Iranian Rial

screwball · October 31, 2016

Bank of China has 18 trillion yuans worth of assets, which place it among the top 10 banks in the world.

Economy
Business And Markets

Monday, October 31, 2016

Bank of China Eying Iran Entry

Iran is a big country with a high population and a strong economy and therefore Bank of China’s presence in Iran will bring about many positive outcomes

Noting that amplifying collaborations by the two countries will be in the interest of both sides, the BOC chief said economic potentials of Iran and China create a suitable backdrop to expand banking cooperation and that is the goal we pursue

The chief executive of one of the oldest and most powerful Chinese banks has expressed willingness to enter Iran and open a representative office.

Chen Siqing, CEO of Bank of China, made the announcement during a joint meeting with the Central Bank of Iran Governor Valiollah Seif.

"The goal of this meeting is expansion of financial cooperation between Iran and China and to develop joint efforts. We are looking to open a representative office in Iran," Chen was quoted as saying by the official website of CBI.

"In the next step, we can start thinking about opening branches," he added.

Noting that amplifying collaborations by the two countries will be in the interest of both sides, the BOC chief said economic potentials of Iran and China create a suitable backdrop to expand banking cooperation and "that is the goal we pursue".

"Iran is a big country with a high population and a strong economy," he said. "Therefore, Bank of China's presence in the country will bring about many positive outcomes."

Founded in 1912, Bank of China is the oldest bank in mainland China. The bank has 18 trillion yuans worth of assets, which place it among the top 10 banks in the world, as well as making it the most important international bank of the country.

Chen acknowledged CBI's support for having a Bank of China branch and representative office in Iran, adding that the establishment of correspondent relations could be a prelude for opening a branch in the country.

"In this regard, we must adhere to international standards," he said.

Seif called Iran-China ties "strategic and longstanding", saying Iran has always counted China among its strategic partners.

Pointing to the Chinese president's visit to Iran, he reiterated that expansion of economic collaborations was stressed in the visit and that "banking relations are a prerequisite to expanding these efforts".

Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei received Xi Jinping in late January in a meeting that was focused on boosting bilateral ties and issues of mutual interest, including the campaign against extremists and terrorists.

Cordial Ties

Referring to P5+1 countries that negotiated the Iran nuclear deal, Seif criticized the approach employed by the United States, but noted that in the group, China has had the closest ties with Iran and is therefore most accustomed to it.

Seif, who also heads the Money and Credit Council, reacted positively to the opening of a BOC office in Iran and said it could provide clear and transparent information about potential risks exerted on Iran's market and economy.

"Considering our aversion toward using the US dollar in international deals, our needs are met by paying for the imported goods through our oil or non-oil exports," he said.

"We will reimburse the surplus with a third-party currency that is usually the euro and our approach toward China is the same."

To support Chinese companies already active in Iran, he suggested having suitable correspondent relations in place.

"It is our proposal that to start working with Bank of China, the CBI and Iranian state-owned banks open correspondent accounts with the bank," he said.

At a separate meeting held with the Chinese delegation, Deputy Economy Minister Hossein Qazavi said that in order to increase the volume of banking and business deals with Iran, China should first coordinate with the CBI and after signing a deal with the top monetary authority, start dealing with commercial and specialized Iranian banks under the supervision of the central bank.

"The Export Development Bank of Iran has a structure that is more suited to jumpstart dealings between Bank of China and Iranian banks because of its specialized and government-owned status," he said. "The bank offers a variety of services and has a good track record in international deals."

The first step, according to the deputy minister, is establishing short-term credits that have a shorter process and need no guarantees.

"Your foreign credit will be used in various Iranian projects depending on how you wish to employ it," Qazavi promised the Chinese delegation

screwball · October 31, 2016

Trade Promotion Organization of Iran has signed a memorandum of understanding with Belgian Foreign Trade Agency, a body comprised of representatives of three Belgian regions of Walloon, Flanders and Brussels on Sunday to boost economic ties.

