– After a couple of unsuccessful attempts of crude oil offering on Iran Energy Exchange, NIOC is to sell oil for the seventh time on IRENEX with 5 major changes in the bid conditions. Considering to be the last tender of 1397, the national oil company grants buyers the following incentives hoping this time it doesn’t fail:
– Iranian parliament votes for rationing of essential goods in the new year coming as sanctions pressures hit new levels. After failing of preferred FX dedication policy on controlling the price levels, now senators obliged the administration to go back 30 years and re-establish the rationing schemes for scarce and essential needs of Iran economy. President Rouhani’s administration shall issue electronic rations with a preferred USD/IRR rate of 42,000 in order to protect less fortunate revenues deciles.
– Unconfirmed sources have that it is highly possible for FATF to leave Iran another 4 months joining the CFT convention and implement anti-money laundering and anti-terrorism financing amendments accordingly. The task force meeting held just the other day was apparently positive on Iran actions that are taken so far, however, they have serious warnings this time on their next statement to be published on Thursday.
– After the ratification of the first official regulatory framework for crypto-currencies by the Central Bank of Iran, now Iran Fara Bourse is ready to perform the first asset-backed ITO (initial token offering) in a regulatory sandbox which redeems any need for a change in rules of law. Asset-backed ICOs will be under the supervision of SEO since it is related to tokenization of listed securities. CBI shall depict a framework for other types of these cryptos backed by FX, precious metals, etc.
– After the official inauguration of Europ Union’s Iran related SPV (INSTEX) there were rumours that EU members obliged Iran to join the CFT convention in order for the vehicle to be pragmatic. A thorough read of EU statements show that Iran is only expected to adhere to JCPoA clauses, however,
– On Friday and after a long period of delay, EU members officially announced the inauguration of their Iran related SPV, named INSTEX. Foreign ministers of UK, France and Germany noted that the INSTEX is to engage in trades of humanitarian goods at first yet it will grow into sanctioned trades after a while.
– After EU reneged on the announcement of the official inauguration of Iran related SPV due to an apparent disagreement between Italy and Spain, now the German foreign affairs minister told the press (by unconfirmed sources) this structure will only cover trades of goods that are not sanctioned by the united states. This is, if true, in direct violation of the SPV ultimate goal to circumvent the US sanctions after its withdrawal from JCPoA. The FX and gold coins markets reacted to this news fast and once again went rogue in price hikes.
– Securities and Exchange Organization gave the green light on the issuance of a new round of Sukuk Al-Intifa’a for a private corporation active in Iran oil sector. Saba Arvand Oil & Gas Development Co. will issue these securities backing up by 4 years of oil sales proceeds over 11 rigs.
– Reported by Euronews, the EU foreign affairs council (FAC) has decided yesterday to implement long-awaited “Iran dedicated SPV” aiming to circumvent the US sanctions and make path clean for European firms to do business with Iran in less than a week. EU members held a meeting in Brussels just the other day and made final calls in that regard. This could have massive effects on Iran FX market and if follows by the ratification of FATF related amendments, it could prevent complete isolation of the nation from the outside world.
– On its latest report, Thompson Reuters claimed that during the last two months of 2018 Iran has exported less than 1 mn barrels of crude per day (Iran Oil Sales down). This is while that two major importers of Iranian oil, Japan and South Korea, just started their imports again after the US exemptions. Below picture has the details: