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Iran's skyrocketing real estate prices
Since autumn 2011, real estate prices in Iran's major cities, and especially in Tehran, have skyrocketed, turning developers into overnight millionaires. Part of the increase is due to a rise in the price of housing materials and land, which was triggered by the cut in fuel subsidies and the sharp drop in the exchange rate for the rial in relation to foreign currency. - 3/18/13
Iran's petrochemical exports exceed $10 billion
Iran exported over $10 billion worth of petrochemical products in the first 11 months of the current Iranian calendar year, which began on March 20, 2012. The exported products amounted to 14.5 million tons in weight, the Shana News agency reported. - 3/15/13
Iran Oil Exports Seen Rising by IEA Even as Sanctions Widen
Imports from Iran rose to 1.28 million barrels a day in February from 1.13 million barrels in January, the Paris-based adviser to 28 oil-consuming nations said in a report today. U.S. rules took effect last month that require importers to pay in local currencies kept in escrow accounts, the agency said. -Bloomberg - 3/15/13
US Presses China, Other Countries, on Cyber Attacks
McCaul, writing last week in the Wall Street Journal, cited a January report by the U.S. cyber security firm Mandiant which identified China as the source of nearly 90 percent of cyber attacks targeting the United States. He said such attacks have also come from Iran and Russia. - 3/14/13
Iran's coming wage hike leaves experts unimpressed
Iran says the country's minimum wage will increase by 25 percent for the upcoming Iranian new year, but labour activists and economic experts have dismissed the hike as insufficient. Official sources have put the rate of inflation at 31 percent, which has made labour activists critical of the mere 25-percent increase to the minimum wage. - 3/13/13
Photos: Ground broken for Pakistan section of IP gas pipeline
Construction of the Pakistan section of the Iran-Pakistan gas pipeline officially started on Monday. The project was launched during a ceremony on the Iran-Pakistan border attended by Iranian President Mahmoud Ahmadinejad and Pakistani President Asif Ali Zardari. - 3/12/13
Iran, Armenia Find Solidarity in Isolation
While the West seeks to isolate Iran over its disputed nuclear program, landlocked Armenia seeks to build relations with its neighbor -- without violating international sanctions. In all of Christian Armenia, there is only one mosque: "The Iranian Mosque," restored 15 years ago by Iran. -James Brooke, VOA - 3/12/13
Iranian, Pakistani Presidents Inaugurate Gas Pipeline
Iran and Pakistan have inaugurated the building of a natural-gas pipeline linking the two countries that has been firmly opposed by the United States. Iranian President Mahmud Ahmadinejad and his Pakistani counterpart, Asif Ali Zardari, led a groundbreaking ceremony in the Iranian port city of Chah Bahar on March 11 to mark the start of construction on the 780-kilometer-long Pakistani segment of the pipeline. - 3/11/13
Iranian Workers Protest For Their Backed Up Pay
Hundreds of workers and retirees of Iranian metal industries gathered in front of Tehran governor's offices to protest against the delays in payment of their wages and benefits. The workers have gathered on several occasions in front of various ministries and each time ended their protests based on official promises by ministry and government officials to resolve the matter. - 3/10/13
Factory layoffs in Iran add to fear of trend
One hundred workers at the Iran Pouya Refigeration Factory were laid off this week, ILNA reports. The head of the Workers House in the west end of Tehran announced on Saturday March 9 that the Iran Pouya Refrigeration Factory was shut down after laying off its 100 workers. - 3/10/13
Iran to build refineries in African states: source
Iran has come to terms with Algeria, Angola, and South Africa to build small refineries for them, the Fars news agency quoted an informed source as saying. Iran has also been holding talks with Pakistan to establish refineries there, the source said, adding the two sides will hopefully ink a deal in the near future. - 3/10/13
Iran Allocates 2.1 Billion Euro To Build Gas Condensates Refinery
Iran has allocated 2.1 billion Euro so far in establishing the Persian Gulf Star gas condensates refinery in southern Hormozgan province, IRNA quoted Hormozgan Province governor general Ebrahim Azizi as saying. The refinery is the largest gas condensates refinery in the world - 3/10/13
Iran Looks To Car Exports To Power It Through Sanctions
Western sanctions may be sapping Iran's economic strength, but Tehran believes it still has an ace to play: its automotive industry, the country's second-biggest export earner after oil and gas. As Iran starts its new fiscal year this month, it views automotive and other industrial exports as its best hope for making up some of the billions of dollars Tehran loses from sanctions that target its international oil sales. -Charles Recknagel, RFE - 3/9/13