Signed in a joint economic forum in Tehran, the MoU seeks to promote cooperation in science, technology, infrastructure and investment. It was signed by TPOI president and deputy minister of industries, Mojtaba Khostrotaj, and Nathalie Lafontaine, deputy director of the Cabinet of Minister Jean-Claude Marcourt of Walloon Government.

“Without a doubt, this MoU will pave the way for Iranian companies to make inroads into the European continent after a decade of sanctions,” Khosrotaj was quoted as saying by IRNA.

“Trade between Iran and Belgium currently stands at $300-400 million per year. We ought to aim to increase this figure to the pre-sanctions level of more than $1 billion by expanding trade cooperation between the businesses of our two countries."

Sanctions against Iran over its nuclear program were lifted in January after the country signed a deal with members of the UN Security Council plus Germany to limit its uranium enrichment activities, though Tehran has always maintained that it never sought to develop a nuclear weapon.

> Bilateral Trade on the Rise

According to statistics released by the Islamic Republic of Iran Customs Administration, Iran exported $55.8 million worth of non-oil goods to Belgium in the last Iranian year (March 2015-16), registering a 13% rise compared with the year before. Imports stood at $289 million, indicating a 2% rise.

IRICA’s latest data show Iran exported 54,700 tons of goods, including steel products, petrochemicals, carpet, raisins and pistachios, worth $44.7 million to Belgium during the first half of the current fiscal year, registering a 17% rise in value over the similar period of a year before.

Imports during the same six-month period amounted to 27,800 tons worth $158.2 million, recording a 4% year-on-year decline in value. Machinery, excavators and pharmaceuticals were among the main imported commodities from Belgium to Iran.

BFTA board member, Lafontaine, is accompanied by a 200-strong delegation from 140 Belgian companies.

BFTA is a public institution, which is an incorporated body, founded under the Cooperation Agreement of 24 May 2002, agreed between the Belgian Federal Authority and the Regions. The board of directors consists of 16 members appointed by regional governments and the federal government, providing an equal representation of public and private sectors.

Each region appoints a government commissioner to fulfill the agency’s tasks, which include promoting exports by organizing trade missions and organizing and disseminating information, studies and documentation about external markets to regional services responsible for foreign trade.

BFTA organizes joint trade missions in collaboration with Wallonia Foreign Trade and Investment Agency, Brussels Invest and Export and Flanders Investment and Trade.

Pascale Delcomminette, CEO of AWEX; Benedicte Wilders, director of Brussels Invest and Export; and Geert Bourgeois, president of the Flemish government have also joined the visiting Belgian delegation.

> Shahid Rajaei-Antwerp Ports Cooperation

Addressing the Sunday forum in Tehran, Bourgeois said BFTA is planning to open a trade office in Iran, “to expand long-term industrial and commercial cooperation”.

He referred to a recent agreement for cooperation between Shahid Rajaei Port in southern Iran and the Port of Antwerp in the north of the European country, as a good example of successful cooperation between the companies of Iran and Belgium.

The MoU, signed in July in Tehran, offers a framework for cooperation between the two ports within the next five years, including sharing knowhow and identifying cargo flows to streamline trade ties.

It was signed by Eddy Bruyninckx, the CEO of Antwerp Port Authority, and Ebrahim Idani, the head of Iran Port and Maritime Organization's Hormozgan Department, in the presence of PMO chief, Mohammad Saeednejad.

The visiting Belgian delegation accompanying Bruyninckx comprised representatives of 12 companies active in the fields of transit and logistics and was joined by Belgian Ambassador to Iran Francois Delhaye.

Up until 2010 when western sanctions were imposed against Iran over its nuclear program, Antwerp was the most important European port for Iranian cargos.

After a gap of years, the Islamic Republic of Iran Shipping Lines returned to Antwerp with the first container ship since sanctions were lifted back in late 2015.

