Iranian Rial

[pokerplayer]

1 hour ago, screwball said:

Hmmm..maybe has to do with switching over to new accounting and reporting standards? Just guessing! 

I think this is a slip myself of what may be coming, JMHO

pp

[screwball]

The ban on online currency trade by exchange shops will be eased and the Money and Credit Council is in charge of following up the matter, the Central Bank of Iran’s head of IT and Communication Department announced. 

“I believe MCC will approve the agenda of easing the restrictions on online currency trade by bureaux de change,” Nasser Hakimi was also quoted as saying by IBENA.

CBI plans to put in place a new set of regulations for online currency trade to prevent further problems and possible violations.  

Online currency trade had been legal in the past but due to a number of issues, following a directive on November 2, CBI banned all online currency transactions.

According to Article 28 of the directive related to the establishment, activities and supervision over the bureaux de change, currently any form of currency trade on cyberspace is prohibited and all the   processes should be done by licensed moneychangers. 

Prior to the ban, huge scams were reported in online currency trade and Iran’s cyber police (known as FATA) issued warnings in this regard.

According to CBI’s website, about 400 exchangers have been registered and received a license.

CBI has taken strict measures against illegal moneychangers. It announced earlier that “many illegal bureaux de change were identified and a number of them have been fined heavily”.

The Central Bank of Iran recently invited businesses to procure their currency requirements from the banking system at market rates. The proposal was received well and is deemed a prelude to the longstanding plan to unify the dual exchange rate regime in the Iranian market.

    Not sure if I posted!

Share This :

Short URL : https://goo.gl/TW5Xap

[screwball]

6 minutes ago, pokerplayer said:

I think this is a slip myself of what may be coming, JMHO

pp

Could be right...

[pokerplayer]

1 hour ago, screwball said:

The ban on online currency trade by exchange shops will be eased and the Money and Credit Council is in charge of following up the matter, the Central Bank of Iran’s head of IT and Communication Department announced. 

“I believe MCC will approve the agenda of easing the restrictions on online currency trade by bureaux de change,” Nasser Hakimi was also quoted as saying by IBENA.

CBI plans to put in place a new set of regulations for online currency trade to prevent further problems and possible violations.  

Online currency trade had been legal in the past but due to a number of issues, following a directive on November 2, CBI banned all online currency transactions.

According to Article 28 of the directive related to the establishment, activities and supervision over the bureaux de change, currently any form of currency trade on cyberspace is prohibited and all the   processes should be done by licensed moneychangers. 

Prior to the ban, huge scams were reported in online currency trade and Iran’s cyber police (known as FATA) issued warnings in this regard.

According to CBI’s website, about 400 exchangers have been registered and received a license.

CBI has taken strict measures against illegal moneychangers. It announced earlier that “many illegal bureaux de change were identified and a number of them have been fined heavily”.

The Central Bank of Iran recently invited businesses to procure their currency requirements from the banking system at market rates. The proposal was received well and is deemed a prelude to the longstanding plan to unify the dual exchange rate regime in the Iranian market.

    Not sure if I posted!

Share This :

Short URL : https://goo.gl/TW5Xap

Not sure if this is a good thing or not ?  

pp

[screwball]

 

• Interview 

 

Scania Says Can Double Its Exports to Iran 

News ID: 1327472 Service: Economy 

 February, 13, 2017 - 15:55 

TEHRAN (Tasnim) – The CEO of Scania said the Swedish truck maker can double its exports to Iran, adding that the company is also willing to help improve road safety in Iran. 

We can double our exports to Iran if financing was made easier, Scania's CEO Henrik Henriksson told TT News Agency on Sunday.

"We can contribute with our skills in leadership and education. We want to take part in the effort to improve the environment and road safety in Iran, and hope to receive the support of the Swedish government for this," he added.
  
Henriksson further said, "It is no secret that it is difficult to do business. Channels must be opened if the market is really to take off”.

Unlike Volvo, Renault, and Daimler, Scania did not halt its operations in Iran when the country was slapped with Western sanctions in 2011.

"… it is connected to the fact that we stood by our customers. We did this while maintaining open books with all relevant authorities and had their approval," Henriksson said.

Heading a political and trade delegation, Swedish Prime Minister Stefan Lofven arrived in Tehran on Saturday to become the first Swedish prime minister paying an official visit to Iran.

