Iranian Rial

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New Zealand’s Minister of Trade Todd McClay will arrive in Tehran on Friday heading a high-ranking delegation for talks to revive trade between the two countries after 12 years. 

New Zealand says it is sending its Minister of Trade Todd McClay to Tehran on Friday to look into the prospects of reviving trade with the Islamic Republic after a hiatus of over a decade.

McClay will lead a senior-level business delegation on New Zealand’s first trade mission to Tehran in 12 years, the country’s government announced in a statement as reported by the media.   

“There is enormous opportunity for Iran and New Zealand to work together to boost two-way trade,” the statement quoted McClay as saying.

“Iran has traditionally been a very important market for our sheep meat and butter. However, exports have diminished over a number of years. Since the lifting of UN sanctions, there are now renewed opportunities to re-establish this trade as well as new opportunities in the education, construction, food and beverage, energy, forestry, specialized manufacturing and services sectors,” he added.

McClay said Iran’s Foreign Minister Mohammad-Javad Zarif had presented a $1 billion prospect for New Zealand’s renewed trade with Iran during his visit to the country earlier this year. 

“This mission will be an important first step towards delivering on this exciting opportunity,” he emphasized in his statement.

The statement added that representatives from 18 companies, universities and educational institutions will accompany McClay during his visit to Tehran.

They include *** Nutritionals, Tait Communications, Enatel Limited, Sealord, Silver Fern Farms, Westland Milk Products, Fonterra, FrameCAD, Flight Coffee, Switchfloat, University of Canterbury, University of Auckland, ANZCO, Auckland University of Technology, Pacific Helmets, Pelco NZ, NZ Bankers Association, and Pultron Composites.

McClay has invited Labour trade spokesman, David Clark, to join him on this visit in the interests of promoting a bipartisan approach to trade, which is critical to New Zealand’s prosperity, the government of New Zealand emphasized further in its statement.  

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Iran intensified plane leasing talks with EU firms

Fri Dec 2, 2016 8:57AM

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Ali Abedzadeh, the head of Iran’s Civil Aviation Organization (CAO), says discussions have been intensified with European companies over leasing airplanes. 

Iran says it has intensified efforts to acquire airplanes from international supplies under leasing contracts.  

Ali Abedzadeh, the head of Iran’s Civil Aviation Organization (CAO), has been quoted by media as saying that discussions were currently underway with companies from Germany, Italy, Ireland and France. 

Abedzadeh added that acquiring planes under leasing deals was one of the top priorities of CAO. This would be specifically important given that it would open a gate for Iran’s key airlines to purchase their required planes, he said. Leasing planes would also eventually lead to the renovation of Iran’s air fleet, the official added.

Abedzadeh further emphasized that Iran’s Ministry of Roads and Urban Development would try to prepare the conditions for Iranian airlines to purchase planes through leasing contracts. He added that international companies could have a satisfactory performance on that front thanks to their “vast experience” on the same area. 

“Negotiations have been carried out with companies from Ireland, Germany, France and Italy over cooperating and investing in the area of leasing planes,” said the official. “Companies from those countries are interested in cooperating with Iran.”  

Abbas Akhoundi, Iran’s minister of roads and urban development, told reporters in late October that Iran was looking into the possibility of using the facilities of German financial institutions to fund its purchases of planes from aviation giants such as Airbus and Boeing.

He said he had raised the issue in a meeting with the visiting German Minister of Transport and Digital Infrastructure Alexander Dobrindt.

The move could help push ahead a major plane purchase scheme that Iran is pursuing with giants Airbus and Boeing, the media reported at the time.

Iran has sealed deals with both to purchase over 100 planes from each. Yet, the deals are still pending the identification of leasing institutions to fund the purchases.

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Didn't they say budget would have new rate! 

Pres. to submit budget bill of almost $100b on Dec. 4

Mashad, Razavi Khorassan Prov., Dec. 02, IRNA – President Hassan Rouhani on Thursday announced the budget bill for the next Iranian fiscal year of 1396 (March 21, 2017-March 20, 2018) is 3,200,000 billion rials (about 100 billion dollars).

 

President Rouhani said in a ceremony, held to unveil the budget bill, that the bill will be tabled at Majlis on Sunday, December 4.
The president said the administration will allocate 600,000 billion rials for development projects and the budget is hoped to be met.
He added that the budget pays special attention to five sectors, including employment, water, sewage treatment, environment and railway, as they will be government priority in the next year and government approach in the Sixth Five-Year Economic Development Plan (2016-21) will be in their favor.
The president said good gesture has been taken in the oil and gas sectors and as of late last year, when the JCPOA was in force, oil and gas condensate output started upward growth and following recent OPEC decision for 1.2 million barrels output cut, oil price will start increasing.
According to the Chief Executive, the amount of production reduction and share of the members in the OPEC output cut are clear. 'However, the Islamic Republic of Iran which lagged behind due to sanctions, has been excluded from the rule and will add up to its production as of the next months.'
'Under such conditions, oil price will naturally increase. The budget of 320 billion rials has hence been predicted and planned.'
Elsewhere in his remarks, the president put number of active workforce at 1.2 million and said it lays a heavy burden on the officials. 
Based on the statistics available, jobs have been created for 714,000 of the group but about 500,000 of them are still unemployed, said president, adding that on this basis the unemployment rate will keep growing.
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US Senators pass Iran Sanctions Act

Tehran, Dec 2, IRNA – The US Senate on Thursday approved legislation extending the Iran Sanctions Act (ISA) for another ten years.

 

According to C Span, the American Senators unanimously supported the renewal of the ISA. 

The report said the Act would be expired at the end of 2016.

The ISA, which passed in the House in a 419-1 vote a fortnight ago, now goes to US President Barak Obama’s desk. 

The scale of support indicates a veto would be overridden in any case by Omaba.

To this end, Supreme Leader of Islamic Revolution, Ayatollah Seyed Ali Khamenei had said extension of an expired sanction is no different from imposing new sanctions.

The Supreme Leader had said the United States has undertaken not to impose fresh sanctions in the context of the nuclear deal struck on July 14, 2015, but, the US Congress reneged on commitments to the Joint Comprehensive Plan of Action by extension of the expired sanctions.
9060**1420

[WheresmyRV?]

The US is voting to put Iran back under sanctions for ten years?

[pokerplayer]

1 hour ago, WheresmyRV? said:

The US is voting to put Iran back under sanctions for ten years?

 

Yes but Obama says he will veto it and Trump's advisor's are stressing hard that it is not a good idea to dismantle the deal.

So unless Iran is caught red-handed back in the nuke business I think this is a non issue.

JMHO, pp

[WheresmyRV?]

Whew thanks pp!

[markb57]

actually, the vote count exceeded a veto. Obama can't veto it. The US might try to extend sanctions, but the other countries won't and will end up hurting our credibility, not Iran's. The US needs to stand down and just monitor the situation.

[gregp]

1 hour ago, markb57 said:

actually, the vote count exceeded a veto. Obama can't veto it. The US might try to extend sanctions, but the other countries won't and will end up hurting our credibility, not Iran's. The US needs to stand down and just monitor the situation.

Agreed. 

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The governor of the Central Bank of Iran is trying to assuage concerns about the recent surprise rally in currency markets saying the surge is temporary and will abate in the last three months of the current fiscal year that ends next March.  

"A variety of reasons have been put forward in relation to the recent volatility in the currency market, including a seasonal demand for foreign exchange as a result of several occasions such as the Arba'een annual pilgrimage [to Iraq], the approaching New Year (in January), developments in OPEC and the results of the US election," Valiollah Seif wrote in his official channel in the Telegram instant messaging app.

In analyzing the durability of these effects, he says, it must be noted that in the past three years and despite the steep decline in global oil prices, the currency market has been relatively stable. "Considering that economic fundamentals do not support the recent gyrations in the currency market, the nature of these swings is not telling of lasting effects."

A little more than a month ago and with preparations for the annual Arba'een rituals and pilgrimage to the neighboring Arab country, demand for foreign currency increased and open market rates began their rally moving above 36,000 rials to a dollar. 

The upset victory of the Republican Donald Trump in the US presidential election became an added source of concern and pushed up forex rates. On the first day in Tehran after the elections, the US dollar sold for 36,580 rials, up from the previous day's close of 36,400.

But in the past few days the greenback broke another unexpected threshold and was traded for 39,400 rials at Thursday's market close. This marks an unprecedented rate unseen after President Hassan Rouhani took office in the summer of 2013. Other major currencies also gained against the rial during the week albeit to a lesser extent. The euro which had started a rally from Saturday later lost some ground, being traded for 41,460 rials on Thursday.   

