A lawmaker said the Atomic Energy Organization of Iran is taking the initial steps to design another heavy-water reactor similar to the one near the city of Arak.
A lawmaker said the Atomic Energy Organization of Iran is taking the initial steps to design another heavy-water reactor similar to the one near the city of Arak.
President Hassan Rouhani on Saturday outlined the government’s four-phase Covid-19 vaccination plan that promises to give 60 million Iranians access to the vaccine in order of priority, based on the extent of exposure and vulnerability to the infectious disease.
The process of installing smart meters on agricultural wells has slowed down due to rising prices, deputy CEO of the Iran Water Resources Management Company said.
Referring to the benefits of the meters, Mohammad Hajrasouliha said: “Installation of the meters prevents overdraft from authorized wells in the farming sector.” However, “With increase in the price of steel and equipment used in manufacturing smart meters, the average price of each meter has increased to 200 million rials ($800), which has slowed down the installations,” Mehr News Agency quoted him as saying.
Converting traditional wells into smart wells has been on the agenda of the Energy Ministry. More smart meters means better and efficient monitoring of power and water consumption.
The National Petrochemical Company has plans to develop the downstream industry, one of which is construction of propylene from propane units (known as propane dehydrogenation or PDH units) in two plants in Mahshar, Khuzestan Province, managing director of the company said.
In a tour of the Petrochemical Special Economic Zone (Petzone) in the southwestern city, Behzad Mohammadi said: “Propylene is one of the important products in the petrochemical industry. Salman Farsi and Hirsa Polymer Sahand plants are the first of their kind in that will increase production of this costly product,” the Oil Ministry news agency Shana quoted him as saying.
PDH is used to produce polymer-grade propylene from propane independent of a steam cracker or fluid catalytic cracking unit.
The Purchasing Managers' Index for the housing sector in the ninth month of the current Iranian year (Nov. 21-Dec. 20) settled at 60.67 from 50.78 in the preceding month (Oct. 22-Nov. 20).
Iran Chamber of Cooperatives has measured PMI for the real-estate and construction sector, under the Farsi acronym “Shamekh”, for the ninth month of the current Iranian year ending Dec. 20.
The new data show the overall PMI settled at 60.67 in the ninth Iranian month from 50.78 in the eighth fiscal month, indicating a 19.48% increase.
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.
Exports from the southern Bushehr Province during the first nine months of the current Iranian year (started March 20, 2020) stood at 18.95 million tons worth $4.36 billion.
According to Ahmad Rajaei, a local official, petrochemical was the main product exported from Bushehr with 15.15 million tons worth $4.04 billion and industrial, mining and agricultural products worth $161 million were exported during the nine-month period.
“Pars Special Economic Energy Zone, in the port city of Assaluyeh, accounted for the lion’s share of exports from Bushehr. It was followed by Bushehr Port, Bandar Kangan and Bandar Dayyer. Major export products were butane and propane, methanol, polyethylene, urea, styrene, gas condensates and cement,” he was quoted as saying by IRNA.
Despite the imposition of intensified trade restrictions to stem the rapid spread of Covid-19, some 90% of Iranian border crossings are currently open, a deputy head of Trade Promotion Organization of Iran said.
“Our exports are expected to reach $36 billion by the end of the current Iranian year [on March 20] to register a 10% decline compared with last year,” Mojtaba Mousavian was also quoted as saying by IRNA.
The official noted that although the novel coronavirus outbreak and heavy economic sanctions have impacted Iran’s trade, the country’s exports to Afghanistan, Iraq and China, which are among Iran’s main trading partners, are normalizing.
According to Mehdi Mirashrafi, the head of Islamic Republic of Iran Customs Administration, Iran’s non-oil foreign trade stood at 110 million tons worth $52 billion during the nine months ending Dec. 20.
The abolition of the 42,000 rials per dollar exchange rate for the import of essential goods recently approved by Majlis Joint Commission is bound to increase inflation, says the head of Plan and Budget Organization.