At the conclusion of a meeting of high-ranking delegations from Iran and Sweden in Tehran late on Saturday, the two countries signed five memoranda of understanding on various issues, such as academic and scientific cooperation, road construction, and telecommunication, as well as women and family.

[screwball]

1 minute ago, pokerplayer said:

Not sure if this is a good thing or not ?  

pp

I don't see it as being a bad thing...

[screwball]

Iran, Japan ink banking MoU

Tehran, Feb 14, IRNA – Central Bank of Iran signed a memorandum of understanding (MoU) with Japan’s Financial Services Agency (JFSA) in a bid to facilitate the interactions between the two countries’ accredited banks.

 

“An MoU was signed between CBI and JFSA to pave the way for sharing banking experiences between the two countries,” JFSA Director General for International Affairs Massatu Kanda said on Tuesday. 

Deputy Governor of Central Bank of Iran Farshad Heydari said that Tehran and Tokyo have had good cooperation in the field of training manpower. 

The Japanese government expressed willingness to allocate $6.9 billion to fund five projects in Iran to further expand bilateral relations between the two countries.

'Tokyo is going to continue its assistance of up to 40 billion Japanese Yen annually for the next four years starting in 2017,' the Japanese embassy in Tehran said on a press release.

The embassy noted that the allocation of the aid was confirmed in the Brussels Conference on Afghanistan in October 2016 and will be extended through international organizations and UN bodies.

The projects include a contribution of one million dollars through the United Nations Development Program (UNDP) to restore Lake Oroumiyeh, approximately two million dollars in humanitarian aid assistance for the Afghan refugees through the United Nations High Commissioner for Refugees (UNHCR) program, around $1.9 million funneled through the United Nations Office on Drugs and Crime (UNODC) to be used on border controls, fighting drugs, customs cooperation and money laundering, $500,000 to promote integration of industries in Chabahar port city in the Persian Gulf through a program to be implemented by the United Nations Industrial Development Organization (UNIDO) and finally $1.5 million in donated funds funneled through the International Committee of the Red Cross for emergency activities in Iran.

[screwball]

 

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Iranian oil tanker leaves for Indonesia for oil delivery

Tehran, Feb 14, IRNA – After lifting of sanctions, an Iranian oil tanker left Iranian territorial waters for for Indonesia to deliver Iranian oil consignment to its customers.

 

Based on the timetable, the oil tanker will berth in the Indonesian coastlines on February 19 to deliver oil.

National Iranian Tanker Company website says, a NITC oil tanker left for Indonesia to deliver the oil consignment to Cilacap refinery.

That’s the first oil consignment sent to Indonesia after the elimination of international sanctions in 2016.

The Iranian oil tanker will berth in the port east of Asia in the midst of growing tension with the US. The port is added to the list of the ports Iran can stop there.

Moreover, Iranian oil is delivered at a time when Tehran and Jakarta have held serious talks for Indonesia's investment in the Iranian upstream oil industries and National Iranian Oil Company’s investment in the Indonesian downstream refining industries.

[screwball]

7|

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Economy min: Iran's economy improved remarkably post-JCPOA

Bandar Abbas, Hormuzgan prov, Feb 14, IRNA -- Economy Minister Ali Tayyebnia said on Tuesday that Iran’s economy has improved significantly since the signing of Iran nuclear deal – known as JCPOA – in July 2015 between Iran and the six world powers.

 

Speaking to reporters, Tayyebnia referred to the visits to Tehran by the officials from different countries following Iran deal, saying Iran will never witness the same restrictions it faced in the past.  

Iran’s inflation rate used to stand at 40% when the government of President Hassan Rouhani came to power in 2013 and therefore fighting inflation has topped agenda of the government ever since, Tayyebnia said. 

It was a significant achievement by the government to reach single-digit inflation rate, the minister added.  

He also hailed government’s achievement in reaching a 7.4 economic growth, saying it translates into coming out of recession.

[screwball]

S. Korea to dispatch trade delegation to Iran in late-Feb.

1. Economy

February 14, 2017

 

TEHRAN – According to a report by Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), a South Korean trade delegation is due to visit Iran on February 22 to explore areas for development of trade relations.

The delegation includes representatives of companies active in areas such as construction machinery, agricultural machinery and hydraulic machinery parts, air conditioning, heavy machinery, agricultural products and textiles.

