IFB attracts 87% more funding yr/yr

TEHRAN- Iran’s over-the-counter (OTC) market, known also as Iran Fara Bourse (IFB), could manage to attract 306.6 trillion rials (about $6.2 billion) of funding during the past Iranian calendar year 1396 (ended on March 20), which shows 87 percent growth annually, Tasnim news agency reported.

Russia expected to invest over $50b in developing Iran’s oil, gas fields

TEHRAN - Russian companies are expected to invest over $50 billion in development of oil and gas fields in Iran, Tass reported quoting Russian presidential aide Yuri Ushakov as saying on Monday.

IMF urges Iran to make structural economic reforms, address youth unemployment

TEHRAN – The International Monetary Fund (IMF) called on Iran for structural economic reforms for enabling the private sector to grow and to create the jobs required to address youth unemployment and raise incomes.

By Ebrahim Fallahi

Welcoming the New Year with new oil deals

Iran, for long, has been using buy-back oil contracts in deals with foreign companies who worked on developing the country’s oil and gas fields. But in recent years, some issues attributed to the buy-back model have made this kind of contracts less attractive to foreign companies, thus, encouraging the oil-rich country to introduce a new model of oil contracts which is claimed to be more flexible and more attractive to the foreign investors.

By Mahnaz Abdi

First-ever achievements of Iran stock market

The Iranian stock market has witnessed some first-ever successful experiences in the current Iranian calendar year, ending March 20, both in national and international transactions and also in terms of science and training.

By Haniyeh Sadat Jafariyeh

Economy in a nutshell: key points, future plans

At the threshold of a new year, some of major economic indices of the ending year and the major plans for the upcoming one will be reviewed here.

Iran ranked 16th largest car manufacturer in 2017

TEHRAN- The International Organization of Motor Vehicle Manufacturers OICA (Organisation Internationale des Constructers’ d'Automobiles) ranked Iran as the 16th largest car manufacturer in 2017.

Banks pay $4b to boost domestic production

TEHRAN – Some 188 trillion rials (about $4 billion) was paid by the banking system in the previous Iranian calendar year which ended on March 20 to boost domestic production, according to data released by the Ministry of Industry, Mining and Trade.

Industrial, mineral exports on the rise

TEHRAN – Iran exported $14.64 billion of industrial products and $1.937 billion of mineral products in the first 11 months of the past Iranian calendar year, an increase of 9.1 percent and 60.3 percent respectively year on year, ISNA reported.

Over $10b invested in development projects

TEHRAN – Some 500 trillion rials (around $10.5 billion) was invested in development projects in the previous Iranian calendar year, ended on March 20, said Mohammad Baqer Nobakht, head of Budget and Planning Organization.

Energy min. in Brasilia to attend 8th edition of World Water Forum

TEHRAN- Iranian Energy Minister Reza Ardakanian, heading a delegation, left Tehran for Brasilia on Sunday to attend the 8th edition of the World Water Forum which is running from March 18 to 23, IRNA reported.

Iran’s mineral exports up 6% in 11 months yr/yr

TEHRAN- Iran exported $8.4 billion of minerals during the 11-month period ended on February 19, with six percent rise from the figure of the same period of time in the previous year, according to Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

Iran poised to host 12th World Chambers Congress in 2021

TEHRAN- Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Vice Chairman Pedram Soltani voiced Iran’s readiness for hosting the 12th edition of World Chambers Congress in 2021, the portal of ICCIMA reported on Sunday.

Muscat urges rial-based trade with Tehran

TEHRAN- According to Omani Foreign Minister Yusuf bin Alawi bin Abdullah cutting reliance on foreign currencies and using Iranian and Omani rial in trade transactions between the two Persian Gulf countries is one of the major requirements to enhance mutual banking and commercial ties, IRNA quoted the official as saying.

Auto industry constitutes 17% of domestic industrial production

TEHRAN- Iranian Industry, Mining and Trade Minister announced on Saturday that auto industry owns a 17-pecern-share of the total production of domestic industry in Iran, IRIB news reported.

