03202019Wed

Iran market

Iran Focus

London, 3 Nov - On Wednesday, economic expert close to Iran, Davoud Mirzaie, said that as the country’s currency, the rial, continues to plummet, Iran’s workers have lost 80 percent of their purchasing power.

In an interview with the state-run ISNA news agency, Mirzaie continued. “The 19.5 percent wage increase has not shown itself in the workers’ lives, meaning the value of their wages in March 2018 is far below its value in March 2016. In other words, the workers’ purchasing power has decreased between 50 to 80 percent. This is causing numerous problems for the families of the country’s workers.” He added, “Such conditions have left the workers unable in providing for their basic needs. Therefore, labor unions have time and again called on the Ministry of Labor to see into this issue. Unfortunately, this remained unresolved.”

iran-economy

Iran Focus

London, 31 Oct - Iran’s economy continues to plummet, which has led to a growing economic crisis — unprecedented rates of unemployment, poverty, and inequality plague the country.

On May 5th, state-run Eqtesad website published a story titled “Broken backs under the weight of unemployment” that said, “Two-thirds of the Iranian people live under the poverty line! Maybe this statistic has not been written anywhere but it is a sad truth that rarely any official dares to reveal.”

SWIFT

Iran Focus

London, 13 Oct - The Donald Trump Administration’s push to pressure Iran through reimposing the second round of nuclear sanctions on Iran in November – this time targeting Iran’s central bank and oil industry - is facing challenges for European allies and even some in the Treasury Department, but the administration is fighting back, according to a leaked document.

A research memo that has been circulated among policymakers argues that cutting Iran off from SWIFT, a service that facilitates cross-border financial transactions, is essential and would be effective. After all, it worked in 2012, when President Barack Obama and Secretary of State Hillary Clinton did it.

Iran Inflation rate

Iran Focus

London, 30 Oct - The Iranian inflation rate has risen to 15.9% in October, the Central Bank of Iran reported. They also noted that the inflation rate has soared by 36.9% compared with the same month from 2017.

This announcement came just one week before US sanctions targeting Iran's international banking and oil export sectors come into force.

IRGC Domination of Iran’s Economy Cause Chaos

Iran Focus

London, 12 Oct - In the aftermath of the 1979 revolution in Iran, there was a significant change to the economy and the Revolutionary Guards Corps (IRGC) were able to gradually dominate in that area following the Iran-Iraq war.

Now, the IRGC controls a third of Iran’s GDP, with many of its companies or front companies embezzling hundreds of millions from the Iranian people. This is one of the reasons for the current economic crisis in Iran, which was a trigger cause for the Iranian uprising that began in December.

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