Iranian economy

Iran to increase gasoline production, Zanganeh says

Zanganeh said on Monday that the third phase of Persian Gulf Star Refinery (PGSR), in the city of Bandar Abbas, southern Hormozgan province, will go into full swing in the coming weeks, which will increase the country’s gasoline output to …

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Iran rial hits record low around 150,000 against dollar

Iran rial extended its slide on Wednesday, hitting a record low around 150,000 against the dollar, according to foreign-exchange websites, Reuters reported. The dollar was being offered for 150,000 rials, compared with about 138,000 …

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Tehran arrests currency traders as rial plunges

Tehran authorities have detained almost 100 currency traders and frozen bank accounts reportedly worth 200tn rials ($5.3bn) in the biggest crackdown on foreign exchanges in six years. The operation is aimed at tackling a slide in the …

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Iran's GDP 8% growth depends on political consensus

Minister of Economic Affairs and Finance Ali Tayyebnia believes an 8% economic growth for the upcoming Iranian year (March 2017-18) is within reach, “if the political wrangling during presidential campaigns does not …

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Why Iran's Rial Hit an All-Time-Low Against the US Dollar

Today $1 costs 100 thousand Iranian rials, that is an all-time-low rate against dollar. Although several reasons for the slide have been put forward by economists – amongst them the strength of the dollar against other currencies in the …

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Iran’s Cabinet passes monetary reform motion

Iranian President Hassan Rouhani’s cabinet on Wednesday approved a motion put forward by the Central Bank of Iran (CBI) to change the national currency from rial to toman, leading to a ten-fold decrease in banknote denomination...

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Iran establishes relations with foreign banks

Iran has established correspondent relations with 230 foreign banks since January 16, 2016, the vice governor of Central Bank of Iran for foreign exchange affairs, Gholamali Kamyab, said. He noted that Iranian …

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Iran among 15 countries with rich mineral resources

Speaking in a local gathering, Mohammad-Taqi Korei said Iran enjoys more that one percent of global mineral resources while accessing to one percent of the world's land areas.  'At least 32 out of 42 natural hazards, …

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Rouhani hopes for 5% economic growth

Iranian President Hassan Rouhani has expressed hope that the country will register a 5% economic growth over the current Iranian calendar year (starting March 20). “I hope that by the end of the current (Iranian) …

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