[screwball]

$450b of foreign investments should be attracted in 9 years

1. Economy

February 14, 2017

 

TEHRAN- Iran needs to attract $450 billion of foreign investments by 2026, the head of the investment panel at the Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) announced.

As ISNA quoted Ferial Mostofi, financing problems in addition to the engineering and technical problems of some projects in Iran stand among the major obstacles on the way of attracting foreign investors to the country.

[screwball]

Iran, Luxemburg sign agreement on mutual investment

1. Economy

February 14, 2017

 

TEHRAN- Iranian Economy and Finance Minister Ali Tayyebnia and the visiting Luxembourg's Minister of Foreign Affairs Jean Asselborn penned an agreement to support and encourage investments in each other's countries in Tehran on Monday. 

As the Iranian Economy Ministry's website, Shada, reported, the agreement seeks to secure the legal rights of both countries’ investors. 

Calling the penned agreement a sign of both countries’ tendency for development of bilateral economic ties, Tayyebnia said that Iranian capital market is also inclined to get connected to financial firms in Luxemburg. 

As he added, in its post-sanction period, Iran has improvement of ties with European countries on its agenda.

The Iranian minister also expressed Iran’s tendency for signing a double taxation avoidance agreement (DTAA) with Luxemburg which can enhance mutual economic ties besides strengthening the banking ties.

Asselborn, for his part, voiced satisfaction about his meeting with Tayyebnia and expressed his country’s tendency for development of air transportation ties with Iran as well as making joint investments.

In November 2015, Asselborn made a trip to Tehran, where he conferred on expansion of mutual banking cooperation with Central Bank of Iran Governor Valiollah Seif. He maintained that exchange of banking delegations between the two countries will lead to the improvement of economic relations.

HJ/MA/MG

[screwball]

Tehran, Baku discuss banking ties

Iran and Azerbaijan discussed ways to expand banking ties between the two countries on Monday.

The meeting took place during a visit to Baku by an Iranian delegation headed by Governor of Central Bank of Iran (CBI) Valiollah Seif. The delegation included deputy governors of CBI and managing director of Bank Melli Iran, IRNA reported.

"An Azeri expert delegation is scheduled to travel to Iran within a week to finalize the negotiations and to prepare the ground for banking cooperation in line with the economic needs of the two countries," Seif said.

"The two sides discussed cooperation between Iranian and Azerbaijani banks and facilitate trade ties by creating a special card account in the national currencies of the two countries," he added.

Also discussed in the meeting was the integration of Iran and Azerbaijan bank card systems said Seif adding this would enable tourists from the two countries to use their national banking cards while traveling.

The meeting was attended by Azerbaijan's Minister of Economic Development Shahin Mustafayev, Governor of Central Bank of Azerbaijan Elman Rustamov and the Chairman of Financial Market Supervision Chamber of Azerbaijan Rufat Aslanli.

[screwball]

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No gas import from March: Oil Minister

News ID: 3907328 - Tue 14 February 2017 - 20:02

Economy

TEHRAN, Feb. 14 (MNA) – Iran’s oil minister told the media on Tuesday that with completion of the 1st phase of Setareh Khalij Fars Refinery, Iran will stop importing gasoline from March.

“The first phase of Setareh Khalij Fars (Persian Gulf’s Star) Natural Gas Condensate Refinery will be tapped in near future and consequently Iran will become self-sufficient in producing gasoline,” said Iran's Minister of Petroleum Bijan Njamdar Zanganeh on Tuesday

The Iranian oil minister recounted that the refinery is almost ready to open and all efforts are aimed at tapping the plant before the end of the current Iranian year (on March 20) while there is a possibility of a little delay. Zanganeh reassured that the construction is currently undergoing non-stop in three working shifts.

Abbas Kazemi, the MD (Managing Director) of Iran’s National Company of Refining and Distributing Oil Products had already told Mehr News Agency in an interview that the first phase of Setareh Khalij Fars Natural Gas Condensate Refinery will have a daily output of 12 million liter gasoline of the quality which meets Euro-IV emissions standards.

“While there was a 3.9 percent rise of gasoline consumption in the first 7 months of the current year, there is an expectation to have the number under 2% by the end of the year,” had speculated Mr. Kazemi, the Iranian Deputy Oil Minister in that interview.