Shahid Rajaie Port, established in 1988, handles the bulk of Iran’s imports and exports, and is one of Iran’s most important ports.

Topics

Iran-Belguim Relations

Raiffeisenbank to Open Tehran Branch

Raiffeisenbank International (RBI) of Austria will soon open a branch in Iran, announced the country’s ambassador to Tehran. The Austrian ambassador Friedrich Stift said an Iranian delegate was to travel to Austria to complete a training course for this purpose which was canceled, “but the RBI is intent on going ahead with it”, Tasnim News Agency reported on Saturday. It was announced in early February that the bank will relaunch operations in Iran within months, depending on how fast sanctions fade and Iran is reconnected to the international inter-bank system SWIFT. Mojtaba Khosrotaj, a deputy economy minister and the head of Trade Promotion Organization, also said the presence of international banks such as the RBI in Iran is “indispensable when it comes to insurance coverage and establishing a credit line”.

screwball · October 31, 2016

Airbus, Boeing contracts at final stage for signature

Tehran, Oct 30, IRNA – Deputy Minister of Roads and Urban Development for international affairs Asghar Fakhriyeh Kashan said on Sunday that negotiations and expert studies on contracts with Airbus and Boeing are getting to final stage for signature soon.

He said that the contracts to purchase airplanes from the two companies reached the final stage and understanding has been achieved to begin joint work.

Fakhriyeh Kashan said purchasing 111 airplanes from Airbus with credit less than 10 billion dollars and 108 planes from Boeing is close to be finalized.

The draft contract signed in Paris last year envisaged producing software and hardware for Airbus planes by Iranian companies in cooperation with office of vice-president for science and technology studies, so the Iranian companies will be placed on the list of Airbus planes spare parts suppliers, Fakhriyeh Kashan said.

Upon draft agreement, representatives from Airbus company came to Iran and the executive committee was formed to fulfill expertise works and qualified Iranian companies would produce spare parts and offer services at the universal standard.

He added that the same process is to be executed by Boeing as well.

The US Treasury Department authorized sale of passenger planes by Airbus and Boeing.

Iran Air is to buy more than 200 planes and the delivery is expected to begin at the end of the current year.

1391**1416**1394

screwball · October 31, 2016

all these MOU's and discussions of. Deals done soon it sounds like to me that a,key component missing from them finalising and activating is single forex rate on international markets. They need to be international for,deals to be done? What does everyone think?

blueskyline · October 31, 2016

I have no idea . But I would guess . A Forex rate and some major action to take place with multiple countries allowing them to be International close to the same time .

screwball · October 31, 2016

Central Bank of Iran and the Ministry of Finance and Economic Affairs have finalized the long-awaited banking reform bill, said CBI’s deputy for supervisory affairs, Farshad Heydari, adding that the bill will be sent to the Majlis in the coming days. The official noted that the banking sector is in need of clear regulations to promote its sustainability and financial stability, IRIB news reported Tuesday. Simplifying banking services, improving efficiency, adjusting interest rates with real economic conditions and upholding Islamic banking norms are among the main measures envisioned in the bill. Iran’s Banking Law was approved in 1983 and has never been revised. Last week, Mohammad Reza Pour-Ebrahimi, a senior lawmaker, said that Majlis will pass the bill by the end of current fiscal year (March 2017).

A few days old but has currency reform as part of bill...

screwball · November 1, 2016

Tuesday, November 01, 2016

CBI Unsatisfied With Interest Rates

The current lending rates are not favorable to manufacturers and the Central Bank of Iran is working to ensure the rates move on a downward trajectory, says CBI’s deputy for supervisory affairs.

“We do not believe that the current 18% lending rates are suitable for manufacturers and as such, all our efforts are directed to make sure that the rate will be brought down,” Farshad Heydari was quoted as saying during a televised debate, CBI’s website reported.