Seif says unlike the sharp increases in foreign exchange rates in the final two years of the previous government (2011-12) which had a lasting negative effect, the recent surges will be transient. 

Seif says even a part of the currency crisis during the previous administration was caused due to "market speculations" which were gradually balanced out after the current government took office and expectations were balanced."

In Defense of Market Swings 

The CBI governor continued by taking jabs at non-expert opinions, citing the same period last year as an example. "Some claimed the dollar would go over 4,000 rials by the end of last year," he said. "Some are now even saying the government is in favor of increasing forex rates to make up for the budget deficit. This is certainly not true."

The central bank chief concluded by saying that the pattern of change in the market in the past three years has shown that foreign exchange rates "move on a downward trajectory during the final months of the year."

On reasons that contributed to the rise of the dollar in Iran, Donya-e-Eqtesad, Financial Tribune's Persian-language sister newspaper has published an article, naming six factors. 

According to the economic newspaper, increase in dirham remittance rates(to the UAE --  trade hub for Iranian merchants ), the surge in USD rates  in Iraq's Sulaymaniyah region, market manipulation by currency speculators , the Trump effect, the January effect and decrease in petrochemical exports all have contributed to the dollar's bull run.  

The DEE chief editor put out a note on his Telegram channel, focusing on the Organization of the Petroleum Exporting Countries pact on Wednesday to cut oil supply for the first time in eight years.

"The Iranian currency market should be affected by [OPEC's] decision starting tomorrow because an increase in oil prices is equivalent to an increase in currency revenue that empowers the government to interfere in the market by pumping more currency," Ali Mirzakhani wrote.  

"Therefore the rising tide in the currency market should stop altogether or at least slow down," he added.  

The 14-member oil organization agreed to reduce oil production by about 4.5 % or about 1.2 million barrels to a ceiling of 32.5 million a day. But Iran, as a special case, has been allowed to further raise production.

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Tehran Currency MarketCentral Bank of Iran

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Officials from the Industrial and Commercial Bank of China, the world’s largest bank by total assets and market capitalization, has held talks with the Central Bank of Iran in recent weeks to discuss the procedure of starting operations in Iran, a CBI official said on Friday.  

“ICBC is earnestly pursuing plans to enter Iran…We are waiting for the Chinese bank to submit the documents…even the location for the bank's presence has been decided ,” Hussein Yaqoubi, CBI deputy for international affairs was quoted as saying by  IBENA, a news website close to the bank. 

“The Chinese bank’s presence in Iran will be a major step in reviving [Iran's] banking creditably at the international level,” he said.

Iran is struggling to raise tens of billions of dollars in foreign funding for its infrastructure projects after the sanctions were eased in January. Large European banks have mostly kept their distance, worried that they could fall afoul of residual US sanctions.

Transferring banking technology and expertise, and introducing new services will help enhance Iran’s banking sector through cooperation with the Chinese banking giant, Yaqoubi said. “It will also help promote competition.”

The official however did not specify whether ICBC is planning to open a branch or a representative office in Tehran. 

With total assets worth US$3.616 trillion, ICBC is the top lender on The Banker's Top 1,000 World Banks rankings for 2016 and first on the Forbes Global 2,000 list of the world's biggest public companies in 2016. In January Yaqoubi had said that ICBC was set to help Iran with financing and treasury operations.

It is one of China’s big four state-owned commercial banks. Bank of China, another member of the big four club, has also expressed willingness to enter Iran and open a representative office.

During a meeting with CBI officials in late October, Chen Siqing, Bank of China's CEO, said his bank was looking to open a representative office in Iran as a precursor to opening a branch. 

So far South Korea’s Woori Bank is the first foreign lender to open a representative office in Tehran since the lifting of the sanctions earlier this year. 

Swift Sanctions Screening 

Referring to the sanctions screening system created for SWIFT – the inter-bank messaging system – Yaqoubi said: “We have the approval for purchasing the software and will be equipped with the system within a month.”

Sanctions screening has been developed to screen users’ incoming and outgoing messages against the latest sanctions lists. It will instantly alert its users to any matches. The system maintains some 30 sanctions lists from all the major regulatory bodies.

Iran regained access to the SWIFT in January after being cut off from the network due to the nuclear-related sanctions. 

