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Death penalty announced for "disruptive" currency traders
The head of Iran's judiciary announced on Wednesday that the courts will readily "issue death penalties" to the "disruptors" of the country's foreign currency market. In recent weeks, Iran's foreign currency and gold markets have experienced sharp fluctuations, which many analysts have linked to the intensification of international sanctions against Iran. - 2/2/12
Ahmadinejad presents budget to Parliament after delay
Mahmoud Ahmadinejad presented Parliament with his budget for the next Iranian calendar year after a delay of nearly two months. Iranian media report that more than 46 MPs spoke out against the president's lengthy delay. - 2/2/12
Iran reserves: $120 billion in cash, 907 tons of gold
Iran has $120 billion stored in its foreign exchange reserves and possesses 907 tons in gold reserves, according to the chairman of the Tehran Chamber of Commerce. The chairman said: "We don't have any shortage of foreign currency or gold to meet the local demand". - 2/1/12
Rafsanjani criticizes Ahmadinejad's economic policies
Ayatollah Hashemi Rafsanjani, the head of Iran's Expediency Council, has slammed the Ahmadinejad administration for failing to reinvest the money it saved by restructuring government subsidies. - 1/31/12
Parliament criticizes government action on currency market
Iran's Parliament has announced its displeasure with the administration's "unsatisfactory" explanations for recent fluctuations in the value of Iranian currency. Parliament said the government could have prevented the rial's sudden fall through "timely interventions." - 1/30/12
Tehran Stock Exchange value hits $127 billion
The Tehran Exchange Market's value has reached some 1,260 trillion rials (around $103 billion), the Securities and Exchange Organization's director announced on Sunday. - 1/29/12
Iran expects $57 billion oil revenues next year
Iran's oil revenues will total $57 billion for the next calendar year, starting March 20, if the average price per barrel trades at $85, as the upcoming budget bill is expected to forecast. - 1/29/12
Iran: Foreign Exchange Rules Tightened by Central Bank
Iran's Central Bank has announced that all money-exchange services in the country must trade foreign currency only within three to five percentage points of the Central Bank rate. - 1/28/12
Dollar to be traded at 12,260 rials: Iran's Central Bank
Iran's central bank announced on Thursday that dollar will be traded at a price of 12,260 rials from Saturday, January 28. - 1/26/12
Iran, China Trade Ties Up 55% in 2011: Envoy
Iranian Ambassador to Beijing Mehdi Safari underscored Iran and China's eagerness to further expand their economic cooperation, and said the two countries' trade ties have grown 55% in 2011 compared with the previous year. - 1/26/12
Iran Ups Interest Rates To Stem Currency Crisis
Iranian President Mahmud Ahmadinejad has agreed to increase bank interest rates in an effort to halt a fall in the value of Iran's currency. - 1/25/12
EU Oil Embargo: Sanctions Benefit Iran's Revolutionary Guards
The EU has banned oil imports from Iran to try and pressure the regime into making concessions over its controversial nuclear program. But even though the Iranian economy is suffering, Tehran is refusing to give ground. Meanwhile, the Revolutionary Guards are profiting from the sanctions. -Christoph Sydow, Spiegel - 1/25/12
Sanctions spur surge of Iranians buying luxury homes in Dubai
Iranians once played a key role in the Dubai market. In 2008 they were the fourth-largest group of international buyers in Dubai, accounting for 5 per cent of sales, trailing only India, the UK and Pakistan, according to data tracked by Reidin. -The National - 1/25/12
Iran Threat to Close Strait Could Hurt Economic Recovery
The international community is bracing for the possibility that Iran might attempt to close an important oil shipping lane in response to the European Union's new ban on the purchase of Iranian oil. The oil embargo is part of a wider range of economic sanctions aimed at forcing Iran to be more open about its nuclear program. -Mil Arcega, VOA - 1/24/12
U.S. Sanctions Key Iranian Bank, Hours After EU Moves
WASHINGTON - The U.S. Treasury Department has slapped sanctions on Iran's third-largest bank and an affiliate for allegedly providing financial services to other entities already sanctioned in connection with the country's sensitive nuclear program. - 1/24/12
Iranian Adviser Accuses Brazil of Ruining Relations
Iran's efforts to cultivate political support in Latin America at a time of rising international tension over its nuclear program appear to have encountered a significant obstacle: Brazil, the region's economic powerhouse. -NY Times - 1/24/12
EU Ministers Adopt Iran Oil Embargo
European Union foreign ministers have agreed to ban the import of Iranian oil as part of sanctions designed to pressure Iran to end its alleged pursuit of nuclear weapons. - 1/23/12
With EU On Board With Iran Oil Sanctions, Western Eyes Turn To Asia
The 510,000 barrels per day (bpd) of oil that the EU imports from Iran represent less than one-fifth of the more than 2.6 million bpd Iran ships out daily. Still, what the West hopes is that the EU's example will create pressure for Asia's energy-hungry economic giants to follow suit. -Charles Recknagel, RFE - 1/23/12
China's crude oil imports from Iran up: Report
China's crude oil imports from Iran have amounted to 28 million tons in 2011, which marks a 30-percent growth compared to the same period last year. - 1/23/12
Iranian currency drops over 10 percent: 1 U.S. Dollar going for 2000 Tomans
Iran's national currency hit a new low on Saturday afternoon trading at 20,000 rials to the U.S. dollar in the black market, ISNA reported. This is over 10% drop compared to prices from the day before. Similarly the price of the gold coin has reached 1 million tomans for a full size coin. - 1/22/12
EU Set To Widen Iran Sanctions
The European Union is set to widen its sanctions against Iran when the club's foreign ministers meet in Brussels on January 23. The 27 member states are expected to agree on an embargo against Iranian oil exports and might even agree to impose some sanctions on the country's central bank. -Rikard Jozwiak, RFE - 1/22/12
Iranian economy favorable despite sanctions: World Bank
The Iranian economy is set to grow favorably in 2012 despite effects of new sanctions, says the World Bank's latest Global Economic Prospects (GEP) 2012. - 1/22/12
Iran, Turkey set $30b trade target for 2015
The agreement was made during the 23rd meeting of Iran-Turkey joint economic committee in Ankara on January 18, which was chaired by Iranian Foreign Minister Ali Akbar Salehi and Turkish Environment and Urbanization Minister Erdogan Bayraktar. - 1/21/12
Iran exports $3.2B worth of technical services
The head of export development for Trade Promotion Organization of Iran has said more than US$ 3.2 billion worth of technical and engineering services has been exported over past 10 months. - 1/21/12
Iranian-Canadians caught in the crossfire
Canada's sanctions against Iran were meant to stop Tehran's ability to build nuclear weapons, but they are also having a devastating impact on Canada's large Iranian diaspora, community leaders say. -Toronto Star -WNN - 1/20/12
Iran: President opposes interest rate rise as gold price surging
Minister of Economic Affairs and Finance Shamseddin Hosseini said on Wednesday that President Mahmoud Ahmadinejad is opposed to a plan which calls for paying higher interest on interest-bearing accounts to encourage people to deposit their savings with banks in a bid to control gold and foreign exchange markets, which are currently in turmoil. - 1/19/12
Iran currency hits new low in blackmarket trading
Iran's currency, the rial, hit a record low against the dollar on Wednesday, the ISNA news agency reported, based on rates in blackmarket trading that the government has tried to ban. Iran's currency, the rial, hit a record low against the dollar on Wednesday, the ISNA news agency reported, based on rates in blackmarket trading that the government has tried to ban. -AFP - 1/18/12
Russia says it will block any UN oil embargo on Iran
Kremlin has reaffirmed its opposition to new sanctions targeting Iran's oil exports, warning that Russia would block any possible UN resolution in this regard, RTTNews reported on Tuesday. - 1/18/12
US Urges South Korea to Reduce Iranian Oil Imports
A senior U.S. diplomat on Tuesday asked South Korea to reduce imports of Iranian crude oil in support of U.S. sanctions that punish Tehran for its nuclear program. The U.S. State Department's adviser for non-proliferation and arms control, Robert Einhorn, also urged Seoul to cut back its business ties with Iran's central bank. - 1/17/12
Iran's handmade carpet exports hit $380 million in 9 months
Iran exported some $380 million worth of handmade carpets in the first nine months of the current calendar year, which began on March 21, 2011, the head of Iran's National Carpet Center said. - 1/17/12
Iran's Central Bank tries to control currency market
Iran's Central Bank has announced that anyone in possession of foreign currency without a bank receipt will be put under arrest beginning Sunday January 15. - 1/15/12
Giant Asian States To Keep Iran Oil Imports Despite U.S. Pressures
India, China, Turkey, and Pakistan say they will keep buying Iranian oil and see no reason to follow a new round of United States' sanctions against the Islamic Republic. - 1/15/12
Europe Debates Iran Oil Sanctions Amid Debt Crisis
Europe is gearing up for a summit later this month on a new set of sanctions against Iran's oil industry, following a similar move by the United States. Analysts say the EU members who are the worst-hit from the euro debt crisis stand to lose the most from any sanctions. -Henry Ridgwell, VOA - 1/14/12
Japan Expresses New Caution About Cutting Iranian Oil Imports
Japan's government has backed away from comments by its finance minister about reducing oil imports from Iran in support of U.S. sanctions against the Islamic republic. - 1/13/12
Japan Agrees to Cut Iranian Oil Imports
Japan has promised to reduce Iranian oil imports in support of U.S. sanctions aimed at pressuring Iran to end its controversial nuclear program. - 1/12/12
Iran Bazaar Sees Rush to Dump Rials as Sanctions Squeeze Economy
"The run on Iran's currency is significant because it shows the sanctions are having a true impact," said Ted Karasik, director of research at the Dubai-based Institute for Near East and Gulf Military Analysis. "Iran, while being extremely clever with skirting around previous rounds of sanctions, is perhaps facing real pressure this time." -Bloomberg - 1/12/12
China Gets Cheaper Iran Oil as U.S. Pays Tab for Hormuz Patrols
As European Union members negotiate an Iranian oil embargo and the U.S. begins work on imposing sanctions to complicate global payments for Iranian oil, Chinese refiners already may be taking advantage of the mounting pressure. China is demanding discounts and better terms on Iranian crude, oil analysts and sanctions advocates said in interviews. -Bloomberg - 1/12/12
EU To Hold Meeting On Iran Oil Embargo
European Union governments have agreed to bring forward a meeting of foreign ministers due to decide on an oil embargo on Iran by one week to January 23. - 1/11/12
Traders expect Iran's currency to fall further
According to khabar online, reporting from Tehran, Iran's currency rial continued its fall trading at 17,200 to a U.S. Dollar on Tuesday. While the government officials have stated they will bring the currency situation under control, the open market traders are predicting further fall of the currency in the coming days due to the high demand for foreign currencies. - 1/10/12
The Rial Drops, And Iran Blocks The News
The value of Iran's currency, the rial, has dropped again against the U.S. dollar. One U.S. dollar was being traded on the open market at up to 17,000 rials, according to reports by official Iranian news agencies. - 1/10/12
Turkey Resists US Sanctions Against Iran Despite US Envoy Visit
U.S. Deputy Secretary of State William Burns is visiting close ally Turkey to further press international sanctions against Iran over its controversial nuclear energy program. However, Ankara remains opposed to the new U.S.-led measures. - 1/10/12
China, US to Discuss Iran, Trade Imbalance
U.S. Treasury Secretary Timothy Geithner is on a two-day visit to China, where he is expected to discuss U.S. sanctions against Iran and the huge imbalance in China-U.S. trade. - 1/10/12
Photos: The Underprivileged people of 49-Dargaz village
The people in the village of 49-Dargaz in Iran's southern province of Hormozgan are living in the most primitive conditions deprived of the very basic necessities such as proper housing, water, sanitation, education and health care. Will any help ever arrive for these underprivileged people? -Amir Hossein Khorgoui - 1/9/12
Fall of Iran's Currency Strains Airline Budgets
Kish Air has announced that Iranian airlines are faced with cost increases of 30 to 35 percent due to the rial's falling value relative to foreign currencies. - 1/9/12
Iran's Sardar Jangal gas field in Caspian Sea to yield 880,000bpd
The huge gas field, named Sardar Jangal, which has been recently discovered in Iran's territorial waters in the Caspian Sea, has the capacity to produce 880,000 barrels per day (bpd) of crude oil, MP Asadollah Abbasi says. - 1/9/12
