05262019Sun

Iran economists say secondary forex market hurting the economy

Iran Focus

London, 5 Oct - Reports are surfacing the value of the Iranian rial is on the rise, after several months of declines, but that fifty Iranian economists are calling for Iran to end “the secondary forex market,” an arrangement that has “pushed millions of Iranians below the poverty line” and could lead to at least one million job losses.

In a letter to the heads of three branches of government, the economists explain that the creation of a secondary market has lifted control on the foreign exchange rates and brought 60% inflation.

Iran rial rose in value, but experts are sceptical

Iran Focus

London, 4 Oct - The Iranian currency unexpectedly rose in value on Tuesday, following months of depreciation triggered by US sanctions, but caused overall by government corruption and mismanagement.

At one point, exchange shops in Tehran were offering one US dollar for 135,000 rials (compared with highs of 190,000 just the day before). This led many Iranians to rush to exchange their rials for dollars to beat the inevitable drop in value that will happen when further US sanctions are applied next month.

Iran’s oil export

Iran Focus

London, 26 Sep - Oil exports by Iran are declining ahead of the second round of US sanctions that is due to be imposed from November 4, which will likely lead to the Iranian economy contracting by 3% this year and 4% in 2019, according to the Institute of International Finance.

On Tuesday, the IIF, which represents major banks and financial institutions from around the world, said that exports of crude oil and condensates from Iran had dropped by 0.8 million barrels per day (bpd) from April to September 2018, according to their estimates.

SWIFT

Iran Focus

London, 28 Sep - At the United Nations this week, Iran President Hassan Rouhani refused to meet with President Trump. It appears that both Rouhani and his European backers are waiting to see if Trump will force the SWIFT financial-messaging service to disconnect Iranian banks in November. Without SWIFT, Europe’s plan to sidestep US sanctions will be more likely not to succeed.

US and European supporters of the Joint Comprehensive Plan of Action (JCPOA), released a think tank report a week before Trump withdrew from the Iran nuclear deal. The report outlined ways in which Europe could evade US sanctions by processing payments to Iran through European central banks. After Trump’s announcement of US withdrawal from the deal, the European Commission announced it would do exactly that.

Iran currency

Iran Focus

London, 26 Sep - Reports indicate that the Iranian currency is continuing to drop in the days following the recent incidents which Iran regime’s officials immediately blamed Saudi Arabia, the United States and the United Arab Emirates for it. A video was posted on social media in which the Iranian regime threatened the United Arab Emirates and Saudi Arabia with missile attacks on their capital cities.

The price of gold has shot right up and the value of the Rial, the national currency of Iran, has dramatically dropped. It has been reported that the dollar has hit the 150,000 Rial mark.

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