[pokerplayer]

Moving right along maybe, just maybe I may retire in a month ! 

pp

[WheresmyRV?]

2 hours ago, pokerplayer said:

Moving right along maybe, just maybe I may retire in a month ! 

pp

I sure love the sound of that! In one more month!!

[tigergorzow]

3 hours ago, pokerplayer said:

Moving right along maybe, just maybe I may retire in a month ! 

pp

PP,  We have Iran & Iraq racing to the finish line who will be the 1st To Claim "Return To The International Global Stage" with a very nice increase in their devalued currency.   I VOTE FOR THE IQD & RIAL TO SETTLE FOR A TIE.....NP.... 

[tigergorzow]

7 minutes ago, WheresmyRV? said:

I sure love the sound of that! In one more month!!

WheresmyRV?,  Sure sounds like good ole music to my ears.....Let's Do It Again....Ah Yes....

[tigergorzow]

4 hours ago, screwball said:

“The first phase of Setareh Khalij Fars (Persian Gulf’s Star) Natural Gas Condensate Refinery will be tapped in near future and consequently Iran will become self-sufficient in producing gasoline,” said Iran's Minister of Petroleum Bijan Njamdar Zanganeh on Tuesday

SB Thanks,  My My My The news is getting better by the day......Self sufficient is a good thing and everybody wants to play with IRAN.......MONEY MONEY MONEY

[pokerplayer]

1 hour ago, tigergorzow said:

PP,  We have Iran & Iraq racing to the finish line who will be the 1st To Claim "Return To The International Global Stage" with a very nice increase in their devalued currency.   I VOTE FOR THE IQD & RIAL TO SETTLE FOR A TIE.....NP.... 

A tie sounds good to me tiger ! Also lets throw the VND into the mix while we are at it 

pp

[tigergorzow]

Just now, pokerplayer said:

A tie sounds good to me tiger ! Also lets throw the VND into the mix while we are at it 

pp

Yup...Got some on the ready...

[screwball]

In the latest measure to gradually revitalize Iran’s banking relations with other countries following the lifting of international sanctions, the governor of Central Bank of Iran, Valiollah Seif, met with top economic officials of neighboring Azerbaijan.

Seif met with Azerbaijani Minister of Economy Shahin Mustafayev, Governor of Central Bank of Azerbaijan Elman Rustamov, Rufat Aslanli, chairman of the Board of Directors of Financial Markets Supervision Authority, and Mohammad Reza Hosseinzadeh, CEO of Bank Melli Iran–the country’s biggest lender. 

“Because the presidents of Iran and Azerbaijan have stressed expansion of economic and business relations between the two countries, we held negotiations about developing banking relations,” Seif reminisced about his previous visit to Azerbaijan, reports Banker.ir.

Last August, Iranian President Hassan Rouhani visited Baku where the two sides agreed to expand financial cooperation and signed several documents.

According to Seif, the Monday’s meeting consisted of talks in the same vein.

“It was agreed that an expert team from Azerbaijan travel to Iran in order for us to finalize the negotiations and create the various prerequisites needed for suitable banking collaboration in line with the economic needs of both countries,” he said.

  Areas of Collaboration 

Seif noted that the talks were centered on expanding cooperation between commercial banks of both countries to ease trade, and creating a banking account designed to work with the currencies of both countries, which would “create better conditions for Iranian and Azerbaijani merchants so that they can transfer money with greater ease”.

Noting that integration of bank cards systems of the two countries was another talking point, he said if this goal is achieved, travelers from both countries can use their cards during their visits.

The negotiations held in the Azerbaijani capital also pertained to Bank Melli Iran, which has a branch in Baku.

According to Seif, the way the branch would continue its operations in the future were also discussed. 

One of the proposals that would probably be implemented is for the bank “turning into an independent Azerbaijani bank with shares 100% owned by Bank Melli Iran”, he added.

Seif said this will allow the branch to operate with better efficiency and play an active role in improving business ties with Iran.

“The Azerbaijani side was completely ready to collaborate with Iran for making mutual ties reach their true potential,” he concluded.   

[screwball]

The Central Bank of Iran and Japan's Financial Service Agency signed an exchange of letter on February 12 aimed at easing banking relations and promoting exchange of experience related to supervision. 

