Wheat to Feed Iran Economy!

Market News

• Today, Iran Mercantile Exchange (IME), as an arm to raise Iran Economy, started offering wheat on its export ring, now that the country has reached self-sufficiency. In this regard, 20,000 tons of Durum Wheat produced in Khuzestan Province were supplied with the base price of $ 235 to be delivered on January 4^th, 2017.
• The US dollar breaking the IRR 40,000 threshold has raised criticisms against the acting administration in a way that some believe that it is preventing the Central Bank of Iran from interfering in the market to control the Forex rate since it is in fact benefiting from such surge. Although the government official have stressed on the temporary nature of such rise basically due to the increase in demands around holiday times, foreign resources attribute this increase to the fears over the risks threatening Iran’s economy as soon as US president takes office. In this regard, there will be a meeting today with the minister of Economy and Financial Affairs as well as the CBI governor present in the parliament center to address the fluctuations in the currency market. In this meeting, the establishment of a currency futures market will be discussed as a way out.
• For the first time after the lifting of sanctions, Australia is to become a client for Iran’s petrochemical products mainly hexamine, according to an official in Tehran Chamber of Commerce, Industries, Mines and agriculture. He also added that there are talks underway for exporting the same products to Brazil, which seems to be in its final stages. As the results of attempts to increase the country’s non-oil exports, Iran has experienced a significant rise in exporting such materials in the post-sanctions era; officials state that over this period, 10 mn tons of petrochemical products, worth $4.3 bn have been exported, mainly to Asian countries.