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  1. 7 | Time: 12:37| Print Version | Send To Friend No banking problem with Total deal: Petroleum Min Tehran, July 22, IRNA – Petroleum Minister Bijan Zangeneh said there is no banking problem with implementation of Total deal to develop the phase 11 of South Pars Oil Field. Total and the members of the consortium composed of France’s Total, China National Petroleum Corporation (CNPC) and Iran’s Petropars will pay contractors with no problem, Zanganeh told Islamic Republic News Agency (IRNA) on Saturday. The payments would not enter Iran's financial system at all, he added. National Iranian Oil Company (NIOC), Total, CNPC and Petropars on July 3, signed a 4.8-billion-dollar contract for development of South Pars Gas Field phase 11. Total will operate the SP11 project with a 50.1 percent interest, while Iranian Petropars Company and the Chinese CNPC will have a share of 19.9 and 30 percents, respectively. The 4.8 billion-dollar contract is the first major gas and oil agreement since anti-Iran sanctions relief after implementation of the historic nuclear agreement between Iran and world major powers (the United Nations Security council permanent members plus Germany) in 2015. The project, when completed, will add 56 million cubic meters perday to Iran's share of gas in the joint South Pars Oil Field with Qatar.
  2. Indonesian bank opens credit for Iranian businessmen Tehran, July 19, IRNA – Indonesian Ambassador to Iran Ocatvino Alimudin acknowledged here on Wednesday cooperation of an Indonesian bank with 10 Iranian banks and opening Letters of Credit (LCs) up to 200 million dollars for businessmen of both countries. Alimudin made the remarks in meeting with Head of Tehran Chamber of Commerce, Industry, Mine and Agriculture Masoud Khounsari. Alimudin said Indonesian government intends to regulate financial exchanges between the two countries in rials and Rupees. He added that currently trade exchanges between Iran and Indonesia is around 340 million dollars, but it will be five folded until the end of this year. Following implementation of the Joint Comprehensive Plan of Action (JCPOA) Indonesia increased its amount of oil and gas purchase from Iran and added that many Indonesian companies are interested in investment in Iran. He also pointed to Indonesian companies’ interest in investment in oil and gas in Iran and added that Indonesia is ready to invest up to 7 billion dollars in Mansouri Oil Field south of Iran and in spite of declaring the issue to Iran’s Petroleum Ministry officially, there is no response yet. Khounsari expressed Tehran Chamber's readiness for cooperation and interaction with Indonesian embassy in Tehran for development of economic relations. He said the two countries have high economic and industrial capacity for cooperation and added that the private sectors of Iran and Indonesia could be frontiers in development of economic ties. Foreign Investment Services Center affiliated to Tehran’s Chamber is ready to create ties between foreign investors and domestic corporations and to that end cooperation between the Chamber and Indonesian embassy in Tehran could be very helpful for Indonesian investors. According to Iran’s Customs Office figures for first 10 months of last year (March to December 2016) Iran’s export to Indonesia was worth 126,435,044 dollars and imports from Indonesia stood at 149,494,834 million dollars in value. 1391**1420
  3. Iran's Saman Insurance Company has signed a contract with the world's largest reinsurance company Munich Re, the CEO of Saman Insurance said on Wednesday. “Based on the contract, risks in life insurance and capital formation categories are reinsured by Munich Re,” Ahmadreza Zarrabieh also told a press conference, IBENA reported. Update: Munich Re confirmed that it has started working with Saman Insurance Company, in an email to Financial Tribune on Friday. The German firm has become the first foreign reinsurer to start working with Iran after the lifting of international sanctions in January 2016. The company halted business activities in Iran in 2010, stopping reinsurance for ships carrying Iranian oil exports on July 1, 2012. The decision was expected to impact reinsurer’s premium volume of around €10 million in Iran. The Central Insurance of Iran had announced that the German firm has given a significant offer for covering a variety of risk in Iran’s post-sanctions insurance market. “Saman has become the first Iranian insurance company to purchase life reinsurance coverage from a foreign firm,” Zarrabieh said, noting that risks up to €1 million are covered by the German reinsurer. The privately-owned Saman Insurance, a subsidiary of Saman Bank, accounts for 6% of Iran’s life insurance market. Life insurance accounted for 42% of Saman’s portfolio in the previous Iranian year (March 2016-17). Update: Saman has recently received the permission for increasing its capital from 803 billion rials ($21 million) to 1,500 billion rials ($39.8 million). The insurer also announced that Saman and Munich Re are working to develop a new model for auto insurance policies, in which the drivers’ behavior would be used as the criteria for calculating the premium. “We have received CII’s permission for offering the new model of auto insurance,” Zarrabieh said, noting that the new policies would be available in the second half of the current Iranian year. The mileage and locations where the vehicle is mostly used would be among the criterion used for calculating premiums. So far, all insurance companies had to sell auto insurance policies annually in accord with CII’s cap for premiums. Personal auto policies account for the largest portion of Iranian insurers’ income. During the previous Iranian year (March 2016-17), insurers earned 109.4 trillion rials ($2.9 billion) by selling 20.2 million policies in this category. However, PAPs constitute the lion’s share of losses, which adds up to more than 78 trillion rials ($2.08 billion), accounting for 43.4% of the total sum. Topics Iran Insurance News Share This : Short URL : https://goo.gl/fR4s3W
  4. haparak, Iran’s nationwide payment network, processed 1.288 billion transactions during the month ending June 21, marking a 34% growth, compared with the same period of last year. According to the latest report released by Shaparak, the total value of transactions reached 1.386 quadrillion rials ($36.96 billion) during the period, registering a 33.8% growth year-on-year. According to Shaparak’s report, each Iranian above 20 years made 22.39 transactions during the period. POS terminals accounted for 87% of total transactions in the one month, marking a slight growth of 2% year-on-year. The total number of active POS terminals in Iran reached 6.4 million by June 21. Transactions worth 50,001-250,000 rials accounted for 37.21% of total transactions processed by POS terminals. Beh Pardakht Mellat, the leading PSP firm in Iranian market, processed almost a quarter of all POS terminal transactions according to released data. The company owns 15% of total active POS terminals in the market. Mobile gateways and online gateways respectively processed 9.2% and 2.9% of transactions. Transactions worth less than 50,000 rials accounted for 67% of mobile payments and 655% of online payment transactions worth less than 250,000 rials during the period. Asan Pardakht and Saman Electronic Payment respectively processed 37% of mobile transactions and 25% of online transactions, becoming the leading acquirers in each category. Considering all the transactions processed in the period, Beh Pardakht Mellat remained the top Iranian PSP with a 22% share of the market. Saman (17%), Asan Pardakht (14.6%) and Parsian E-Commerce Company (13.6%) were other major players in the market. Bank Cards A total of 79.68 million bank cards were used at least once during the period, 94% of which were debit cards. The total number of bank cards remained almost unchanged, compared with the previous month. However, Shaparak has reported 24% growth in total number of credit cards and a drop of 19.5% in the number of gift cards. Bank Melli Iran accounted for 21% of active debit cards. Bank Mellat and Bank Saderat Iran followed with 12.5% and 11.2%, respectively. BMI was also the top issuer of credit cards during the month ending June 21, accounting for 37% of active credit cards. Bank Mellat, Bank Sepah and Bank Pasargad Iran were placed after BMI. Bank Saderat Iran and Parsian Bank issued the highest number of gift cards during the period. According to Shaparak, acquiring banks paid an average of 265.7 rials per 100,000 transactions as fees. Bank Sarmayeh and Export Development Bank of Iran paid the lowest sum of fees during the period, whereas Parsian Bank and Bank Hekmat Iranian paid the largest amounts of acquiring fees.
  5. As part of the discount Iran received from Airbus in its order for 100 planes, an A320 comes free. This was announced by deputy minister of roads and urban development, Asghar Fakhrieh-Kashan, in a Sunday ceremony to mark the end of the eight-year tenure of Farhad Parvaresh as the CEO of the flag carrier Iran Air. Airlines usually get discounts from plane manufacturers on huge orders. The Iran Air-Airbus deal is worth $18-20 billion based on list prices, but Parvaresh has been quoted as saying that the value of the contract would not exceed $10 billion considering the number of orders placed and the current market conditions. So far, the Iranian flag carrier has received three out of the 100 orders placed with the European planemaker (1 A321 and 2 A330). Farzaneh Sharafbafi, the first Iranian woman to receive a PhD in aerospace, was recently appointed the new chief executive of Iran Air. Share This : Short URL : https://goo.gl/4wwAwM
  6. o improve the speed and precision of customs’ banking affairs, Bank Melli Iran and the Islamic Republic of Iran Customs Administration are to launch an online payment system. According to IRICA’s report, their clients can simply enter their payment ID in BMI’s website, engage in payment process via Bank Melli’s payment gateway and the settlement will be completed in customs database within a few minutes. One of the advantages of this project is that the customers can see the details of their payments like how much they are paying to where and for what purpose, in addition to not having to go to banks in person and pay different amounts of money to various account numbers, which could be a confusing and time-consuming process. The joint project between the technology department of IRICA and BMI, along with its subsidiary companies, was started almost a year ago and so far about 100 test payments have been successfully done via this system. Therefore, in cooperation with BMI and IRICA, the website will be made operational in the foreseeable future.
  7. Same time as Iraq I would think
  8. These are the financial statements that are supposed to be in euro as of March this year
  9. n order to protect the interests of banks and credit institutions' depositors and shareholders, and maintain the stability and health of banking system, the Central Bank of Iran has set a number of conditions vis-à-vis banks' financial statements whose fulfillment is necessary for shareholders' annual meetings to become viable. According to CBI's directive, banks and credit institutions are obliged to present their financial statements and their footnotes, based on the International Financial Reporting Standards, to their board members, independent auditors, registered inspectors and also depositors and shareholders for the 2016-17 fiscal year in line with CBI's updated sample. The directive emphasizes that banks and credit institutions must definitely avoid releasing discrepant financial statements for an accounting period. It also deems it necessary for banks and credit institutions' independent auditors to professionally consider only financial statements compatible with CBI's framework and avoid any vague conditional article that is hard to understand for shareholders and users. In other words, CBI has not put any limit on conditional articles but they have to be transparent and explain the details and results. The IFRS-based balance sheet templates were first released by CBI in February to improve financial transparency and the international operations of Iranian banks. CBI has seriously pursued the complete implementation of IFRS and other international banking requirements such as Basel Accords. It is noted that the categorization of assets, incomes and liabilities, in addition to the assessment of dividend shared among shareholders and depositors should be done with utmost care, in line with accounting standards and CBI regulations. In particular, CBI has highlighted a number of prerequisites to allow banks and credit institutions to hold their annual general meetings that are usually held in late summer. Among these, banks and credit institutions should send the final draft of their financial statements to CBI at least one month before the meeting. Independent auditors and registered inspectors should send their reports to CBI at least a month before the meeting. Banks also have to report their failures in complying with money and banking regulations and CBI's directives at least a month before the general meeting. Following the presentation of the final draft of independent auditors and registered inspectors' reports, these officials should hold a joint meeting with CBI supervisors to exchange ideas and resolve any possible ambiguity. The directive noted that the responsibility of failure in implementing the regulations lies with banks' CEOs and board members, and the banks will not get a permit to hold an annual general meeting unless they have adhered to all the aforementioned rules. IFRS are a single set of accounting standards, developed and maintained by the International Accounting Standards Board for application on a globally consistent basis by developed, emerging and developing economies. These standards help provide investors and other users of financial statements with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with their international peers. After the lifting of sanctions imposed on Iran’s banking system, the necessity of conforming to IFRS was crucial to ease and speed up the process of absorbing foreign resources. IFRS standards are now mandated for use by more than 120 countries, including the European Union and by more than two-thirds of G20 states.
  10. Canada will provide $100 million in finance for a deal between Montreal-based multinational aerospace and transportation company, Bombardier Inc., and Iran’s Qeshm Free Zone Organization for purchasing 10 passenger planes, the FTZ’s chief executive, Hamidreza Momeni, has said. The free zone is planning to launch a new airline called Fly Qeshm. “Our talks with Canada’s Bombardier are almost final,” he was quoted as saying by Iran’s Tinn News on Tuesday. Momeni said the $100-million finance will cover 80% of the deal, which entails the supply of the 104-seat planes. “We are doing our best to receive these planes before the end of the current year (March 20, 2018),” he said. He was quoted earlier as saying by Iran newspaper that the FTZ will receive permits to launch the new airline by July 29, adding that the airline will start operation as of February 11, 2018. The organization’s talks with Bombardier to purchase passenger planes were publicized for the first time in April 2016, when Pierre Beaudoin, the executive chairman of Bombardier, led a delegation to Iran.