Gasoline consumption anticipated to rise 9% in a year

TEHRAN- Consumption of gasoline in Iran is forecast to increase 8.8-9 percent to hit 87.8 million liters per day in the upcoming Iranian calendar year (starts on March 21), managing director of National Iranian Oil Products Distribution Company (NIOPDC) announced.

Russian company to develop 2 Iranian oilfields

TEHRAN- Iran and Russia inked a deal on Wednesday to develop Aban and Paydar-e Gharb oilfields in west of Iran, Shana news agency reported.

Iran’s oil output stands at 3.813m bpd in February: OPEC

TEHRAN- According to OPEC’s latest monthly report published on March 14, Iran’s oil production, based on secondary sources, stood at 3.813 million barrels per day (bpd) in February, down 4,400 bpd from that of January.

OPEC unlikely to change output deal in 2018: Zanganeh

TEHRAN-  Iran’s Oil Minister Bijan Namdar Zanganeh said OPEC is unlikely to change its decision on production cut in this year, Shana news agency reported.

Tehran, Baku ink document for economic, scientific, energy co-op

TEHRAN- Iran and Azerbaijan signed a document on mutual cooperation in banking, transportation, economy and commerce, science and technology, culture, energy, and agriculture on Wednesday.

Iran’s economy grows 4.4% in 9 months

TEHRAN- Iran's economy, including oil revenues, grew 4.4 percent, during the nine months from March 21 to December 21, 2017, according to the latest report of Statistical Center of Iran (SCI).

Exports from free trade zones up 23% in 10 month yr/yr

TEHRAN – The value of exports from Iran’s free trade zones during the 10-month period ended on January 20 stood at $851 million, showing 23 percent rise compared to the last year’s figure, IRNA reported on Wednesday.

Petchem output at 49.05m tons in 11 months

TEHRAN- Iran produced 49.05 million tons of petrochemical products during the 11-month period ended on February 19, 2018, Shana news agency reported on Tuesday citing the data announced by National Petrochemical Company (NPC).

Development plans to see 79% budget rise next year

TEHRAN- The national budget bill for the next Iranian calendar year, starting March 21, has envisaged 79 percent more budget for development projects, the government spokesman announced.

Tehran hosting 12th Iran-Azerbaijan Joint Economic Committee meeting

TEHRAN- The 12th meeting of Iran-Azerbaijan Joint Economic Committee was held on Tuesday morning at the place of Iranian Ministry of Finance and Economic Affairs in Tehran, Shada news agency reported.

Exports of sweets, chocolate up 21% on year

TEHRAN – The value of Iran’s sweet and chocolate exports increased by 21 percent in the first 11 months of the current Iranian calendar year (March 20, 2017- February 19,2018) compared to the previous year.

$20b is gathering dust in Iranian homes in anticipation of rial devaluation

TEHRAN – Encouraged by the continuous tumble in the country’s currency value, Iranians have flock to buy U.S. currency in anticipation of further depreciations, Tasnim reported quoting a member of the Iranian Parliament (Majlis)’s Economic Committee.

Pakistan welcomes Iran’s call for expansion of trade ties

TEHRAN – Iran and Pakistan discussed expansion of trade ties during a joint business forum on Monday in Islamabad, IRNA reported.

Port development projects worth $205m implemented in a year

TEHRAN- Some 40 projects have been implemented at the cost of 9.859 trillion rials (about $205 million) for developing and equipping the ports of Iran in the current Iranian calendar year (started on March 21, 2017), according to the head of Ports and Maritime Organization (PMO).

Tax revenue exceeds oil income for $1.7b

TEHRAN- According to the latest data released by the Central Bank of Iran (CBI), tax income in the period from March 21, 2017 to February 20, 2018 exceeded 76.1 trillion rials (about $1.7 billion) than the earned oil exports revenue, IRNA reported on Sunday.