The official noted that lending and deposit rates have undergone appropriate cuts.

“With an increased supply of money and the financial markets reaching a balance, we will witness a further decrease of these rates,” he said. “All markets are interconnected and if sufficient attention is not paid to them, the problem might seep to other markets and create heavy turbulence in the economy.”

The Money and Credit Council, which is the highest monetary decision-making body in Iran, voted in late June to lower lending rates by two percentage points, bringing them to 18% from the previous 20%.

Heydari emphasized that implementing directives approved by the MCC and the regulations of the banking system are among the duties of CBI.

“The MCC has decreed that the lending rates would be set at 18% and has communicated this decision to the banking system,” he added. “Therefore, CBI’s inspectors in Tehran and throughout the country maintain a meticulous watch and will take disciplinary measures toward any violations.”

Heydari noted that just a year ago, figures as high as 25-28% came up when talking about lending rate, “but even if 18% rates are not [strictly] upheld at the moment, rates higher than 19% or 20% are not reported”.

“We have warned and issued disciplinary orders for 10 banks in the past few months,” he added.

screwball · November 1, 2016

President Hassan Rouhani has officially ordered the implementation of amendments to the Budget Law of 2016-17 to pave the way for the clearance of government debts to public-sector banks.

In a letter to Mohammad Baqer Nobakht, the head of Management and Planning Organization, the president issued the order for the implementation of a number of features in the budget amendment to clear the government's debts to the banking system, increasing the lenders' capital and settling the banks' debt to the Central Bank of Iran, reports Banker.ir.

Amendments to the annual budget, which were passed by lawmakers in late August, allow the government to settle its debts to the banking sector by using CBI's foreign exchange resources. They permit the Rouhani administration to repay up to 450 trillion rials ($14.1 billion) of its debts to the lenders.

"Following the notification number 72469 of the amendments to the Budget Law of 2016-17 on September 5, the following directive numbered 118/53417 is communicated in line with the Article 123 of the Islamic Republic Constitution on October 15," Rouhani wrote.

By approving the budget amendments, the parliament also allowed the government to issue up to 400 trillion rials ($12.5 billion) of treasury bonds or other Islamic debt instruments with five-year maturity to clear its hefty debts to banks, contractors, municipalities and farmers.

Penalty Relief

Nobakht provided new information about another dimension of the budget amendments, heralding the enforcement of interest relief for certain bad loans within a month.

"The loan relief directive will be approved and officially communicated by the government within a maximum one-month timespan," he said in reference to the loan relief proposal that is part of a provision passed by the parliament in the budget amendments.

The provision states that if debtors return the principal amount of their loans of under one billion rials ($31,400) to banks, all interest and penalties pertaining to the interest on the loans will be forgiven.

As previously confirmed by the spokesman of Majlis Planning and Budget Commission, Mohammad Mehdi Mofatteh, the interest on loans will be reimbursed to lenders from the revaluation of foreign exchange resources of the CBI and the fines will be forgiven.

On Saturday, 169 members of parliament penned a letter to the president, officially asking the government not to charge interest and late payment penalties on overdue loans worth one billion rials or less.

Reacting to the missive, Nobakht said in the amendments to the annual budget law, "an executive directive has been defined for the implementation of the article and this directive, which has been jointly drawn up by the Economic Affairs and Finance Ministry, the Management and Planning Organization and the Central Bank of Iran, is in the final stage of review."

Nobakht, who doubles as the government spokesperson, also commented on one of the main promises of the government, saying CBI is working to unify the foreign exchange rates and the plan "will probably be implemented by the [Iranian] yearend [March 20, 2017]".

Economy Minister Ali Tayyebnia was the latest official to talk about the longstanding plan of bringing an end to Iran's dual forex rate regime.

"A multi-rate currency system has many downsides and creates the groundwork for corruption and that (among other things) is why forex rates will be unified within the next two or three months," he said in early October.

