The recent statement issued by France, Germany and Britain is “unconstructive” and contradicts expected good faith on their part with regard to negotiations on the revival of the 2015 nuclear deal, a senior Iranian diplomat said.
The recent statement issued by France, Germany and Britain is “unconstructive” and contradicts expected good faith on their part with regard to negotiations on the revival of the 2015 nuclear deal, a senior Iranian diplomat said.
The project to transfer water from the Persian Gulf to Fars Province, especially to Lamerd County, is underway, managing director of Lamerd Special Economic Zone said.
“With an investment of $500 million, the project will supply water to Lamerd Special Economic Zone,” Ehsan Ansari was also quoted as saying by Mehr News Agency.
Referring to the importance of sustainable water supply in industrial areas, the official said the construction of infrastructure for the water transfer project to Lamerd was launched last year.
A development project to replace depleting municipal water with treated wastewater in Tehran Oil Refining Company has made 53% progress, the head of the refining company said.
“The huge refinery in southern Tehran is committed to reducing consumption of piped water for green spaces and industrial purposes, and it is doing its best to harness unconventional sources,” Hamed Armanfar was also quoted as saying by the Oil Ministry’s news portal.
The refinery has increased the capacity of its wastewater treatment unit to 11,000 cubic meters per day to use reclaimed sewage instead of municipal water, he added, noting that the expansion project will double output.
Lack of access to cutting-edge technology in household and industrial sectors, and the absence of cultural awareness regarding energy optimization have placed Iran among the most energy inefficient nations, the head of the Iran Association of Energy Service Companies said.
“Households use at least 35% of the total electricity generated in Iran, which can decline to 20% if energy-intensive appliances are replaced with energy-efficient equipment,” Saeed Mohazab Torabi was also quoted as saying by ILNA.
There are 300,000 wells in the agro sector, all equipped with pumps, but thanks to outdated technology, a massive amount of power goes to waste in the sector, he added.
The turnover of agricultural products between Russia and Iran in 2022 may grow by 10-15% compared to the previous year, Russian agricultural watchdog Rosselkhoznadzor quoted the head of the service, Sergey Dankvert, as saying in a meeting with Iran's Deputy Minister of Industries, Mining and Trade Alireza Peymanpak.
High and volatile inflation in Iran has been an endemic economic and social issue that has contributed to rising poverty and social tensions.
Iran’s CPI inflation has fluctuated sharply over the past two decades around its annual average of 20% (Figure 1.a.), and has been much higher than that of Iran’s emerging market and regional peers (Figure 1.b.). With the Covid-19 pandemic hitting Iran’s economy on top of preexisting US trade and financial sanctions and exacerbating the supply constraints, its annual CPI inflation reached nearly 50% at the end of FY 2020-21 (Iranian year that ended on March 20, 2021) and averaged 40% during FY 2021-22 (Iranian year that ended on March 20, 2022).
Coupled with low economic growth and high unemployment, rising inflation has fueled widespread protests in the country amid a significant erosion in purchasing power. The new government that took office in August 2021 identified tackling inflation as a key economic priority, reads a working paper published by the International Monetary Fund. Excerpts follow:
The Statistical Center of Iran has published a new report on home and land prices, as well as rent levels in Tehran’s urban areas, during the fourth quarter of last fiscal year (Dec. 22, 2021-March 20).
According to the report published on SCI’s website, the average price of each square meter of land or land of a rundown residential property (residential units that are considered old to a degree that only the underlying land is useful for construction) in Tehran went up by 17.1% in Q4 compared with the corresponding period of the year before. Prices increased by 4.8% against the preceding quarter (Q3).
The minimum price of each square meter of land or land of a rundown property stood at 46.05 million rials ($151) and the maximum was 2.62 billion rials ($8,641), bringing the average to about 521.74 million rials ($1,720).
Tehran stocks plunged deeper on Sunday after big losses a session before. The main index of Tehran Stock Exchange, TEDPIX, lost 6,702.10 points or 0.48% to end at 1,390,732.44. It lost 1.1% and fell below the critical 1.4 million points on Saturday.
About 4.59 billion shares worth 29.74 trillion rials ($102.58 million) changed hands at TSE for the day.
Petrochemical Transport Engineering Company was the top winner as its shares went up 4.96% to 39,360 rials per share.
While the Central Bank of Iran plans to pilot its long-awaited central bank digital currency (CBDC) project, the Crypto-Rial, by November, experts has expressed strong reservations about the practicality of the move and its anticipated positive impact on the economy.
According to Ali Salehabadi, the CBI boss, the bank has in place infrastructure and rules for the Crypto-Rial. The cryptocurrency is planned as a new type of national currency, like banknotes and coins, but fully digital.
Based on what is known about the CBI crypto agenda, the digital currency is not designed to compete with global cryptocurrencies. Unlike bitcoin and other cryptos, CBDCs are centralized, not anonymous and in accord with anti-money laundering requirements.
The Central Bank of Iran has announced new guidelines for borrowing from the interbank market using collateral.
As per the instructions posted on the CBI website, lending to banks or opening credit lines for them by the CBI is possible only with appropriate collateral.
Collateral are of different types, but the regulator has given priority to some. Government-issued securities, foreign currency, gold, corporate bonds, shares and real estate are apparently preferred by the CBI. Equities and real estate have the lowest priority.
Data released by the Central Bank of Iran show term deposits increased at a much slower pace than sight deposits, another sign that savers are less inclined to park their money for longer periods in banks.
Total sight deposits reached 10,935 trillion rials ($36.4 billion) by the end of the fourth calendar month to July 22. This was 61.4% higher on the same period last year. Sight deposits increased by 21.5% compared to the end of last fiscal year in March.
Term deposits lagged rising 32.5% to reach 40,681.4 trillion rials ($135.6b) by July 22. The rise was a fifth of sight deposits in the four months.
SpaceX on Friday challenged the US Federal Communications Commission's (FCC) decision to deny the space company's satellite internet unit $885.5 million in rural broadband subsidies, calling the move "flawed" and "grossly unfair", in a regulatory filing.
Some cellphone buyers could not register their devices via the system named Hamta, which caused problems for both buyers and sellers.
Recently, Hamta notifications faced wide-scale disruptions, which created financial and legal risks for cellphone buyers, ICT News Agency reported.
Operators of the cellphone registry system have admitted that the problem mainly concerns the SIM cards of Hamrahe Aval, the brand name used by the Mobile Communications Company of Iran, which is a subsidiary of the Telecommunications Company of Iran.
Apparently, TCI’s financial disputes with the Ministry of Industries, Mining and Trade and the Ministry of Information and Communications Technology have given rise to such a problem.
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