectively, adding that the figures have significantly increased compared with last year due to the rise in raw material prices.
Khouzestan Steel Company was the biggest Iranian steel exporter during the first half of the current fiscal year (March. 20-Sept. 21).
According to data released by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the mill exported 672,184 tons of slab, bloom and billet during the period, higher than other Iranian steelmakers, despite a 33% year-on-year drop.
Bloom exports had the lion’s share of KSC exports with 361,138 tons, down 41% YOY. Slab exports came next with 188,643 tons down 21% YOY, followed by billet with 122,403 tons, down 17% YOY.
During the sixth month of the current fiscal year (Aug. 22-Sept. 21), KSC's exports dropped 43% YOY to 65,052 tons. The company did not have any slab export during the month. Its bloom exports dropped 16% YOY to 60,478 tons.
A total of 40,000 tons of red meat were produced in Iran during the month ending Sept. 21 (sixth month of the current Iranian year) to register a 57% rise compared with the similar month of last year.
The output witnessed a 7.8% month-on-month growth.
The Statistical Center of Iran's latest report shows beef accounted for 23,600 tons or 59% of the overall production, indicating a year-on-year increase of 61%.
A total of 12,900 tons of lamb (up 59% YOY), 2,800 tons of goat meat (up 40% YOY) and 734 tons of meat from other types of livestock were produced during the one-month period, accounting for 32.2%, 7% and 1.8% of the total output respectively, SCI reported on its website.
Iran’s red meat production is projected to rise by 2-3% by the end of the current fiscal year (March 2021), bringing the country closer to self-sufficiency, says the deputy agriculture minister for livestock affairs.
A total of 550,000 hectares of farmlands are estimated to have gone under oilseed cultivation in the current crop year (Sept. 2020-21) to yield close to 900,000 tons of different oilseeds, registering a 50% year-on-year increase, according to director of the Agriculture Ministry’s “National Oilseed Project”.
“Based on the Agriculture Ministry’s plan and provided farmers are encouraged to go along with it, it is estimated that 600,000 tons of colza will be harvested from 350,000 hectares, 200,000 tons of soybeans from 100,000 hectares and 100,000 tons of other kinds of oilseeds [including sunflower, safflower and sesame] from 100,000 hectares of farms across the country,” Alireza Mohajer was also quoted as saying by IRNA.
The official added that this year, 10 oil extraction factories have signed memoranda of understanding with the Agriculture Ministry, based on which they can sign contracts with farmers directly to purchase their products via “contract-based cultivation”.
“The aforementioned factories have made contract-based cultivation deals with farmers for colza, soybean and sunflower seeds to be cultivated on over 200,000 hectares of farmlands. These firms will be providing the required seeds, fertilizers and pesticides that farmers need for this amount of cultivation.”
The annual four-month ban on kiwi exports expired on Oct. 6 and shipments have resumed, according to the director general of Agrifood Exports Coordination Bureau with the Trade Promotion Organization of Iran.
Iran and Afghanistan will be connected through the Khaf-Herat railroad next month, according to the minister of roads and urban development.
“The rail route between Iran and Afghanistan has been established with the aim of increasing transit,” Mohammad Eslami was quoted as saying by ILNA.
The Iranian President Hassan Rouhani and his Afghan Counterpart Ashraf Ghani are expected to attend the inauguration ceremony.
In a visit to the Afghan western province of Herat earlier this month, Iran's Deputy Roads Minister Abbas Khatibi said 93% of the work on the Iranian segment of the rail project have been completed.
Afghan rail officials in Herat said the Afghan government will start work on the fourth phase of the Khaf-Herat rail project within the next 10 days, TOLOnews reported on Oct. 6.
A total of 242 million tons of commodities were transported across the country via road during the first half of the current Iranian year (March 20-Sept. 21), according to Mehran Qorbani, deputy head of the Road Maintenance and transportation Organization affiliated with the Ministry of Roads and Urban Development.