No Frozen Assets 

The official also noted that Iran no longer has any assets frozen in overseas banks. He, however, admitted that “We face some snags in trying to transfer the assets from two Asian countries.” He did not name the two countries. 

“Talks are underway to solve the issue,” he said. “They are trying to get a certificate from the US Treasury's Office for Foreign Assets Control (OFAC), in order to transact the money.”

Last week the US Treasury reassured Brazilian banks they can finance trade with Iran without fear of sanctions, opening the way to billions of dollars in potential exports of jet planes, buses and equipment. 

 

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ICBC in IranForeign Banks in Iran

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Lawmakers will debate the Comprehensive Banking Bill during a plenary session on Sunday, said Mohammad Reza Pourebrahimi, a member of the Majlis Economic Commission. 

“Parliament has been waiting for the government to submit the Banking Reform Bill. But it has not been sent 45 days after it was due. More foot-dragging is not acceptable and the parliament is set to discuss the comprehensive banking reform plan next week,” banker.ir quoted him as saying on Wednesday. 

Disagreement between the Ministry of Finance and Economic Affairs and the Central Bank of Iran is the main cause of the delay in submitting the bill, Pourebrahimi said without elaboration. 

The Comprehensive Banking Bill has been devised by the Majlis, based on studies conducted by the government. “It contains all the key issues that the government is trying to address,” he said.

“The plan was first developed by lawmakers in 2014. The current plan is the revised version of the initial version,” he said, adding that the current plan is more comprehensive than the government’s proposed bill. 

He said the government will be asked to comment on the motion and “no plan will be passed without the government’s consent.”

The plan aims to promote efficiency of banking contracts, according to the lawmaker. “There are problems about the performance of banks that has created problems for small and medium-sized businesses.”

“We need to make sure that all banking operations are usury-free,” he said, referring to recent calls for a review of banking rules and their adaptability with Sharia laws.  

The current law, Usury-Free Banking law, was passed 33 years ago. Bankers and economic experts have often called for reforms to the law to help improve efficiency of the lenders. The government has prepared its own Banking Reform Bill after the previous parliament failed to pass a controversial bill which had drawn fire from the government and banks. 

 The Banking Reform Bill outlines the duties of banks and non-bank credit institutions and decrees that they must obtain a working license from the CBI. It explains all banking operations and services, sets regulations for the establishment of branches pertaining to foreign banks and sets limits to their investments. 

It also obliges credit institutions to provide viable information, puts in place a professional set of criteria for choosing new top-tier executives and board members and makes provision for setting up internal risk and auditing committees.

Defining banking contracts and the legal status of the newly-formed Association of Banks, launching credit rating institutions and detailing lending and capital adequacy rules are among the other articles of the bill.

 

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Now people should be getting excited because I am! 

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Why? Simple they have said the budget has the new rate....we know they are presenting the budget bill this weekend and now the banking reform bill on Sunday....this is set to hit soon! I am excited...

[screwball]

 

Morteza Mirmohammadi

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Business & Markets Desk

President Hassan Rouhani will ask for a smaller budget from the parliament for next year. The government is rolling back its expenses in appreciation of economic realities.

He will take the budget for the next Iranian year (startting March 21, 2017) to the parliament on Sunday.

The president said he will ask for 3,200 trillion rials ($83.6 billion at market exchange rate) for next year, from the parliament in a meeting in Mashhad, the center of Khorasan Razavi Province on Thursday. 

That will put the next budget 4.6% lower than this year's 3,354 trillion rials. The budget will also be smaller in dollar terms due to the greenback's gains against the rial.

The drop in the budget is a break from the normalcy of annual budget increases in Iran. The current year's budget was 15.6% larger than the previous budget. 

Seemingly this year's surging deficit—the government racked a $6.2 billion deficit in this year's first quarter compared to $13 billion in all of last fiscal year—has awakened the government to reality, and forced the administration to make more realistic estimates.

More Oil Revenues

The rollback in the budget is despite expectations of higher revenues from oil sales for next year by the Rouhani administration.

Oil prices reached their highest level in a year last week as "the world's largest oil exporters agreed on Wednesday to cut output for the first time in eight years to erode a global supply overhang that has persisted for two years and halved the value of a barrel of crude", Reuters reported on Friday. 

"The cost of a barrel of Brent crude rose by more than $2 to just over $54 a barrel, as the rally that greeted news of an agreement reached by producing nations in Vienna extended into a second day," Guardian wrote on Thursday.

"The amount of production cut and each OPEC member's share has been set, but the Islamic Republic of Iran, which had fallen behind on production due to sanctions, was exempted and will further increase output in the coming months," said Rouhani.

The OPEC deal and the higher oil prices it will bring, coupled with a smaller budget, will mean a lower deficit for Iran in the coming year.

 Return to Investment

As for government investment, for which the budgetary provisions were scrapped this year to cover expenses, the administration is hoping to spend 600 trillion rials ($15.6 billion) next year. 

The administration has made special provisions for investment in jobs, rail transport, water, sewage and environmental projects.

Rouhani said, "Profitable investment plans will be carried out through consortiums involving the government, the National Development Fund of Iran—a sovereign wealth fund that receives part of the country's oil revenues—commercial banks and private sector contractors. We were able to raise our investment budget this way." 

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The return of 17 international shipping lines to the provincial ports since the implementation of the Joint Comprehensive Plan of Action is a great success, the governor of Hormozgan Province said.  

JCPOA is the formal name of the nuclear deal signed by Iran and world powers last year. 

Jasem Jadari added that the country needs to tap the full potential of its geographical position on the North-South International Corridor to develop non-oil trade, IRNA reported. 

The lifting of sanctions encouraged many ship owners to return to normal trade with Iran, as the US removed 606 vessels and vessel aliases from the sanctions list, from crude oil tankers and dry bulk carriers to supply vessels.

The southern province of Hormozgan is home to Iran’s largest port by tonnage. Shahid Rajaie is one of the main transit ports linking Central Asia to Eastern Europe and accounts for 90% of Iran’s cargo traffic.

The world’s largest container shipping company Maersk Line was the latest shipping line to resume services to Iran in October after a five-year hiatus.

The resumption of service to Iran comes nearly a year after Maersk’s 2M Alliance partner Mediterranean Shipping Company once again began sailing to the second-largest country in the Middle East.

“Global container trade has matured over the past years and is growing at a slower pace. Iran has the potential to become the market that stands out with faster growth,” Christian Juul-Nyholm, managing director, UAE cluster, Maersk Line, was quoted as saying by JOC.com.

The Iranian market represents around 700,000 forty-foot-equivalent units, said Marcus Connolly, the head of sales, UAE Cluster.

“It is hugely exciting that after a five-year absence, we are again able to offer Maersk Line services to customers to and from Iran. After a period of relative isolation, access to this new market will present significant growth opportunities for Maersk Line in a market that today represents approximately 700,000 FFE but is expected to grow significantly in the coming years,” he said.

Other major shipping lines that have resumed services to Iran after sanctions include Mediterranean Shipping Company, CMA CGM, Evergreen Line, China Cosco Shipping and United Arab Shipping Company.

Container traffic through Iran’s major ports is soaring. Container throughput continued the strong double-digit growth of recent months, booking a year-on-year rise of 16.7% to more than 197,000 twenty-foot-equivalent units, the Ports and Maritime Organization of Iran’s data show.

Although from a relatively small base, Iran’s high double-digit growth in container traffic is a rare sight in the current global trade environment and shipping lines continue to add capacity and services to capture market share, according to JOC Group Inc.

As of October 2016, Islamic Republic of Iran Shipping Lines is reported as the 19th largest on Clarkson Research’s list of top operator-owned container shipping fleets and 21st largest by TEU capacity in Alphaliner’s Top 100 list.

Iran’s changing place in the regional and global trade arenas will feature at this year’s Middle East Terminal Operations Conference and Exhibition, scheduled for December 6-7 in Dubai, the UAE.

Speaking to Reuters this October, IRISL Chairman and Managing Director Mohammad Saeedi, who joins TOC Middle East on December 6 as a keynote speaker in the conference, said he expects the company to be “back to normal” by mid-2017.

“Step by step, the problems have been resolved, removing many restrictions and limitations,” since the sanctions were lifted, he said in an interview at a shipping conference in Copenhagen.

“I think at the maximum in mid-2017, the whole thing would be in the normal manner of things.”

