Iranian President Ebrahim Raeisi called for support for the domestic producers of the coronavirus vaccine by purchasing their products in advance.
Iranian President Ebrahim Raeisi called for support for the domestic producers of the coronavirus vaccine by purchasing their products in advance.
The construction of Khersan 3 Dam in Lordegan County, Chaharmahal-Bakhtiari Province, has recently been resumed after two years, Lordegan’s governor said on Saturday.
The National Iranian Gas Company has no plans to hike natural gas tariffs, but heavy consumers in the household sector will be imposed a surcharge as of Nov. 22, the oil minister said.
“Heavy consumers, who use more than 500 cubic meters of gas per month, account for less than 25% of total subscribers but they gobble up 50% of total gas output supplied to households,” Javad Owji was also quoted as saying by ISNA.
Referring to the number of gas subscribers, he noted that more than 25 million consumers in 1,106 cities and 24,260 towns are supplied with natural gas and 75% of them [19 million] use gas within the acceptable limit [lower than 500 cubic meters per month] and are charged 0.5 cent per cubic meters.
The drilling 10 deep-water wells is one of the programs for supplying drinking water to cities and villages in Sistan-Baluchestan Province, the deputy governor of the province said on Saturday.
“So far, two wells have been drilled and are operational now, one in Ramshar region and one in Nimruz County,” Abbasali Arjomandi was also quoted as saying by IRNA.
Other than digging deep wells, “water supply to several cities of the southeastern province will be made possible through other initiatives, including collecting water from Chah-Nimeh water reservoirs and desalination, and transfer of water from the Oman Sea”, he added.
The Purchasing Managers’ Index for Iranian industries in the current fiscal year’s seventh month (Sept. 23-Oct. 22) settled at 50.83 from 57.66 in the preceding month (Aug. 23-Sept. 22), indicating an 11.85% decline as reported by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture.
The PMI is locally known by its Farsi acronym Shamekh.
In a meeting between Iran’s representatives from the Iran-Kazakhstan Chamber of Commerce and the Trade Promotion Organization of Iran, it was announced that 80% of the Free Trade Agreement between Iran and the Eurasian Economic Union have been drafted and the rest will be finalized in the next meeting of the two sides.
According to the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture, after the draft is complete, negotiations will begin to determine the commodities each side wants to be included in the FTA.
It is estimated that the procedure leading to the signing of the agreement, including negotiations, reaching consensus and the ratification of the FTA draft in the parliaments of the countries involved, will take at least two years.
In the interim period, the current preferential trade agreement will be renewed and extended.
The average goods and services Consumer Price Index of “tobacco” in the 12-month period ending Oct. 22, which marks the end of the seventh Iranian month of the fiscal 2021-22, increased by 44% compared with the corresponding period of the year before.
The CPI of the group stood at 521.4 in the month to Oct. 22, indicating a 4.4% rise compared with the month before, latest data released by the Statistical Center of Iran show.
The “tobacco” index, which has minimum impact on total inflation rate with a coefficient of 0.59%, registered a year-on-year increase of 31.5%.
The average Producer Price Index for industrial chicken farms in the four quarter period ending Oct. 22, which marks the end of the second quarter of the current fiscal year, increased by 84% compared with last year’s corresponding period.
The average annual PPI inflation in Q1 stood at 79.8%, meaning the Q2 figure witnessed a 4.2% rise.
The overall PPI for the sector in Q2, using the year ending March 2017 as the base year, stood at 480, indicating a 15.1% growth compared with the preceding quarter.
A business delegation from North Khorasan Province has travelled to Kazakhstan in search of business partners and foreign investment, the head of Bojnourd’s Chamber of Commerce, Industries, Mines and Agriculture, Saeed Pourabadi, said on Saturday.
The tax-to-GDP ratio stood at 4.2% in the first quarter of the current fiscal year (March 21-June 21), indicating a 2.4% decline compared with the corresponding quarter of last year, Tehran Chamber of Commerce, Industries, Mines and Agriculture reported, citing the Treasury.
Tax revenue during the first half of the current Iranian year (March 21-Sept. 22) totaled 1,390 trillion rials ($4.87 billion), indicating a 62.5% year-on-year decrease due to the imposition of Covid-19 restrictions and repeated shutdowns, the report added.
Despite the significant rise, the share of tax in the country’s gross domestic product stood at 3.8% and the share of tax in the budget hovered around 31%.
The new head of the Iranian Privatization Organization (IPO) said the government needs true grit to put in place effective privatization policies that can deliver.
In a meeting with private sector representatives on Saturday, Hossein Qorbanzadeh said privatizing government assets demands private enterprise and the government work in closer harmony.
Insurance companies generated 602 trillion rials ($2.09 billion) through selling 38.5 million policies in the first seven months of Iranian year (started March 2021).
Central Insurance company of Iran data show insurers posted 41.2% growth in total premium income on the same period last year. The number of policies sold grew by 2.52% y/y.
As has been seen over the years, third-party auto insurance accounted for the largest portion of premium income in the said period -- 213.4 trillion rials ($743.5 million) or 35.4% of the total. This amount was 45.8% higher compared to the corresponding period a year ago.
More than 13.2 million insurance policies were sold during the period, 0.02% higher than the previous year.
While currency market observers had expected a pause in the volatile currency market after a weeklong rally, forex rates continued to climb at the beginning of the trading week on Saturday.
The dollar advanced to 286,300 rials in Tehran’s unofficial market up 1% or 3,000 rials on Thursday. The American currency has been rising steadily gaining nearly 3.5% against the rial in two weeks.
The euro gained 0.6% or 2,160 rials to buy 286,490 rials while the UK pound sterling was up 0.86% and traded for 385,730 rials. The UAE dirham crossed 78,000 rials level and changed hands at 78,010 rials rising 0.8% daily, the Tehran Gold and Jewelry Union website said.
Tehran stocks opened trading week again under sell-side pressure as the government move to intervene in pricing cars produced by domestic companies weakened sentiment and added to uncertainty.
The main gauge of Tehran Stock Exchange, TEDPIX lost 17,301.52 points or 1.19% to retreat to 1,439,177. The benchmark had gained for three straight the sessions.
TSE’s equal-weighted index slipped 0.85%, indicating that small caps outperformed many large cap stocks.
Washington should effectively demonstrate its intention to revise its sanctions policy against Tehran in order to revive the Joint Comprehensive Plan of Action on the nuclear program, Russian Deputy Foreign Minister Sergey Ryabkov said on Thursday.
“The utmost must be done so that the negotiations ensure the restoration of what’s known as the ‘factory settings’ of the JCPOA… Political will is now required. From the US side, it is important to prove and demonstrate in practice that the sanctions policy which has been carried out over the recent years is being reviewed and the Iranian side is given the opportunity to reap those economic advantages that are included in the package of agreements that lies at the heart of the JCPOA,” the diplomat said, TASS reported.
In an effort to ease mobility in the capital city, 110 new buses have been added to Tehran’s public transportation fleet.
According to Mojtaba Shafiei, the deputy head of Transportation and Traffic Department at Tehran Municipality, the induction was made late last week as per the first phase of a contract with Iran Khodro Company (IKCO), the major domestic automaker, ISNA reported.
"The new buses are built as per Euro-4 standards and include emission control nano-filters, special ramps for disabled passengers and updated safety features," he said.
“The vehicles will ply on 10 bus lines in 10 districts of Tehran, which had the highest level of public dissatisfaction over lack of transportation services.”
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018