– As the maturity dates of 20% bank deposits issued last year are closing in, now Iran Central Bank prepared a plot to reduce the risk of these massive funds flowing into parallel investment markets. The CBI is to extend the period of these certificated for another year yet with an 18% interest rate and a premature redemption rate of 10%. The important part is
– Iranian parliament’s research centre proposed a plan to tax banking deposits interest income for the coming year. According to the proposed plan, a 25% income tax shall be imposed on the Iranian Banks interest payments to depositor which is expected to make a revenue line of minimum IRR 100,000 bn (USD 833.33 mn – USD/IRR 120,000) for the administration.
– 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.
– 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:
– After Iran central Bank’s rigour regulations on Imports/Export activities, now cabinet members are to ratify a bill allowing imports of raw materials up to USD 300 mn from export currency resources (a clearing process) without the need to actually transfer FX inbound/outbound the country. This is to ease merchants minds from being forced to enter their trade proceeds into domestic FX markets (NIMA and SANA platforms).
– The head of Iran Action Group announced that the US will not extend exemptions of Iranian oil buyers that were granted previously. Brian Hook told the press that these exemptions aimed to stop the global oil price hikes and it is not likely that the United States extend the 6 month period. Last year 8 countries, including South Korea and Japan who still are not buying oil from Iran regardless of the immunity they have, were exempted from the ban on buying Iranian oil.
– After massive controversies about the limitations that equities’ daily fluctuation range (±5% for TSE, IFB and ±10% for the base market) imposed on market liquidity and dynamism, now the new head Tehran Stock Exchange announced that a dynamic fluctuations limit is on this body’s agenda, however, the current IT infrastructures does not meet the need and it shall be upgraded with regards to international standards.
– In its latest forecast report, the Economist intelligence unit has predicted that Iran Economy will sink with a rate of -3.70% for the year 2019. The US sanctions along with its consequent lower oil sales are the main catalysts behind the nation’s falling GDP growth. Syria, mostly due to the end of its long-lasting civil war, will experience the highest economic growth in 2019. Below picture has the details:
– A member of the Iranian parliament announced details of government securities to be issued in the next fiscal year (2019/20 Iran Budget Bill) in order to finance national projects, settle the contractors’ outstanding liabilities and reimbursement of previously matured debt securities (interest and principal).
– Expected to be a new derivative, the future contracts on 30 blue-chips of Tehran Stock Exchange will be open to trade from December 16, 2018. These futures will be expired in March 2019 and can only be traded via online trading platforms. The underlying assets of this new derivative are stocks of 30 giants of TSE and IFB with the following details: