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President Hassan Rouhani’s Cabinet has redirected the two major banking bills aimed at reforming the Iranian banking system to the Central Bank of Iran, announced a member of the bank’s Fiqh Council.

“The two banking bills named Banking Reform Bill and the Central Bank Bill have been sent back by the Cabinet for the CBI and the Ministry of Economic Affairs and Finance to conduct more reviews on them,” Seyyed Abbas Mousavian also said in a talk with IBENA.

Mousavian added that the Cabinet, which was supposed to ratify the draft bill before forwarding it to the parliament for final approval, had found shortcomings with them.  

What is now referred to as the Banking Reform Bill first became law more than three decades ago under the moniker of Usury-Free Banking Law and has not been revised since.

The new version defines the duties of the banks and non-bank credit institutions, explains all banking operations and services, sets up a professional set of criteria for selecting new chief executives and board members, and makes provision for setting up internal risk and auditing committees.

On the other hand, the Central Bank Bill, whose law was first passed in 1972, aims to modernize banking regulations. Improving the independence of CBI, enhancing monetary policymaking and increasing CBI’s supervision over the money market are among its key goals.

Mohammad Reza Pour-Ebrahimi, the head of Majlis Economic Commission, had announced late October that the longstanding reform bills would be finalized in the parliament before the end of the current fiscal year in March. But early January, it became clear that the chances of the final drafts of the bills being approved by the parliament before the end of President Hassan Rouhani’s first term in the summer of 2017 are relatively slim.

The bills are seen as necessary for bringing much-needed reforms to the troubled banking sector and many officials have stressed their importance.

Kamran Soltani, the deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture, said on Saturday he envisions a brighter future for the banking system because of the implementation of such measures.

“In my opinion, if CBI does not back out from its current stance and pushes forward with reforming the banking system, a good future can be predicted for the banking system during the next fiscal year and the years ahead,” he said.

Soltani, however, noted that even though the central bank is powerful, “the banks also have good lobbies and connections that might force the central bank to retreat from its current position”.

this could be smoke, it also could be that the cabinet and majlis are at loggerheads over the exchange rate? If you remember cabinet approved 10:1 and chnaGe to toman, and the majlis (parliamanet) wanted three- four zeroes removed, I know who will win that argument and it's not the cabinet. also remember that in previous governments and back early 2016 Cbi governor stated 3-4 zeros and parity with the usd or slightly greater! Watch for more of this news to come out will guide our thoughts from this point on!

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Just now, screwball said:

In my opinion, if CBI does not back out from its current stance and pushes forward with reforming the banking system, a good future can be predicted for the banking system during the next fiscal year and the years ahead,” he said.

This is good

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9 minutes ago, screwball said:

it became clear that the chances of the final drafts of the bills being approved by the parliament before the end of President Hassan Rouhani’s first term in the summer of 2017 are relatively slim.

Relatively slim....that's what happens when you put forward a **** plan, four zeros is the only way to go...

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Government Spokesman Mohammad Baqer Nobakht said on Saturday that 4,853,386 people have been removed from the list of cash subsidies recipients as of January 20.

This comes as a report released by Eghtesad Online earlier put the number at 7 million people. The report was published by Financial Tribune on January 9.

As part of the Subsidy Reform Plan, the administration of former president, Mahmoud Ahmadinejad, removed subsidies on food and energy in 2010 and instead paid 455,000 rials ($11.9) to every Iranian on a monthly basis, IRNA reported.

The administration of President Hassan Rouhani continued to implement the plan it inherited from the government of former president, albeit reluctantly amid financial constraints, mainly as a result of plummeted oil revenues compared to those during Ahmadinejad’s controversial tenure.


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Defying Trump, Iran draws up $80b of oil deals

Defying Trump, Iran draws up $80b of oil deals

Iran is negotiating $80 billion of oil deals for signing, some of which are expected to be finalized no later than the next three months, said two senior officials said in Tehran on Saturday.

Deputy Foreign Minister Abbas Araqchi shrugged off concerns about the new US president's commitment to a landmark nuclear accord with Iran, which has been preventing foreign investors from clinching deals with Tehran, Press TV reported.

During his election campaign, US President Donald Trump has denounced the Joint Comprehensive Plan of Action (JCPOA) calling it the "the worst deal ever negotiated', and pledged to tear it up.

Araqchi said, "If Trump rips up the JCPOA, he will have to bear the costs. In that case, we will have to move diligently and dexterously so that the costs don't fall on us."

The official said Trump was currently examining the accord but there were signs that he would stick to it.

"At the moment, the consensus is against Trump and he has no other choice than to extend the JCPOA," Araqchi said.

The official, however, said delays in concluding Iranian oil and gas deals pertain to internal bickering over a new oil contract which has still to see the light of the day.

At present, contracts worth $80 billion are being negotiated and the delay is due to the lack of national consensus over the IPC (Iran Petroleum Contract, Araqchi noted.

Deputy Oil Minister Amirhossein Zamani-Nia said 25 MoUs have been signed with international oil companies so far, adding they would be finalized after May 22.

"The value of the MoUs, which are still being negotiated, will be $80-$85 billion if they are converted to contracts," he said.

