04252018Wed

Iran Focus

London, 29 Mar - One member of the Iranian parliament has claimed that the Iranian people transferred $30 billion out of the country in the last few months of the Persian calendar year, which ended on March 20.

MP Mohammad Reza Pourebrahimi, the head of the economic committee in Iran’s parliament, made this claim during an interview with the state-affiliated ISNA News Agency.

However, Pourebrahimi did not reveal how this had happened. This is an odd situation as, despite the lifting of certain sanctions under the 2015 Iranian nuclear deal, Iranians do not have access to the international banking system. This means that such a transfer can only take place using unconventional methods, like using an exchange dealer or giving your money to an international traveller.

Iran Focus

London, 27 Mar - On Monday, the Iranian rial hit a record low. For the first time, it went past the 50,000 per dollar mark.

Experts are saying that the reason for this is the mounting uncertainty from the United States.

The value of the Iranian rial has dropped by almost a quarter of its value in less than half a year. The gap between that and the official rate – 37,686 as of yesterday – is widening and there is nothing to say it will stop growing.

Iran Focus

London, 13 Mar - The Tehran Stock Exchange was set to close the current fiscal year at the end of the month with a gain of approximately 25% in local index terms. In February, there was a record plunge in the commercial currency market which is used as an alternative to popular investment. The rate plummeted to 50,000 rial per $1 USD and officials were obliged to shut down scores of dealers.

In an attempt to divert remaining liquidity, the monetary authority issued high-interest bonds. Its own activity was criticised in the banking world for its lack of consistency with regards to intervention that resulted in months of difficulties in accessing foreign exchange.

Iran Focus

London, 16 Mar - An energy company in Iran has just signed a $742 million deal with Russian state-owned energy firm Zarubezhneft to increase production in two oil fields in Western Iran, which is making it pretty obvious why Russia is backing Iran’s malign activities.

At the signing ceremony of this deal, in Tehran on March 14, Iran's Oil Minister Bijan Namadar Zanganeh said: "Increasing the production from these two fields will bring some $4 billion dollars to Iran [over the next few years]".

Iran Focus

London, 02 Mar - Earlier this week, the Financial Action Task Force met in Paris. One of the items on the agenda was to discuss whether Iran’s banking system is clean. The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT).

For more than two decades, the United States Treasury Department has attempted to trace how banks in Iran are being used by the Islamic Revolutionary Guard Corps (IRGC) to fund militias and terror groups.

The FATF called on Iran to address the “remaining action items” in full.

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