Iran, Iraq resume talks on gas deal
Iranian Oil Minister Rostam Qasemi has started a new round of talks with Iraqi officials in Baghdad, discussing the implementation of a previously signed deal with the Iraqi side to export Iranian gas to Iraq. - 3/9/13
Iran gets currency relief in light of positive talks
The exchange rates in Iran for the dollar, the price of gold and automobiles have declined in recent days, following the implementation of a number of economic strategies and the positive vibes emanating from the nuclear talks in Almaty at the end of February. - 3/6/13
Third ECO ministerial meeting begins in Tehran
The third ministerial meeting of the Economic Cooperation Organization (ECO) kicked off in Tehran Wednesday with participation of oil and energy ministers of the member countries. Iran, Turkey, Pakistan, Afghanistan, Tajikistan, Azerbaijan, Uzbekistan, Turkmenistan, Kazakhstan and Kyrgyzstan are members of the ECO. - 3/6/13
Iran's currency strengthens about 9 percent
The Iranian currency jumped about 9 percent against the U.S. dollar because of apparent government intervention and a positive tone at nuclear talks between Iran and world powers, currency websites and Iranian media reported on Monday. - 3/5/13
Financial trends have shrunk Iranian purchasing power
Iranians' purchasing power has declined by 72 percent in the past eight years, according to the daily Iranian newspaper Shargh. Shargh writes that the dollar has gone up from 8,740 rials in 2005 to 32,000 rials at the beginning of 2013, which means a 10-million rial monthly salary used to be worth $1,114 but now amounts to $313. - 3/5/13
Iran's car exports tripled to $294m in 11 months
Iran exported 49,952 cars, valued at about $294 million, during the first eleven months of the current Iranian calendar year, which began on March 20, 2012. During the same period in the previous year, 18,455 cars, worth $96 million, were exported. Iraq, Ukraine and Azerbaijan were the main importers of Iranian cars. - 3/5/13
Iran to establish NGL plant on Kharg Island in Persian Gulf
Iran will inaugurate a natural gas liquids (NGL) production plant on Kharg Island, which is located in the Persian Gulf, by the end of the next Iranian calendar year (March 2014). The project is now 50 percent complete, ISNA quoted Iranian Offshore Oil Company official Reza Bayazi as saying on Sunday. - 3/4/13
Iran Inflation Rate Hits 29.8%: Nut Prices Soar!
Prices of nuts, a favorite snack during Persian New Year, have risen sharply in the past year, following the steep decline in the value of Iranian currency. For most Iranians the nuts are now out of reach, like many other items. - 3/3/13
Indian Shipping Company Stops Carrying Iranian Oil
Mercator's tanker -- the "Omvati Prem" -- was the only ship with local emergency insurance available for charter by Indian refiners when sanctions from the United States and European Union were imposed on ships carrying Iranian crude oil. - 3/2/13
Iran: Anger over water shortages leads to violence in Esfahan
Two months into protests in Esfahan Province over water transfers to Yazd Province, protesters and security forces clashed and several buses were set on fire. The Kaleme website reported on Thursday February 28 that the clashes occurred when a group of officials who had arrived to make repairs to the water pipelines were met with resistance. - 3/1/13
Iran's aviation officials consider 100 percent fare hike
Head of Iranian Airlines Association announced that they have made an application to increase airfares by 100 percent if the government fails to offer appropriate subsidies to the airline companies. Scrapping of government subsidies on fuel and food coupled with international sanctions on Iran's oil and financial sectors has led to unprecedented hike in the inflation rate. - 3/1/13
$595b national budget bill submitted to Iranian parliament
The administration of President Mahmoud Ahmadinejad presented the national budget bill for Iranian calendar year 1392, which starts on March 21, to the Majlis on Wednesday. The proposed national budget amounts to about 7.3 quadrillion rials (approximately $595 billion), showing a 22 percent rise year on year. - 2/28/13
Iranian firm wins contract to build Pakistani portion of IP project
'Express Tribune' quoting sources reported that Iranian firm Tadbir Energy has been awarded the contract to construct Pakistan's portion of the gas pipeline. It said the initialisation of the contract took place during a recent visit of a Pakistani delegation to Tehran. The pipeline construction will be formally launched on March 4 on the Pak-Iran border. - 2/28/13
Pakistani President Visits Iran For Energy Deals
Pakistani President Asif Ali Zardari is making a visit to Iran to sign a deal for construction of a $1.5 billion pipeline to bring Iranian gas to his country. Zardari's two-day visit is due to include a meeting with Iranian counterpart Mahmud Ahmadinejad to sign the pipeline agreement and a deal for Iranian help in building an oil refinery in the Pakistani port city of Gwadar. - 2/27/13