Iranian aluminum producers had an aggregate output of 211,779 tons of ingots during the first half of the current Iranian year (March 20-Sept. 22) to register a 71% rise compared with the corresponding period of last year's 123,576 tons.
According to the latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), flagship producer Iran Aluminum Company (IRALCO) accounted for the highest volume of the total output with 95,723 tons, up 7.47% year-on-year.
IRALCO is the top producer of aluminum in Iran. Inaugurated in 1972, the plant has an annual production capacity of 180,000.
It was followed by Hormozal Aluminum Company with 45,444 tons, up 166% YOY; Almahdi Aluminum Company with 33,988 tons, up 133% YOY; South Aluminum Company (SALCO) with 25,379 tons and Iran Alumina Company with 11,227 tons.
The overall output during the month to Sept. 20 amounted to 36,025 tons, indicating an 84% rise YOY.
The average goods and services Consumer Price Index of "clothing and shoes" in the 12-month period ending Sept. 21, which marks the end of the sixth Iranian month, increased by 32.1% compared with last year’s corresponding period.
After gains a session earlier, the main index of Tehran stocks closed Monday trade in negative territory despite increase in trade value.
The benchmark of Tehran Stock Exchange, TEDPIX, shed 17,617 points to fall 1.1%, ending the session at 1,579,507 points.
Total trade value in both the TSE and Iran Fara Bourse, the junior equity market, reached 218,660 trillion rials ($728 million), indicating 13% growth, according to eghtesadnews.
Taking stock of the extended volatility in Iran’s financial markets, the Majlis Research Center examined the root causes and offered some potential solutions.
In the view of the parliamentary research center, the root cause of turbulence lies in the government’s monetary policy.
Increasing interbank interest rates, adopting measures to improve banks’ balance sheet, doubling efforts to unfreeze currency overseas and tightening rules on the repatriation of export earnings are among the MRC’s short-term solutions.
As for the mid-term, it said the Central Bank of Iran should mobilize efforts to stabilize the chaotic forex market and use its limited currency reserves vigilantly. Borrowing from the National Development Fund of Iran (NDFI) to pay for government spending must stop, it stressed.
Struggling to bring some semblance of stability to the turmoil gripping the currency market, the Central Bank of Iran said it was again pumping cash to stabilize the situation.
In a press release published on its website on Monday, the CBI said it had increased forex offer at the secondary foreign exchange market by 27% compared to the earlier session.
Known by its Persian acronym, Nima, the secondary market is a trade platform where exporters sell their forex earnings and importer buy it for import needs.
An agreement was reached between the Central Bank of Iran, Central Bank of Iraq and the Trade Bank of Iraq to unfreeze Iran's financial assets in the neighboring country.
Abdolnasser Hemmati, the CBI chief, announced the deal during his one-day trip to Baghdad. "Iran will use the freed assets to import basic goods," he was quoted as saying by the government's official news portal on the sidelines of the meeting with his Iraqi counterpart, Mustafa Ghalib Mukheef.
The move is in line with an earlier agreement between the two sides in February 2020 in which the two agreed on settling Iraqi arrears via a trade mechanism to supply basic goods to Iran.
With costs of infrastructure development soaring, Tehran City Council has ratified a motion allowing Tehran Municipality to raise 40 trillion rials ($133.30 million) through the issuance of participatory bonds for streamlining public transportation in the current fiscal year (ending March 2021).
The previous cap was at 30 trillion rials ($100 million) that has been raised, following Tehran Mayor Pirouz Hanachi’s request, ISNA reported.
Hard pressed by sanctions, the Iranian economy has contracted while the cost of infrastructure projects continues to increase.
Mohammad Alikhani, the head of Tehran City Council’s Transportation Commission, said the decision has been ratified by Iranian Parliament’s joint commission for budget and transportation.
“The raise will be incorporated as an amendment to the approved budget bill of 2020-21,” he said.
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018