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1. Economy
2. Domestic Economy

Saturday, December 03, 2016

Zarif on 3-Nation Economic Tour

 

Leading an economic delegation, Foreign Minister Mohammad Javad Zarif is to set off on a tour of India, China and Japan on Saturday. The delegation comprises directors of 38 companies affiliated to the Iran Chamber of Commerce, Industries, Mining and Agriculture, 15 startup firms and eight banks, IRNA reported. The top diplomat is scheduled to deliver a lecture on Afghanistan at the Heart of Asia conference in India. His tour will later take him to China and Japan where he will meet with political and economic officials and attend trade forums with their business leaders

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Pres. to submit budget bill of almost $100b on Dec. 4

Mashad, Razavi Khorassan Prov., Dec. 02, IRNA – President Hassan Rouhani on Thursday announced the budget bill for the next Iranian fiscal year of 1396 (March 21, 2017-March 20, 2018) is 3,200,000 billion rials (about 100 billion dollars).

 

President Rouhani said in a ceremony, held to unveil the budget bill, that the bill will be tabled at Majlis on Sunday, December 4.
The president said the administration will allocate 600,000 billion rials for development projects and the budget is hoped to be met.
He added that the budget pays special attention to five sectors, including employment, water, sewage treatment, environment and railway, as they will be government priority in the next year and government approach in the Sixth Five-Year Economic Development Plan (2016-21) will be in their favor.
The president said good gesture has been taken in the oil and gas sectors and as of late last year, when the JCPOA was in force, oil and gas condensate output started upward growth and following recent OPEC decision for 1.2 million barrels output cut, oil price will start increasing.
According to the Chief Executive, the amount of production reduction and share of the members in the OPEC output cut are clear. 'However, the Islamic Republic of Iran which lagged behind due to sanctions, has been excluded from the rule and will add up to its production as of the next months.'
'Under such conditions, oil price will naturally increase. The budget of 320 billion rials has hence been predicted and planned.'
Elsewhere in his remarks, the president put number of active workforce at 1.2 million and said it lays a heavy burden on the officials. 
Based on the statistics available, jobs have been created for 714,000 of the group but about 500,000 of them are still unemployed, said president, adding that on this basis the unemployment rate will keep growing.
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[screwball]

Hmmm. Both presented on the sunday the 4th

[pokerplayer]

4 hours ago, screwball said:

Why? Simple they have said the budget has the new rate....we know they are presenting the budget bill this weekend and now the banking reform bill on Sunday....this is set to hit soon! I am excited...

 

Have been rereading the articles and don't see were the new rate was said to be in the new budget. Can you post a snip it with that part were it says this ?

   cheers, pp

[screwball]

42 minutes ago, pokerplayer said:

 

Have been rereading the articles and don't see were the new rate was said to be in the new budget. Can you post a snip it with that part were it says this ?

   cheers, pp

Yep give me some time..

[pokerplayer]

Thxs SB, tried myself but could not find.

pp

[screwball]

Iran’s national budget for 2017-18 will be prepared based on unified exchange rates, Masoud Nili, President Hassan Rouhani’s economic advisor said on Tuesday.

“Plans to unify foreign exchange rates are moving ahead. A flexible forex regime is needed, which hopefully will be implemented by the end of the current fiscal year in March 2017,” he was quoted as saying by the khabaronline.ir website, during a meeting with the presiding board of Tehran Chamber of Commerce, Industries and Mines and Agriculture.

Unification of forex rates is considered a crucial requirement for the reintegration of Iran into the global banking system and payment networks. Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions unleashed turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days.

The Central Bank of Iran has already started plans for launching a single foreign exchange rate regime.

The CBI also has an eye on reducing fluctuations in the foreign exchange market. It has also been working to bring the two rates closer, mainly through lifting the official exchange rates in the past few months.

In a related move, the CBI allowed banks to trade foreign currencies at the market rates. Lenders were also given the permission to attract deposits in hard currency.

Nili noted that Iran experienced 4.4% economic growth during the first quarter of the fiscal year (ending in June 20).

“Stagnation is no longer the main problem of the economy,” he said. “Currently we need to focus on accelerating economic growth as the main challenge confronting the economy.”

“By recognizing growth as the main issue in Iran’s economy, we will direct the government toward taking fundamental measures,” he added. Iran's economy was grappling with chronic negative growth rates when President Hassan Rouhani took office in mid-2013.

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[screwball]

20 minutes ago, pokerplayer said:

Thxs SB, tried myself but could not find.

pp

Done....took me awhile

[pokerplayer]

Awesome SB ! Much appreciated and now I'm really pumped !

pp