Three Big Central Bankers to Weigh New Policies

The individual and collective dilemmas illustrate the current policy funk facing the global economy, as well as the urgent need for a macroeconomic policy pivot on three continents

The central banks of Japan, the UK, and the US will hold policy meetings this week. These three systemically important institutions are inclined to implement new policy measures, albeit different ones. Yet all three may end up keeping their policy stance as is. Their individual and collective dilemmas illustrate the current policy funk facing the global economy, as well as the urgent need for a macroeconomic policy pivot on three continents.

With the release this week of the quarterly inflation report, the Bank of England is likely to reiterate its concern about the potential impact of the uncertainty surrounding Brexit on growth, trade and investment prospects, Bloomberg reported.

In keeping with its previous signals, and given the government’s delay in spelling out a coherent strategy for exiting the European Union, the central bank would be inclined to put in place some additional policy “insurance” for the country’s well-being, including by cutting interest rates and, possibly, considering new balance sheet operations.

But the Bank of England also needs to acknowledge that the UK’s recent growth performance has been better than expected, even as inflation is increasing with the sharp depreciation of the pound. Together with growing—and highly unfortunate—political attacks on the central bank and its governor, particularly by members of the pro-Brexit camp, the rising risk of stagflation is likely to keep the bank on the policy sidelines for now.

BoJ’s Challenge

The Bank of Japan faces another, similarly challenging policy dilemma.

After its surprising decision to venture deep into unconventional policy, including with negative policy rates, the Japanese central bank is committed to continuing to try to support growth and raise inflationary expectations. But its attempts to do so have been ineffective, if not counter-productive. And while the government continues to lag on the implementation of structural reforms—the “third arrow”—there is little to suggest that additional policy intervention would be any more successful this time.

US’ Bizarre Politics

The US Federal Reserve faces the least challenging policy predicament when it comes just to economic and financial considerations, at least on paper. But that doesn’t take into account the bizarre politics of a highly unusual election.

US third quarter gross domestic product growth came in last week at 2.9%, surpassing consensus expectations. Meanwhile, financial-market measures of inflation have been rising and labor market indicators have remained relatively solid. Along with what seems to be a wider recognition among a growing number of Fed officials of the rising risk of future financial instability, these factors would push the Federal Open Market Committee to be inclined to hike interest rates when it meets this week.

But the Federal Open Market Committee will be announcing its policy conclusions just a few days ahead of a very contentious presidential election characterized by many twists and turns that has featured questions about the political autonomy of the Federal Reserve, as well as its traditionally apolitical stance and the continued tenure of its chair, Janet Yellen.

In this context, the likelihood of policy misinterpretation is significant, placing the Fed in a potential “lose-lose” situation. That means the FOMC is likely to choose the less visible and less risky policy path: delaying actions until after the elections.

The events of this week are likely to highlight again the extent to which good policy making on three continents is being undermined by “unusual uncertainty” caused by institutional and political factors. The outcome of the central bank meetings would show that these institutions, having been forced to carry too heavy a policy burden for too long, are now in an even more challenging phase

screwball · November 1, 2016

hristophe Rosenberg, an advisor of IMF’s Communications Department, discussed the fund’s policies during a conference held in the Central Bank of Iran's headquarters in Tehran on Monday.

“Our new approach is to send a clear message to all the people we communicate with, as it would expand the impact of the message and inspires more people,” CBI’s website quoted Rosenberg as saying.

“The IMF started to enhance transparency of its operations since 2007, mainly by providing easy access to IMF’s data and reports to the public,” he added.

The official also noted that the fund is trying to provide all 189 central banks of member states with classified access to various types of data gathered at the IMF.

Elaborating on the fund’s responsibilities, Rosenberg said the IMF has allocated $1 trillion to central banks across the world, which could be used as lines of credit.

"Preserving international financial stability is IMF’s key task at present," he said, adding that conducting research, granting loans and providing members with technical assistance are other responsibilities of the world financial body.

