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Financial Tribune

Iran extends import ban on home appliances until March 2022

The ban on the import of home appliances, first implemented around three years ago, has been extended and will remain valid at least until the end of the current Iranian year (March 2022), according to deputy minister of industries, mining and trade, Mehdi Sadeqi Niyaraki.

Trade

Iranian gov’t to end subsidies for medicine imports

The government will put on end to paying subsidized foreign currency to import pharmaceuticals, the health minister said.

Macro Economy

Iran’s trade with Shanghai Cooperation Organization tops $9.8bn

Iran’s trade with the member states of Shanghai Cooperation Organization reached 15.76 million tons worth $9.82 billion in the first four months of the current fiscal year (March 21-July 22), according to the latest statistics of the Islamic Republic of Iran Customs Administration.

Trade

Iran seeks to diversify mercantile exchange commodity trade

The Industries Ministry intends to increase commodities offered at the Iran Mercantile Exchange, a deputy minister said.

Macro Economy

Iran Q1 producer inflation at 60.4%

The producer price index in the four-quarter period ending June 21, which marks the end of the first quarter of the current Iranian year, grew by 60.4% compared with the corresponding period of last year.

Macro Economy

Subsidized forex policy for imports a glaring failure

Soymeal prices in the domestic market have soared by 200% compared to last year, says the head of Food Wholesalers Association, noting that soybean imports are entitled to subsidized foreign currency (at the rate of 42,000 rials per dollar).

Trade

South Pars Phase 14 refinery to become operational in winter

The first sweetening train of the Phase 14 refinery in the giant South Pars Gas Field will come on stream in the winter, the Oil Ministry’s news agency Shana reported.

Energy

Trade with neighbors accounts for 50% of Iran’s total commercial exchanges

Iran’s export to its 15 neighboring countries accounted for 50.4% of its total exports in value during the first four months of the current fiscal year (March 21-July 22), according to the director general of Trade Promotion Organization of Iran’s Arab and African Affairs Department.

Trade

Iran-EAEU trade rises 93% YOY

Iran’s trade with member states of the Eurasian Economic Union stood at $1.6 billion in the first four months of the current fiscal year (March 21-July 22), registering a 93% growth in terms of value year-on-year, according to Hossein Kakhaki, director general of International Affairs Bureau of the Islamic Republic of Iran Customs Administration.

Trade

Iran, China discuss petroleum cooperation

The oil minister-designate, Javad Owji, met Deputy Director of the Middle East Division of China National Petroleum Corporation Libin Zhang in Tehran on Thursday, in his first meeting with foreign companies.

Energy

Iran Chamber of Commerce, Industries, Mines and Agriculture

Established in 1884, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) is a non-profit and non-governmental institution which aims at facilitating economic growth and development in the country. Iran Chamber tries to further coordinate the activities of the private sector. As an economic forum, representatives from both the government and the private sector attend Iran Chamber's sessions. Meanwhile the institution acts as an advisory body to the government, parliament and judiciary.

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