Iran to revise policy of crude oil export: Oil Minister
Minister of Oil, Rostam Ghassemi, said on Monday that Iran will revise policy of crude oil export to produce high standard petrol and oil derivatives. Ghassemi said Iran can revise its policy of crude oil and gas condensates export and instead build advanced refineries to produce high value-added products. - 2/25/13
Workplace fatalities on the rise in Iran
Iranian media reported on Saturday February 23 that in the past 10 months, according to a report by the coroner's office, 1,517 people have been killed in workplace accidents, which represents a 14-percent increase over similar statistics last year. - 2/24/13
Iran's mineral exports up 21% in 10 months
Iran exported $2.233 billion worth of mineral products in the first 10 months of the current Iranian calendar year, which began on March 20, 2012, showing 21 percent rise compared to the same period in the previous year, IRNA quoted Iranian deputy industry minister Vajihollah Jafari as saying. - 2/24/13
Theft, shoplifting on the rise in Iran
Iran has suffered an increase in petty thefts in recent months, and reports from a single chain department store, Shahrvand, claim it has lost 6 billion rials worth of goods through theft, predominantly food items. - 2/23/13
Iran's caviar output projected to hit 3 tons
Iran's caviar output is projected to hit 3 tons in the next Iranian calendar year, which starts on March 21, IRNA quoted the Iranian Fishery Organization Director Gholamreza Razeqi as saying. Over one tons of caviar has been so far produced in the current year, some half of it has been exported, he added. - 2/21/13
Top 100 Iranian companies had $215 billion in revenues in 2011-2012
The Industrial Management Organization of Iran has released the list of 400 leading Iranian companies in terms of sales in Iranian calendar year 1390, which ended on March 19, 2012. The total sales of the top 100 Iranian companies amounted to 2.64 quadrillion rials (about $215 billion), which was a 30 percent rise year on year. - 2/20/13
Pakistan Reaches Out to Iran on Energy, Security
Pakistan is reaching out to its neighbor, Iran, for cooperation on energy and security, despite ongoing international attempts to isolate Tehran for its nuclear program. The latest talks between the two countries on a proposed gas pipeline that could aggravate Pakistani ties with the United States. Sharon Behn, VOA - 2/20/13
Eurasia is an engine of global economic growth: Iranian FM
Salehi made the remarks in a speech during the Islamic Republic of Iran and Eurasian Cooperation Conference, which opened in Tehran on Monday and closes today. Officials and scholars from a number of countries, including Russia, Kazakhstan, Tajikistan, Afghanistan, Pakistan, India, China, and Germany, are attending the conference. - 2/19/13
Iran's rampant inflation called sixth-worst in world
Reports from The Centre for Research of the Islamic Parliament and news agencies inside Iran claim that, unlike many other countries in the world that have been able to curb their economic difficulties and their double-digit inflation, Iran is shouldering its worst inflation in the past 17 years with the highest inflation rate in the Middle East. - 2/18/13
Photos: Iran launches domestically manufactured dry dock in Caspian Sea
Iran on Tuesday launched a domestically manufactured dry dock at the port of Anzali in the Caspian Sea. The dry dock, which has been designed and manufactured by the experts at the Marine Industries Organization of the Defense Ministry, can be used for testing and repairing various vessels and marine structures weighing up to 2000 tons. - 2/18/13
Iran's non-oil exports to pass $50B this year: official
Iran's non-oil exports will surpass $50 billion by the end of the current Iranian calendar year (March 20), ISNA quoted Iranian Chamber of Commerce official Asadollah Asgaroladi as saying. Non-oil imports are valued at 60-65 billion dollars, he said, adding that non-oil exports would approach the imports. - 2/17/13
Photos: The Making of Bakhtiari Rugs
The Bakhtiari tribe, based in Chahar Mahaal and Bakhtiari, is well-known for their rugs and weavings. Bakhtiari Rugs are based on a cotton foundation (warp) with a wool weft usually taken from the herds of the producing tribe. This leads to unique carpets that differ depending on the characteristics of each tribe's wool. - 2/16/13
Photos: Iran inaugurates $590 million NGL plant
Iran inaugurated a $590 million natural gas liquids (NGL) plant on the Persian Gulf island of Siri. It is projected that the Siri NGL plant will have about $500 million of sales annually, the Shana News Agency quoted National Iranian Offshore Oilfields Company Managing Director Mahmoud Zirakchianzadeh as saying on Thursday. - 2/16/13
Iran's Unemployment Rate Hits 11.2%
Iran's unemployment rate in autumn 2012 hit 11.2 percent, down 0.6 percent compared to the figure in autumn last year, IRNA reported, citing the Statistical Center of Iran. The jobless rate was 11.1 percent in spring, according to the report. - 2/13/13