Rosenberg also said Iran’s quota accounts for 0.75% of IMF's total shares, adding that Iran has been successful in its plan to reform its energy subsidies.

screwball · November 1, 2016

saying CBI is working to unify the foreign exchange rates and the plan "will probably be implemented by the [Iranian] yearend [March 20, 2017]".

Economy Minister Ali Tayyebnia was the latest official to talk about the longstanding plan of bringing an end to Iran's dual forex rate regime.

"will probably"

screwball · November 1, 2016

"Will probably"

adv. Probably: They'll likely buy a new car soon. [AHDEL]

Usage:

Likely as an adverb is preceded by another, intensifying adverb, as in it will very likely rain or it will most likely rain. Its use without an intensifier, as in it will likely rain is regarded as unacceptable by most users of British English, though it is common in colloquial US English. [Collins]

likely meaning “probably” is often preceded by a qualifying word: The new system will quite likely increase profits. Some usage guides maintain that such a qualifier must always be present. However, likely without the qualifier is standard in all varieties of English: The new system will likely increase profits. [Random House Kernerman Webster's College Dictionary]

FOD

climber7 · November 1, 2016

Okay

just my personal thoughts....

Its nice to hear they wanna 'do something' by next March but to be homest I'm sick of waiting for the dinar and now the rial.

Those countries are so ridiculously F'd up they may never dig themselves out of the hole they're in.

IMO they better 'do something' before the election here because things could go even worse for them if they don't

Sorry--just ranting

millionaire in training · November 1, 2016

Thank You for the constant articles Scewball. You do fine job of keeping us updated. Much appreciated. Im not posting much these days but I am reading everything you post.

Climber..... I think you're right .....Iran should do something before the new POTUS takes over. All though we need to remember these countries have an agenda.... we're just not aware of what it is. Lots of stuff going on behind the scene that we'll never know about.

The good news is that we can plainly see all the articles that show that they do want to move forward ....and they are.

This is all coming to an end sooner than you think.......We're all tired and ready to get off this ride. Hang tight we're almost there.

jaman · November 1, 2016

3 hours ago, screwball said:

"Will probably"

adv. Probably: They'll likely buy a new car soon. [AHDEL]

Usage:

Likely as an adverb is preceded by another, intensifying adverb, as in it will very likely rain or it will most likely rain. Its use without an intensifier, as in it will likely rain is regarded as unacceptable by most users of British English, though it is common in colloquial US English. [Collins]

likely meaning “probably” is often preceded by a qualifying word: The new system will quite likely increase profits. Some usage guides maintain that such a qualifier must always be present. However, likely without the qualifier is standard in all varieties of English: The new system will likely increase profits. [Random House Kernerman Webster's College Dictionary]

FOD

OR in dinar land....SOON

screwball · November 1, 2016

3 hours ago, climber7 said:

Okay

just my personal thoughts....

Its nice to hear they wanna 'do something' by next March but to be homest I'm sick of waiting for the dinar and now the rial.

Those countries are so ridiculously F'd up they may never dig themselves out of the hole they're in.

IMO they better 'do something' before the election here because things could go even worse for them if they don't

Sorry--just ranting

It's okay to rant we are all feeling the same pain! Iraq will be done soon so will iran!

screwball · November 1, 2016

1 hour ago, millionaire in training said:

Thank You for the constant articles Scewball. You do fine job of keeping us updated. Much appreciated. Im not posting much these days but I am reading everything you post.

Climber..... I think you're right .....Iran should do something before the new POTUS takes over. All though we need to remember these countries have an agenda.... we're just not aware of what it is. Lots of stuff going on behind the scene that we'll never know about.

The good news is that we can plainly see all the articles that show that they do want to move forward ....and they are.

This is all coming to an end sooner than you think.......We're all tired and ready to get off this ride. Hang tight we're almost there.