  11. Same time or close to Iraq...all we can do is wait they have said they will do with out the fanfare..bill is before parliament they are ready
  12. Thai Economic Team Expected Next Week An economic delegation of Thai economic players and business owners, including producers of edible oils, coconut powder, hair and skin-care products, ginger, chocolate, jelly beans and chewing gum, fruit and vegetables, sugar, confectionary, biscuit and wafer, crisps, cosmetics, pineapple conserve, corn and coffee, is scheduled to arrive in Tehran on July 23, Iran Chamber of Commerce, Industries, Mines and Agriculture’s news portal reported. During their weeklong stay, the delegation is also scheduled to attend the Iran-Thailand Economic Conference at ICCIMA’s headquarters in Tehran on July 24.
  13. The Central Bank of Iran is set to meet the immediate demand for 550,000 marriage loans, CBI’s deputy for credit affairs announced. “Currently, half a million applicants are waiting to receive the marriage loan. CBI intends to reduce the number to 50,000 individuals,” Ali Asghar Mirmohammad Sadeqi was also quoted as saying by CBI’s official website. According to the official, marriage loans would be extended to applicants from the banks’ interest-free loan fund worth 50 trillion rials ($1.3 billion) and CBI would make no contributions. “The exigency plan will be executed in two months starting July 23,” he said. Noting that 70,000 to 100,000 people apply every month for marriage loans, Sadeqi added that 70,000 to 80,000 loans are being doled out by banks every month. Based on CBI’s statistics, 31 banks and credit institutions currently give marriage loans, which have witnessed a 158% growth over a period of 48 months ending March 20, 2017. Lenders charge a 4% interest for the loan, which has to be repaid in four years. More than four million individuals have received marriage loans in the last four years. The total amount of loans was valued at 191.3 trillion rials ($5 billion), registering a 72% increase compared to the preceding four years. Up until 2015, 30 million rials ($800) were given as interest-free marriage loans per person. The government increased the amount to 100 million rials ($2,600) per person, and also earmarked the same amount in the current year’s budget, which was passed by the parliament.
  14. The Iranian banking system paid out 1.01 quadrillion rials ($27 billion) worth of loans to nearly 1.4 million applicants in the first three months of the new Iranian year to June 21, marking an 8.5% growth compared with the same period of last year. According to the latest data made available by the Central Bank of Iran, the services sector grabbed the lion’s share of the bank loans both in terms of number and volume. More than 780,000 applicants in the sector received loans worth more than 413 trillion rials ($11 billion) during the first quarter of the Iranian year to June 21, accounting for 40.8% of all the offered credits. The industries and mining sector with loans amounting to 327.6 trillion rials ($8.7 billion) and the business sector getting 125.5 trillion rials ($3.3 billion) were the next major recipients of the credits accounting for 23.4% and 12.3% of the total loans, respectively. After the services sector, the agriculture and housing sectors with 235,300 and 165,650 loan applicants received the largest number of allocated credits. The housing sector, which has not yet fully recovered from its long-lasting recession, only bagged 71.3 trillion rials ($1.9 billion) or 7.3% of the total amount of loans, which is considerably low, considering the size and value of the key sector. As noted by CBI, care should be taken to ensure the growth in banks’ loan portfolios does not raise inflationary pressure, since demand for credit is particularly high. Thus, recapitalization of banks, improvement of efficiency in allocating working capital loans to productive activities, reduction of bad debt and navigation of firms to the capital market are recommended. As the report indicates, the share of working capital loans for all economic sectors in the period stood at 662.7 trillion rials ($17.6 billion), which account for 65.4% of all loans during the period. The share of working capital loans to stimulate industries and mines was 285.1 trillion rials ($7.6 billion), which equal 43% of all the credits extended to meet the working capital needs of businesses. Industries and mines received 87% of their credits as working capital while they garnered a significant share of all loans offered by the banking system to business sectors. The services sector was the runner-up, grabbing 219.8 trillion rials ($5.8 billion), or 33% of the entire working capital loans. More than half of its credit was allocated to meet working capital needs. A study of the report reveals that the average value of each loan that went to the industrial and mining sector was considerably higher than that extended to other sectors, standing at 6.65 billion rials ($177,000). The figure for trade loans, which had the second highest average value, was about 777 million rials ($20,500) while loans allocated to agriculture sector held the lowest average value at 303 million rials ($8,000) during the first three months of the current Iranian year.