Iranian Gas Rig Sinks In Persian Gulf; Iran Asks For Help To Recover It
Iran avoided a human tragedy when a fully manned 1,000-ton gas rig sank into the Persian Gulf last week without injuring any of the workers, according to Australia's News.com.au. -Huffington Post - 2/11/13
A New $100K Genius Grant, The Cyrus Prize, Seeks Brilliant Iranians
Noted Menlo Venture investor, Shervin Pishevar, has launched a $100,000 genius grant for Iranian innovators, dubbed, the "Cyrus Prize," named after the Persian King and inventor, Cyrus the Great. The prize will be awarded by the end of 2013 and paid out over 3 years. Asked about how innovators can contact Shervin, he writes, "They don't. We contact them." -TechCrunch - 2/8/13
Iran ready to provide credit line to Egypt: Minister
Minister of Economy and Commerce Shamseddin Hosseini said Iran is ready to provide credit line for purchase of commodities and services to Egypt. Hosseini is accompanying President Mahmoud Ahmadinejad to Cairo for the 12th Summit meeting of the Organization of the Islamic Cooperation (OIC). - 2/8/13
The Counterproductive Effects of Leveling Sanctions on Iran
The regime in power rarely feels the effects of sanctions. Instead, it is the average citizen who bears the burden of sanctions. Ironically, the Iranian regime uses the sanctions as a scapegoat, blaming the United States Government for their country's economic woes. -Rich Rubino, Politi Geek - 2/7/13
Iran Says $70 Million Check Was For Housing Project
Iran's ambassador to Venezuela says a check worth about $70 million, seized by German authorities from the luggage of Iran's former central bank chief, was to be given to an Iranian company for its expenses while building housing in Venezuela. - 2/6/13
EU court annuls sanctions on Iran's Bank Saderat
The European Union (EU) has lifted sanctions against the Iranian state-owned Bank Saderat, after Europe's highest court removed it from the list of banned institutions. Last Week, the European Court of Justice also annulled the EU sanctions imposed against Iranian Bank Mellat two and a half years ago. - 2/6/13
Auditor fears public could lose trust in Iran's banking system
The deputy auditor of the Central Bank of Iran has warned that some banks may be involved in serious breaches of regulations that may lead to a widespread lack of trust in the banking system among the general public. - 2/4/13
Iran inflation rises, stands at 28.7%: central bank
The Central Bank of Iran has announced that the inflation rate in the 12-month period ended the tenth Iranian calendar month of Day (January 19) rose by 1.3 percent compared to the 12-month period ended on December 20, 2012 and hit 28.7 percent - 2/4/13
Report: Iranian Had $70 Million Check
German authorities have reportedly found a check worth about $70 million in the possession of a former head of Iran's central bank. Tahmaseb Mazaheri stepped down as Iranian central bank chief in 2008. - 2/4/13
Over 60 million Iranians to receive cash assistance
Based on the decision, around one million rials will be paid to every individual. Accordingly, some 52 trillion rials (about $4.2 billion) will be drawn out the National Development Fund. The money will be deposited to banking accounts of breadwinners of the families by February 28. - 2/4/13
Iran, world's 10th iron ore producer in 2012: USGS
The US Geological Survey (USGS) announced that Iran was the 10th world iron ore producer in 2012, extracting some 28 million tons of the strategic mineral in the said period. - 2/4/13
General Court annuls EU sanctions on Iran's Mellat Bank
The General Court annulled on Tuesday the asset freeze imposed on the Mellat Bank of Iran, which had been designated by the EU Council in July 2010 on the alleged charge of engaging in a pattern of conduct which supports Iran's nuclear program. - 1/31/13
Iran crude oil exports rise to highest since EU sanctions
Iran's crude oil exports in December leapt to their highest level since European Union sanctions took effect last July, analysts and shipping sources said, as strong Chinese demand and tanker fleet expansion helped the OPEC member dodge sanctions. -Reuters - 1/31/13
Renault to maintain services in Iran despite sanctions
French giant carmaker Renault is committed to continue its services in Iran despite international sanctions imposed on the Islamic Republic, ISNA quoted Gilles Normand, Renault senior vice president and chairman for Asia-Pacific, as saying. - 1/30/13
Iranian workers decry lack of reaction to protest
About 800 workers have entered their sixth day of protests in front of Iran's presidential offices building on Sunday January 27. - 1/28/13
Iran to stop car exports next calendar year: official
Iran will stop car exports in the next Iranian calendar year, which begins on March 21, ILNA quoted Iranian Customs Administration Director Abbas Memarnejad as saying. He further added that car production in Iran will be decreased in the next year. - 1/28/13