I would like to think iran we make their move before change in U.S. government, it's hard to undo once it's done! But as you say lots of stuff going on behind scene! What I believe is they need single forex rate to go international IMHO! But then what do I know!

Edited November 1, 2016 by screwball

screwball · November 1, 2016

Iran, UK must make up for lost ground after JCPOA: Rouhani

Iranian President Hassan Rouhani says the Islamic Republic has kept to the nuclear agreement it signed with the P5+1 group of countries last year, stressing that with implementation of the deal, Iran and Britain must now make up for lost opportunities.

In a meeting with the new British Ambassador to Tehran Nicholas Hopton on Monday, Rouhani added that all sides to the nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), should completely fulfill their obligations.

“After the JCPOA, we need to make up for the lost opportunities in the past and this requires the development of economic, scientific, cultural and political relations,” the Iranian president stated.

He also stressed the importance of the complete resumption of banking relations under the JCPOA.

It is important to upgrade the level of relations between Iran and Britain as two important countries, he said and added that the two sides have been expanding the ties over the recent years and can speed up such a process by making use of the available potentialities.

Rouhani noted that the conclusion of the JCPOA through the efforts of seven countries “carries this positive message to the world that differences can be solved through diplomatic [approaches].”

Iran and the five permanent members of the United Nations Security Council – the United States, Britain, France, China and Russia – plus Germany signed the JCOA on July 14, 2015.

Under the nuclear deal, Iran undertook to put limitations on its nuclear program in exchange for the removal of nuclear-related bans imposed against Tehran.

Since January, the IAEA, which is tasked with overseeing the implementation of the JCPOA, has released regular reports confirming the peaceful nature of Iran’s nuclear activities and Tehran’s commitment to the agreement.

‘Iran, Britain will hold banking negotiations soon’

Hopton, who submitted his credentials to the Iranian president, said his country’s banks and companies are very keen to cooperate with Iran.

He added that representatives of the Central Bank of Iran and the Bank of England would hold talks in the near future.

Despite the JCPOA having officially gone into effect on January 16, many large European banks still refrain from engaging in transactions with Iran for the fear of US sanctions.

US Secretary of State John Kerry on May 19 met with EU foreign policy chief Federica Mogherini and foreign ministers from France, Germany and the UK in Brussels, where they pledged to encourage companies to resume trade with Iran.

In a statement on the same day, the US, Britain, France and Germany said they were exploring various areas of cooperation with Iran, including the use of exports credits to boost trade, project financing and investment in Iran.

‘Iran, Sweden must up ties to serve two nations’ interests’

Meanwhile in a meeting with the new Swedish Ambassador to Tehran Helena Sangeland on Monday, the Iranian president said the implementation of the JCPOA has created a “very appropriate” opportunity for Iran and Sweden to improve bilateral, regional and international relations to serve the two nations’ interests.

Rouhani added that the two countries must make use of all of their capacities to develop economic relations, particularly in energy and industry sectors.

He pointed to Stockholm’s balanced stance on regional and international developments and said, “Sweden can properly play its constructive role in improving relations between Tehran and the European Union.”

Sangeland also submitted her credentials to the Iranian president and said the JCPOA's implementation led to unique opportunities for the expansion of relations.

She expressed Swedish companies and banks to cooperate with Iran.

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Airbus, Boeing contracts at final stage for signature

Tehran, Oct 30, IRNA – Deputy Minister of Roads and Urban Development for international affairs Asghar Fakhriyeh Kashan said on Sunday that negotiations and expert studies on contracts with Airbus and Boeing are getting to final stage for signature soon.

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CBI Unsatisfied With Interest Rates

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Three Big Central Bankers to Weigh New Policies

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Iranian President Hassan Rouhani says the Islamic Republic has kept to the nuclear agreement it signed with the P5+1 group of countries last year, stressing that with implementation of the deal, Iran and Britain must now make up for lost opportunities.

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