“The public cannot afford higher inflation rates and further economic pressure under the current circumstances,” Hamidreza Haji-Babaie was quoted as saying by IRNA.
Majlis Joint Commission recently decided to change the exchange rate for essential goods import from 42,000 rials to 175,000 rials per dollar, suggesting that the prices of essential imports would be set in accordance with the exchange rate of the secondary FX market, known by its Persian name Nima.
The real market price of the dollar is around 60% higher.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
Self-declaration of tax by guilds accounts for 70% of the government’s tax revenues, a deputy head of Iranian National Tax Administration said, adding that plans are to increase the figure to 90% in two years.
“Generating tax income through self-declaration is a significant achievement, which frees up energy for combating tax evasion. Economic operators who fail to submit their tax returns on time will be disqualified for receiving tax breaks and exemptions,” Mohammad Masihi was quoted as saying by IRNA.
Noting that the government will support businesses hurt by the coronavirus outbreak, the official said, “Tax will be imposed in accordance with their income and businesses that suffered enormous losses or were closed down due to the virus will be subject to tax forgiveness.”
Latest data show the government earned upwards of 1,314 trillion rials ($5.05 billion) in tax revenues in the eight months to Nov. 20, which account for 64% of the sum predicted in the budget for the period.
Growth in key monetary variables, including money supply and the monetary base, lost momentum in the calendar month to Dec. 20, the Central Bank of Iran said.
Outlining trends in major macroeconomic variables and measures to control inflation, it reported significant changes in the composition of money supply.
Without providing figures the CBI website said growth in the share of money (M1) in money supply has dropped to zero, "which indicates that liquidity of bank deposits declined."
Forex rates posted heavy losses on the first day of trading week in Tehran on Saturday with major currencies sliding below support levels.
The US dollar fell below 250,000-rial level losing more than 3% in the open market and closed at 247,000 rials, down 8,000 rials compared to Thursday's close.
Vacillating near 260,000 rials, the dollar hardly fell below 250,000 rials for weeks. The UAE dirham was the second biggest loser of the day. It too lost the critical support level of 70,000 rials and dropped 2.74% or 1,900 rials to reach 69,400 rials.
Smaller losses were recorded for euro and the UK pound sterling. The former lost 2,000 rials to reach 310,230 rials down 0.65% while the pound fetched 344,475 rials 0.61% lower compared to Thursday.
The greenback was down also in official exchange shops affiliated to banks. Melli exchange, affiliated to the Bank Mell Iran, tagged the dollar at 248,750 rials down 2.75%, or 6,840 rials, compared to the earlier session.
The main gauge of Tehran Stock Exchange, TEDPIX, lost 1.9% on Saturday as supply continued to outweigh demand. It shed 24,808 points to fall below the critical 1.3 million points, ending trade at 1,285,947.
As seen in recent sessions, the small caps performed better and resisted sell side pressure declining 0.16% in equal-weighted index.
Almost 11.12 billion shares valued at 106.5 trillion rials ($426 million) changed hands at TSE for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Tehran Municipality plans to spend 5 trillion rials ($19.53 million) on new buses to bolster the aging public transportation fleet in the capital.
Mahmoud Tarfa, the head of Tehran Bus Company, said Tehran Municipality has issued participatory bonds worth 15 trillion rials ($58.59 million), one-third of which or $19.53 million is to be used for upgrading the bus fleet and the remaining will be invested on subway development.
“Besides the bonds, the municipality will also open up its coffers to expedite the bus fleet renewal,” the official was quoted as saying by ISNA.
Tarfa added that a single-cabin bus costs around 40 billion rials ($156,000).
In June 2020, major domestic automaker Iran Khodro Company (IKCO) started collaboration with TM with a contract worth 4 trillion rials ($15.62 million) to deliver minibuses and LPG- and CNG-hybrid buses.
“A contract between IKCO and TM has also restarted IKCO’s bus production lines after a long-drawn lull,” Mohammad Zali, the CEO of Iran Khodro Diesel, an IKCO subsidiary, said.
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