Iran pays a high price for cheap Chinese products
Smog in Iran has reached alarming levels. Thousands of people die each year as a result. One factor that has previously gone unnoticed: brake pads containing asbestos from China. -DW - 1/28/13
Economic Sanction: The second international festival of caricature of the Art Center of North Khorasan Province
The festival was held under the aegis of the center and on the subject of economic sanction and with the goal of producing and creating invaluable works on this topic. - 1/27/13
Turkey Aids Iran Through Gold Trade
Banks in Turkey continue to send gold to Iran despite U.S. pressure to curb a booming gold-for-gas trade, which helps Iran skirt international sanctions. -Dorian Jones, VOA - 1/25/13
Samsung Total strikes Iran oil deal, lured by cheap fuel - sources
South Korea's Samsung Total Petrochemicals Co has revived a contract to buy Iranian oil after a year's hiatus, as thin margins in plastics make the cheap fuel from Iran hard to resist, people familiar with the deal said on Friday. -Reuters - 1/25/13
About 17 million Iranians to receive staple food coupons
About seventeen million Iranians will receive staple food coupons, as the administration of President Mahmoud Ahmadinejad and the parliament have agreed to adopt policies to assist low-income families - 1/24/13
China to begin importing Iranian polyethylene this month: report
China is set to start imports of Iranian-manufactured polyethylene this month, which became possible because the Islamic Republic partially lifted a ban on the export of petrochemicals late last year. - 1/24/13
Iran Currency Falls Further on Concerns Over Bank
Iran's currency, weakened by Western sanctions and economic mismanagement, has fallen further in value over the past few days in an apparent reaction to a leadership problem at the Central Bank that has stirred new concerns about political tensions, money traders and outside economists said Tuesday. -NY Times - 1/23/13
China's December crude import from Iran 2nd highest in 2012
Official data show Iran's crude oil exports to China soared to their second highest level in December 2012, in spite of U.S.-led sanctions against the Islamic Republic's energy sector. - 1/23/13
Internet Gender Gap Hurts World's Economy, Study Finds
The Internet gender gap is hurting the world's economy as well as millions of women across the globe, says a newly released, groundbreaking study. -Jane Morse - 1/22/13
Iran produces 500bm3 gas from gas field shared with Qatar
Iran has increased gas production from South Pars shared field with Qatar in Persian Gulf to 500bm3. - 1/22/13
Iran's Court of Audit says Central Bank Chief got dismissal notice
Iran's Court of Audit announced that Mahmoud Bahmani, the head of the Central Bank, has been given notice of dismissal in connection with issues concerning foreign currencies. - 1/21/13
Iran plans to boost agricultural exports by 11 million tons
Iran's agricultural exports grew last year, with pistachio and saffron sales almost doubling, despite Western sanctions on trade with the country, the Fars News Agency quoted Iran's deputy agriculture minister Jahangir Pourhemmat as saying on January 6. - 1/21/13
Iranian Parliament approves probe of Central Bank
Iranian Parliament has passed a motion to investigate the actions of the Central Bank in connection with its management of the foreign currency market and the devaluation of the national currency. - 1/20/13
Iran ends fuel subsidies for 1800cc and above cars
Iran has ended supplies of subsidized gasoline for cars with engines of 1,800cc and bigger, ISNA reported on Sunday. Iranians with cars pay 4,000 rials (33 cents) a liter for a monthly allowance of 60 liters and 7,000 rials a liter for larger volumes. - 1/20/13
French multinationals, Iran to team up in Lebanon energy projects
The French multinational energy corporations Total SA and GDF Suez SA have invited Iran to cooperate with them in oil and gas projects in Lebanon, according to the representative of a French company. - 1/20/13
Iran 14th in Middle East broadband ranking
Latest statistics on internet penetration rate in the Middle East show that Iran with 42 million users enjoys the highest number of internet users in the region, but it has 14th rank in broadband internet. - 1/19/13
Huge gas field discovered in northeast Iran
A huge natural gas field has been discovered in northeastern Iran, Central Oilfields Company Managing Director Mehdi Fakour has announced. "Details of the discovery of new natural gas reserves in the region will be announced by the National Iranian Oil Company" - 1/19/13
Iranian MP blames administration for worsening economy
Iranian MP Ahmad Tavakoli says the Iranian currency has fallen in value by 55 percent in the past year, and he blamed the Ahmadinejad administration's economic policies for exacerbating the economic problems caused by international sanctions. - 1/18/13
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