  15. The Money and Capital Markets Commission of Iran Chamber of Commerce, Industries, Mines and Agriculture held a meeting on Saturday to weigh in on the requirements of the long-overdue plan to unify foreign exchange rates and the country's progress in achieving this goal. The Central Bank of Iran's deputy governor for foreign exchange affairs was the special attendee who said the Iranian government considers foreign exchange rate unification necessary and intends to implement it as early as 2013. "Rate unification is only useful when it is stable and consistent, but if it is done half-heartedly, we won't be able to put it right for years," Gholamali Kamyab was also quoted as saying by ICCIMA's official news website. Kamyab noted that the volume of forex arrears is a crucial prerequisite for adopting a single exchange rate regime, which is at a low level at present since Iran was unable to absorb any significant foreign loans in recent years. "Our external debts are lower than international standards and the amount of short-term accounts is not at a high point either," he added. Kamyab referred to CBI's measures taken so far to help achieve rate unification such as shortening the list of imports eligible to receive foreign currency at official rates as well as making changes in foreign exchange regulations, which will be announced after the rate unification is implemented. If You Fail The CBI official pointed to the first attempt at rate unification in 1993 when the country's foreign debts exceeded $30-40 billion and national reserves were at an all-time low. The economy back then totally depended on oil income, which led to the scheme's failure and problems for businesses. "However, rate unification was implemented precisely and completely in the second attempt in 2002 but unfortunately proved short-lived due to political events and unsound economic policies," he said. Kamyab considered the growth in non-oil exports positive saying it would help the process of scrapping dual exchange rates. "Our economy should be export-oriented with exports taking center stage in all economic policies". Kourosh Parvizian, the head of the commission and president of the Association of Private Banks and Credit institutions, also attended the meeting and elaborated on the positive aspects of forex rate unification as it would benefit both ordinary citizens and the production sector. Iran had adopted single exchange rates twice in the past. The first experience dates back to 1993 when it did not last more than a few months due to economic turmoil and the exchange rate regime went back to multiple rates. The second time though, following the experience gained from previous setbacks and reforms in forex and trade policies to deregulate foreign trade, foreign exchange rate unification was successfully implemented and a "managed floating system" was announced in 2002. Unfortunately, it only lasted until 2010 when the next administration failed to observe financial and budgetary discipline. Iran currently uses two exchange rates, the free market rate, which stood at 37,410 rials to the US dollar on Wednesday, and another official exchange rate for state transactions. CBI fixed the official rate at 32,500 rials on Wednesday. In order to bring the rates together, the government began to gradually increase the official exchange rate for it to come closer to the unofficial market rate. CBI has succeeded in narrowing the gap between the official foreign exchange and free market rates as their difference stood at 18% in February but it currently hovers around 13%. "We are not saying the nuclear deal has resolved every issue but foreign banks' unwillingness to open credit lines for us has nothing to do with that," Kamyab said, noting that banking relations are improving, though hurdles pertaining to the banks' internal problems remain. "We have to admit that international standards have changed and we have fallen behind." While many officials, including Central Bank of Iran Governor Valiollah Seif had initially promised that forex rate unification would be realized by the end of the previous fiscal in March, that has not materialized due to what the officials call "unfulfilled conditions". Since the removal of international banking restrictions in January 2016, Tehran has secured links with only a limited number of smaller banks as US sanctions remain in force and large foreign institutions still fear potential fines. Banks remain nervous after US penalties, including a $9 billion (£7.32 billion) fine on France's BNP Paribas, were imposed in 2014, partly for violating nuclear-related financial sanctions against Iran.