The Saudi foreign minister said the kingdom is “serious” about talks with Iran, signaling Riyadh’s desire to repair relations between the two regional powers.
The Saudi foreign minister said the kingdom is “serious” about talks with Iran, signaling Riyadh’s desire to repair relations between the two regional powers.
Discussions with the European Union envoy who coordinates talks on the revival of the 2015 nuclear deal were “positive”, according to Iran’s foreign minister, and both sides have agreed to carry on with the talks.
The Oil Ministry is to invest $4.5 billion for the development of the upstream gas sector in the Fars Province, the oil minister said on Thursday while visiting the southern province.
“Fars, the second biggest holder of gas reserves in the country after Bushehr Province, has a daily production capacity of 114 million cubic meters of natural gas,” Javad Owji was also quoted as saying by the Oil Ministry’s news agency Shana.
Emphasizing that no investment has been made in the upstream and downstream sectors of gas fields and refineries in recent years, he said, “The Oil Ministry plans to invest in the upstream gas sector, including the fields of Phase 11 of South Pars Gas Field, Aghar and Dalan, Shanol, Tabnak, Homa and Varavi, for increasing pressure and developing new gas fields.”
As peak summer demand peters out, electricity exports to Iraq, Pakistan and Afghanistan, which were halted to help stabilize power supply in summer, has resumed, a deputy energy minister said.
“Selling electricity to neighboring states, which had fallen to zero, has now reached 1,000 megawatts and will rise further,” Homayoun Haeri was also quoted as saying by Barq News.
“The state-run Iran Power Generation, Distribution and Transmission Company [Tavanir], which had to purchase close to 700 MW of power from Turkmenistan, Azerbaijan and Armenia daily over the last two months, has reduced imports to less than 200 MW. The company has also started to export electricity again as the cool temperature has substantially reduced demand,” he said.
Iran and Turkey registered $2.83 billion in bilateral trade during the first eight months of 2021, 74.09% higher than the same period of last year, latest data by Turkish Statistical Institute say.
Iran exported goods worth $1.43 billion during the eight months to its northwestern neighbor, up 135.76% year-on-year.
Imports grew by 37.49% from $1.02 billion to $1.4 billion.
Iran and Turkey exchanged $409.97 million worth of goods in August 2021, 67.45% higher than the same period of last year.
Iran needs to buy a record 8 million tons of wheat in the current season, Iranian industry sources said, after its domestic crop was hit by drought.
India’s Agricultural and Processed Food Products Export Development Authority (APEDA), an organization under the federal Ministry of Commerce and Industry, will dispatch the first-ever shipment of bananas from Uttar Pradesh (a state in northern India) to Iran by sea.
New data released by the Supreme Audit Court of Iran show the government supplied 82.5% of public resources in the last fiscal year’s budget (2020-21), as expenditure hit over 125% of the target.
Up to 127.4% of the government’s projected revenues in the 2020-21 Budget Law, i.e., 30,470 trillion rials ($112.85 billion) and 125.9% of projected expenditures, i.e., 30,462 trillion rials ($112.82 billion), were materialized last year.
Yet, considering that over 1,136 trillion rials ($4.2 billion) or 19% of the government’s public revenues were gained through Islamic bonds issued with the approval of the Supreme Council of Economic Coordination, chaired by the heads of three branches of government, the actual realization rate of public resources was 82.5%, IRNA reported.
A truck crossed the Incheh Borun land border with Turkmenistan in the northeastern Golestan Province on October 14 to mark the reopening of this crossing after 20 months since the outbreak of Covid-19, the news outlet of the Ministry of Roads and Urban Development reported.
Data released by Shaparak, the company in charge of supervising the domestic payment network, show more than 121.9 million bank cards were used at least once during the first sixth months of the current fiscal year (started in March).
The number was up 2.69% on the month before when it was 118.8 million. Debit cards topped the list accounting for 95.28% (116.23 million) of the total active cards.
More than 22.1% of the debit cards were issued by Bank Melli followed by Bank Sepah with 12% and Bank Mellat and Bank Saderat Iran each at 11%.
Tehran stocks closed most trading sessions last week in negative territory as panic selling lingered and money keeps flowing out the market.
The main gauge of Tehran Stock Exchange, TEDPIX, slumped in four out of the five sessions in the previous Iranian business week, according to the Persian-language economic website Eqtesad News.
The benchmark shed 90,400 points last week and dropped 6%, losing the critical 1.4 million point support level closing at 1,397,284.
The High Council of Securities and Exchange on Wednesday appointed Majid Eshqi as the new managing director of Securities and Exchange Organization, the capital market regulator.
Eshqi replaces Mohammad Ali Dehqan-Dehnavi, who was in the post since late January, the Securities and Exchange News Agency reported.
The new CEO is a former a deputy at the Iran Mercantile Exchange. He was a member of the board of directors of several investment and financial companies, including Lotus Parsian Investment Bank, Pouya investment Company and Pasargad Bank Brokerage.
The Majlis Research Center scrutinized the policy of “curbing exchange rates” adopted by successive governments and concluded that it has harmed the economy in more ways than one.
In a report the parliamentary think tank reflected on how the people have become sensitive to the unending volatility in foreign currency rates and how central banks in all previous governments manipulated forex rates to appease the public and tame inflation expectation.
“In their approach to the currency market, governments suppressed forex rates without considering the monetary dynamics, such as the unprecedented growth in money supply,” the MRC said.
The laureates of the fourth round of Mustafa Prize, granted to top researchers and scientists from the Organization of Islamic Cooperation member states, were announced on Oct. 12.
Iran Post Company, the state-owned corporation responsible for providing postal services in the country, has launched five tech centers to upgrade its services with the help of the local knowledge-based community.
According to the company’s CEO, Ramezanali Sobhanifar, the tech centers were inaugurated in the capital city of Tehran, Khorasan Razavi, Golestan, Yazd and Isfahan Provinces, via videoconference on Tuesday, ISNA reported.
He stated that the centers were established and funded in collaboration with the Vice President's Office of Science and Technology.
Sobhanifar noted that the centers will focus on three areas: smart products, innovation in post-logistic processes and digital economy, with the goal of addressing the sector's technological shortfalls on multiple fronts.
China risks making “big mistakes” as it cracks down on large swathes of its economy, said Raghuram Rajan, who was IMF’s chief economist from 2003 to 2006.
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