China rejects linking trade and Iranian nukes ahead of Geithner visit to lobby for sanctions
A top Chinese diplomat on Monday rejected linking Iran's nuclear program to trade, adding to tensions with Washington on the eve of a visit by U.S. Treasury Secretary Timothy Geithner to seek support for sanctions on Tehran's oil industry. -AP - 1/9/12
Iran's Currency Resumes Fall Following Rumors Central Bank Chief Has Resigned
In today's trading in Tehran, Iran's currency rial resumed its fall. According to khabar online, trading opened at 1600 tomans for a dollar, reached 1650 by noon and peaked at 1670 in the afternoon. Among the factors noted for today's fall of rial is a rumor that the head of the Central Bank, Mahmoud Bahmani, has resigned from his post. - 1/8/12
Iranian officials confirm sanctions' bite on economy
International sanctions have rocked the balance of Iran's currency, says the deputy head of Iran's Industry and Mining Chamber of Commerce. - 1/7/12
EU looks at delaying sanctions on Iranian oil
Reuters previously had reported that the EU would formally decide on imposing sanctions on Iranian oil by the end of January. However, reports indicate that a number of EU countries are now pushing for a delay, fearing that rising oil prices would have an adverse effect on their debt-stricken economies. - 1/7/12
Analysts Warn of Downside to Sanctions on Iran Oil Exports
Analysts say a possible European Union embargo on Iranian oil may do little to get Tehran to cooperate on its nuclear program, and could possibly contribute to a potentially dangerous standoff with the Middle Eastern nation. -Lisa Bryant, VOA - 1/6/12
As currency crisis and feud with West deepen, Iranians brace for war
TEHRAN - At a time when U.S. officials are increasingly confident that economic and political pressure alone may succeed in curbing Iran's nuclear ambitions, the mood here has turned bleak and belligerent as Iranians prepare grimly for a period of prolonged hardship and, they fear, war. -Washington Post - 1/6/12
Screws tighten on Iran as big buyers shun its oil
Iran faced the prospect of cutbacks in its oil sales to China and Japan as new measures to block Tehran's crude exports over its nuclear program appeared to be driving its economy to the wall. -Reuters - 1/6/12
EU Agrees to Ban Iranian Oil Imports
European Union governments have agreed to ban imports of Iranian oil as part of a Western campaign to pressure Iran over its controversial nuclear program. - 1/5/12
Italy's Monti Questions Scope, Timing of EU Ban on Iranian Oil
The leader of financially struggling Italy questioned the scope and timing of a possible European Union halt to Iranian oil purchases, raising an obstacle to stiffer sanctions on Iran's nuclear activities. -Bloomberg - 1/5/12
France Presses EU to Toughen Sanctions Against Iran
Mr. Juppe said France will be pushing the European Union to toughen sanctions against Iran on two fronts, freezing the assets of Iran's central bank and imposing an embargo on Iranian oil exports. Paris wants the EU to adopt the measures by January 30, when European foreign ministers and heads of state meet in Brussels. - 1/4/12
China Criticizes US Sanctions Against Iran
China is voicing strong opposition to U.S. sanctions against Iran. Authorities in Beijing say Chinese interaction with the Middle Eastern country does not violate United Nations resolutions and therefore should not be affected by the latest sanctions. - 1/4/12
Iran currency rebounds on pledges of stability after new US sanctions drive it down
Iran's national currency rebounded Wednesday from record lows after the central bank chief acknowledged with rare candor that the "psychological effects" of new U.S. sanctions were partly responsible for the devaluation and said the country might raise interest rates to stabilize the market. -AP - 1/4/12
The Central Bank of Iran and the Devaluing Rial
The Central Bank is losing its battle with the local Iranian gold and foreign exchange markets. Central Bank governor, Mahmoud Bahmani, has been struggling futilely with market forces for a few months now, to prevent potentially profound devaluation of the Iranian rial. -Amir Naghshineh-Pour - 1/3/12
Photos: Modern steel ingot plant inaugurated in Hormozgan province of Iran