The ceremony was attended by the Central Bank of Iran’s deputy for supervisory affairs, Farshad Heydari, a group of CBI executives and representatives from JFSA, including its director for international affairs, Masato Kanda, CBI's website reported.

"Since Iran and Japan have old ties in trade and in view of the capabilities of the two countries, the volume of our trade and business deals should increase," Heydari said, adding that the enhancement of bilateral banking relations is necessary for stronger commercial relations.

"Japan has worked with our banking system on banking supervision training and it is hoped that this cooperation will continue so that our banking system reaches global standards."

The CBI official noted that Japanese bankers should familiarize themselves with Islamic banking to develop their relations with Iran's banking system.

Heydari said Iranian banks are ready to ramp up their ties with Japanese banks.

"Our banks are eager to create correspondent relations with Japanese banks and open branches on Japanese soil as they did in South Korea and China, which led to a jump in their business," he said.

"On the other hand, the CBI welcomes the presence of Japanese banks in Iran, which should be considered as a step toward expansion of trade relations."

Heydari further said the presence of Japanese banks in Iran will not only give them the opportunity to have access to its 80 million-strong market, but it will also facilitate their business in Central Asia and the Caucasus.

FSA's Director for International Affairs Masato Kanda deemed the signing of this exchange of letter highly important.

"The signing of this exchange of letter is a prelude to further exchange of expertise and knowhow in the banking sector and will also lead to memorandums of understanding," he said. 

"Because Japanese banks want to have a presence in Iran, we will see expansion of banking relations."

The Financial Services Agency is a Japanese government organization and an integrated financial regulator responsible for overseeing banking, securities and exchange, and insurance sectors to ensure the stability of the financial system of Japan. 

The agency operates with a commissioner and reports to the minister for financial services. It oversees the Securities and Exchange Surveillance Commission and the Certified Public Accountants and Auditing Oversight Board. Its main office is located in Tokyo.

[screwball]

Iranian fintech firms and startups have been in the spotlight in recent months, with bankers expressing interest in forging partnership with them. Some experts, however, are concerned about the real intention behind the lenders’ overtures.  

Nasser Hakimi, director of IT Department at the Central Bank of Iran, believes fintechs are perceived as a threat to banking operations and payment service providers, which are mostly affiliated with banks. 

“The banks’ first approach is to ignore innovative firms. However, they would acquire fintechs if they find any of them profitable,” he was quoted as saying by Way2pay.ir during the Eighth Conference on Development of Investment and Financing Systems held in Tehran on Sunday.

Hakimi noted that the era of banks’ dominance [in financial services] has come to an end, as banks are wary of sharing their profits with fintechs.

The regulator will support fintechs, said the central banker, because they managed to revive the notion of payment fees in Iranian banking system.

“The regulator also praises fintech innovations for attracting customers who would not otherwise use the banking system and payment network,” he said.

Rostam Shah-Gashtasbi, chief executive of Beh Pardakht Mellat, Iran’s leading PSP affiliated with Bank Mellat, was also present at the meeting.

He rejected Hakimi’s comments, saying that his firm fully supports fintechs and their innovations.

“Iranian PSPs, or so-called payment giants, are not acquiring fintechs,” he said. “I think the regulator should come up with a set of rules for the operation of fintechs, like what happened for PSPs.”

Back in December, the Central Bank of Iran announced that it was working on a “heavy project” to develop a safe and healthy environment for the operation of innovative firms. It was also announced that a new regulatory body will be formed specifically for fintech firms.

Back in December, the Office of Vice President for Science and Technology Affairs and Ministry of Communications and Information Technology announced that they were working on development of a framework for the operation of fintechs. 

Measures taken by a large number of top-tier bodies have posed a new challenge to the financial sector.

  Friends of Banks

Mostafa Naqipourfar, a senior director at Fanap ICT Company affiliated with Bank Pasargad Iran, said fintechs are the trump card of banks that should hand over some of their services to fintechs.

“Banks are always blamed for avoiding payment of small loans to startups,” he said, adding that crowdfunding could be used as an alternative solution to help finance fintech startups.

Naqipourfar also opposed the regulation of fintechs, saying regulations would repress innovation. 

“The regulator should play a more active role in the industry mainly to raise public trust in fintechs and remove concerns about their operations,” he said.

