– The latest stats from the Customs Department show that Iran export surplus has hit a new record high. During the past 9 months, Iran has exported more than 86 million metric tonnes of non-oil products valued at USD 33.358 bn that show 5.40% growth contrary to the same period last year.
– Reuters claims that Iran oil sales reached the lowest in % years after US sanctions snap-back on November 2018. According to the news agency, Asian buyers of Iranian crude came up with less than expected demand even after the US offered exemptions.
– In a report carried out by Fitch Solutions, Iran Banking sector along with other financial services has been analyzed that included a 10-year forecast. The key view was based on the fact that Iran’s banking and financial services sector will remain underdeveloped by global standards,
– The foreign minister of Iran, Mohammad Javad Zarif, told the press that EU is not willing to pay its dues when it comes to Iran Dedicated SPV. Apparently, the results from countless hours of negotiations with the European partners in JCPoA was indeed not fulfilling for Iran and the matter reached a dead end after all. “It costs EU more no to develop what they promised,” said Zarif in his interview.
– In a report published by international customs services (World Customs Organization), the hidden economy of Iran, aka Iran Smuggling status, has been analyzed. Data show that there is a wide gap between the figures stated by Iranian officials and international agencies.
– In a bold move that actually will impact saving accounts in favour of the capital market, the central bank of Iran obliged Iranian Banks to no longer pay daily interest on short-term deposits. This directive will be into effect soon and the interest payment base would change from daily to monthly. Moreover, Iranian Banks can no longer pay interest to accounts whose have withdrawal within the month of interest payment. CBI is now more decisive than ever to eliminate speculating activities on the nation’s banking sector.
– 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).
– After growing anticipations on Iran dedicated SPV, promised by EU members to circumvent US sanctions, now an English newspaper announced that Switzerland is to establish another dedicated finanicla line to ease Iran humanitarian imports (Food, Pharmaceutical and Medical equipment). This is a part what EU promised Iran after US unilateral withdrawal from JCPoA.
– For many years Iran had, and still have, the worst type of Energy Subsidies payments in the world which has only resulted in a weak and unbalanced economy for the nation (Iran Economy). The FOB price of petroleum hovers around 40 cents in the region and considering the domestic price of gas (IRR 10,000 – 10.52 cents!) it is clear that the Iranian government pays
– Following the concerns around the volume of money supply in Iran Economy, a new report by CBI shows that this figure surpassed IRR 16,930,000 bn (cUSD 178 bn – USD/IRR @ 95,000) on Sep-Oct 2018 with a growth of 20.70% contrary to the previous year. The share of the “money” (i.e. cash) part is IRR 2,420,100 bn while the “near money” consisted IRR 14,518,300 bn of the total amount (47.7% and 17.2% rise respectively). This adds up to the administration challenge meeting the 2019/20 budget plan bill as concerns over a widespread economic recession grow up.