Iran's most advanced steel ingot production plant came on stream on Monday in the southern province of Hormozgan. The Hormozgan Steel Company has the initial production capacity of 1.5 million tons per year. But, infrastructures have been provided for boosting the capacity to three million tons in a year - 1/3/12
Ilam struggles with rising suicide rate
The suicide rate in the western Iranian province of Ilam has risen to a critical level, says a provincial health official. Unemployment is a major cause of suicide, said Ilam MP Daryoosh Ghanbari, who noted last month that his province has the country's highest suicide rate. - 1/3/12
Iran's Currency Slumps on Sanctions Fears
Reports from Iran say the nation's currency has slumped to a record low against the U.S. dollar, two days after U.S. President Barack Obama signed into law new sanctions that could affect Iran's central bank and financial system. - 1/2/12
Iran plans to boost output at joint oilfield with Saudi Arabia
Iran plans to increase production at the Forouzan oilfield, which is shared with Saudi Arabia, by 40 percent by the end of the next calendar year (March 20, 2013), Iran Offshore Oil Company (IOOC) managing director said. - 1/2/12
Iran's Currency Hits New Low
According to khabar online news site, Iran's currency rial dropped further today ending at a record 1600 for a dollar. After the climb today, most exchange traders stopped selling and were only willing to buy, signaling they expect the rial's fall to continue. - 1/1/12
Iran Dismisses New U.S. Sanctions
The head of Iran's Chamber of Commerce has said sanctions against his country "have raised the cost of trade and economic transactions, but it has not managed to change Iran's political behavior." - 1/1/12
Petrol rationing saves Iran $38 billion: Official
Rationing the supply of gasoline since 2008 has prevented Iran from importing 65 billion liters of the product, saving the country some $38 billion, an official with the National Iranian Oil Production and Distribution Company said. - 12/31/11
Iran's Unemployment Rate at 12.3%
According to the Statistical Center of Iran, the unemployment rate for the country in spring 2011 dropped to 12.3% from the year earlier figure of 13.5%. - 12/30/11
Iran's non-oil exports approaching $32 billion
The value of non-oil exports, including gas condensates, stood at $31.9 billion in the first nine months of the current Iranian calendar year which ended on December 21, showing 38 percent rise year on year, the Iranian Customs Administration director said. - 12/29/11
Pakistan to complete the gas pipeline from Iran
Islamabad, Dec 29 -- Shrugging off US pressure, Pakistan has geared up work on bilateral agreement with Iran including Pakistan-Iran gas pipeline, local media said on Thursday. - 12/29/11
Iran: newly-discovered gas field in the Caspian Sea
In a nutshell, while Iran is suffering from international, multilateral and unilateral sanctions, the discovery of joint oil and gas fields only works to benefit the countries neighboring Iran that take advantage of Iran's isolation in the international community. -Bahman Aghai Diba - 12/28/11
Iran Oil Minister push for expanding Caspian Sea explorations
Iranian Oil Minister Rostam Qasemi has set a one-month deadline for a number of his deputies to accelerate explorations across the Caspian Sea, especially in Golestan Province. - 12/28/11
Iran's currency fluctuations continues
According to khabar online news site, Iran's currency fluctuations continues. Today, rial was being traded 1480 for a dollar in the morning. However, by noon the rate had increased to 1550. - 12/26/11
Iran, Armenia mulling free trade agreement
To boost their economic and trade ties Iran and Armenia are preparing the ground for signing a free trade agreement, Iran's Foreign Minister Ali-Akbar Salehi says. - 12/26/11
Iran, Afghanistan to sign new oil contract
Iran will boost exports of oil products, such as gas oil, gasoline and jet fuel, to Afghanistan according to a contract which will be signed today in Tehran. - 12/26/11
Iran, Ukraine set to ink $1b oil deal
Ukrainian Inter Naft Gas Prom Pars Company is set to sign a contract, worth around $1 billion, with Iranian Petroleum Engineering and Development Company aiming to develop three heavy crude oilfields in Iran, namely Kooh Mond, Booshgan and Kooh Kaki. - 12/25/11
Iran extends oil deal with Turkey despite sanctions
The National Iranian Oil Company (NIOC) has extended its crude oil deal with Turkey by the end of 2012 despite tightening sanctions against Iran by western countries. - 12/25/11
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