“People will start using foreign fintechs, in case we neglect the development of domestic ones.” Unofficial reports show more than 50 fintech firms are operating in Iran, all of which have developed in the past three years. They have managed to keep up with global trends, offering services like peer-to-peer lending, personal finance management, saving services and insurance facilities.

[screwball]

The Iranian private sector has invested 420 trillion rials ($11 billion) in Iran’s development projects since President Hassan Rouhani took office in 2013, according to Minister of Roads and Urban Development Abbas Akohundi.

“This is a record high in terms of private sector participation,” the minister told the Persian daily Iran.

Akhoundi listed a number of projects that are being carried out through private investment.

“We delegated the construction of Imam Khomeini International Airport’s Salam Terminal valued at 5.5 trillion rials ($143.6 million) to the private sector. The airport in Kerman Province is also being developed this way,” he said.

“Iranian investors are funding development projects in Chabahar Port in southeastern Sistan-Baluchestan Province and the southern port of Bandar Abbas.”

The minister also referred to a railroad between the capital of Kerman Province and the city of Sirjan as another project funded by the private sector.

“The projects underway need 1.7 quadrillion rials ($44.4 billion) in capital,” he said. 

“And this is the cash needed for construction of infrastructures alone. Maintenance costs are a separate story. For the maintenance of roads alone, 100 trillion rials ($2.6 billion) are needed annually.”

Akhoundi noted that the government is trying to “shift the paradigm” regarding financing its projects by funding them through domestic and foreign private investment alongside Iran’s sovereign wealth fund, instead of relying on the annual budget.

Development spending in the next budget, which is estimated at 620 trillion rials ($15.5 billion), is 9% more compared to the current year’s budget, which will most likely be not realized by the end of the year.

As for the current fiscal year, the government was expected to earmark 387 trillion rials ($10 billion) to development projects in the eight months to November 20, whereas only 39% of this amount have been realized.

This trend has not changed in the past three years, as the government only met 58%, 68% and 39% of its projected development spending during March 2015-16, March 2014-15 and March 2013-14 respectively.

This comes amid a sharp fall in government revenues obtained mostly through export of oil, Iran’s main source of income. The Islamic Republic has been facing a gap between income and spending as the price of crude fell sharply in 2014 from over $100 per barrel to a record low of under $30 in 2016.

Iran enjoyed sky-high crude prices for a few years, adjusting its spending with abundant revenues. But this became a challenge when prices nosedived. 

Budget deficit is now taking its toll on infrastructure development, leading to underinvestment and worsening recession in industries.

Add to these, years of strict economic embargoes imposed over Tehran’s nuclear energy program, which kept foreign investors away from the Iranian market. 

In 2015, the Rouhani administration hammered out a historic deal, formally called the Joint Comprehensive Plan of Action or JCPOA, with world powers to limit Iran’s nuclear activities in exchange for a relief from economic sanctions. The deal went into effect in January 2016.

Before the nuclear deal was signed, Iran hinted that there was $80 billion of investment opportunities up for grabs in Iran’s transportation sector alone. Ever since, the administration has been in talks with several international companies to cover a portion of the FDI it seeks to attract in the sector.

“FDIs … are gradually entering the country,” Akhoundi said in the interview.

“As for airport development, increasing the capacity of IKIA in particular, a tender has been held to outsource the construction projects … Talks are underway to develop IKIA, Mehrabad, Isfahan, Mashhad, Shiraz and Tabriz through foreign investment and finance,” he said.

The government, he said, is also negotiating a 1,200-km highway project, which costs $4 billion, with Italy’s highway agency ANAS that signed a preliminary agreement with Iran in July last year. 

“This is a huge project we are negotiating with Italy.”

The first stretch of highway covering 350 km will be completed by 2022 at a cost of $638 million. The project is to build a road linking the Persian Gulf port of Bandar Imam Khomeini to Bazargan on Iran’s border with Turkey.

As for rail, Akhoundi added, deals have been signed to finance a $3.5 billion high-speed train from Tehran to the tourist hub of Isfahan in central Iran. 

Another deal will soon be finalized to finance the electrification of a rail link spanning 1,000 kilometers between Tehran and Mashhad, according to the minister.

Iran has also signed contracts to purchase 180 planes from Boeing and Airbus, with a catalogue price of $35 billion, along with a $150-million investment deal with India to develop Chabahar as part of its FDI projects.