Over the past year since the implementation of the JCPOA, Iran has won back its oil customers and raised production to the pre-sanctions level.

Zamani-Nia said Iran has boosted oil and condensate exports to more than 2.63 million barrels per day, adding the country earned about $34 billion from the exports in the year to March 20.

Among the major oil firms, France's Total has pledged about $5 billion of investment in Iran, but the company is awaiting US green light to implement it, he added.

"We understand it. Total has spent about $20 million in Iran in recent months and is working on its plans," Zamani-Nia said.

Meanwhile, Araqchi hailed the nuclear agreement, saying it had served its purpose.

"The JCPOA has cleared all the obstacles on the way of Iran's economy, and allowed the economy to move forward. However, we don't claim there are no non-JCPOA obstacles," he said.

"Having oil production and exports restored to their previous levels within a year was a masterpiece," he added.



US thwarts deals


A London-based daily said that the US government has thwarted many funding projects and deals in Iran during the past months.

Citing European banks' sources, Asharq al-Awsat said many visits by European delegations to Tehran since the lifting of sanctions on Iran in January 2016 had failed to bear fruit.

The sanctions were removed under a nuclear deal with the Islamic Republic, but Washington has imposed new penalties under numerous pretexts, including those pertaining to Iran's missile defense program.

The paper said European investors had to forgo most projects because their operations fell foul of sanctions imposed on a number of Iranian entities blacklisted by US Treasury's Office of Foreign Assets Control (OFAC).

One French banker told the paper they abolished certain operations in Iran because they feared to be fined like BNP Paribas, Crédit Agricole and Societe Generale Bank Jordan which had to cough up $15 billion in penalties.

A German banker revealed that "most of the business visits by German, French and Swiss delegations to Tehran since the lifting of sanctions went in vain".

"There is a serious concern among huge Western banks since they don't want to take the risk," Asharq al-Awsat reported quoting unnamed official as saying.

Some board members of a European bank were shocked to find they had been banned from travelling to the US, the paper added.

Those bans appear to be in line with US President Donald Trump's executive order suspending immigration and visas for citizens from Iran and six other countries with majority Muslim populations.

Senior Iranian officials have repeatedly complained that the US is not adhering to its end of the bargain in the nuclear agreement. The Europeans agree but they mostly play a double game, refusing to commit to serious trade with the Islamic Republic.

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4 hours ago, screwball said:

Cbi wants 3-4 usd dollar or something or slightly greater parity so does majlis 

Brother Screwball, $3-$4 to $1 Rial?! :blink: Sorry, I haven't had a drink tonight yet - at the moment I thought the rate would be a couple of cents? :confused2:

Are they really "competing" with Iraq? :confused:

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1 hour ago, Freedomwish said:

Brother Screwball, $3-$4 to $1 Rial?! :blink: Sorry, I haven't had a drink tonight yet - at the moment I thought the rate would be a couple of cents? :confused2:

Are they really "competing" with Iraq? :confused:

Yeah 0.30-.40 any greater and it will be a bonus..

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16 minutes ago, gixxerfrog said:

Neither of them are showing any actions! All talk. Talk is cheap! 

Iran did say they will do it quietly and without fanfare..

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European banking sources have revealed that abundant funding projects and deals in Iran were thwarted during the past months by the Office of Foreign Assets Control because these operations violate the sanctions imposed on a number of Iranian parties classified on the black list.

These sanctions were imposed before the nuclear agreement between Iran and P5+1 (the US, the UK, Russia, China and France, plus Germany), which forbid any US individual, company, banks, organizations or institutions of dealing with any party on the black list.

A French banker told Asharq Al-Awsat, “We have abolished certain operations because we fear expensive fines similar to those imposed on BNP Paribas, Credit Agricole and Societe Generale Bank Jordan, reaching up to $15 billion. Some German banks were also fined, including Commerzbank and Deutsche Bank AG.”

An unnamed German banker also revealed that “most of the business visits by German, French and Swiss delegations to Tehran since the lifting of sanctions went in vain. There is a serious concern among major western banks because they don’t want to take the risk”.

Commenting on the Iranian financial system, European bankers clarify that Iran is listed among countries considered “uncooperative” by the Financial Action Task Force in combating money laundering and terrorist financing.

The international group that monitors money laundering worldwide decided in June to keep Iran on its blacklist of high-risk countries but welcomed Iranian promises to improve and called for a one-year suspension of restrictions on Tehran.

Iran has for long complained that the US is not honoring the terms of JCPOA by discouraging major banks from reengaging Iran.

On the political level, the presidency of Donald Trump represented an additional shock to European bankers, “several plans were suspended until the vision is clear on how strict Trump will go in closing in on Tehran”.

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Iran's Property Market Prospects for Foreign Investors
While there were 620,000 vacant flats in the country in 2006-07, that figure increased to 1,650,000 in 2011 and currently there are approximately 2,000,000 vacant homes throughout the country
EconomyBusiness And Markets
Sunday, March 05, 2017

Iran's Property Market Prospects for Foreign Investors

Finance Desk

Iran's real-estate sector is in the doldrums, thanks largely to overcapacity in luxury housing and the wider economic downturn that ensued since the 2014 oil price crash threw the economy into a tailspin.

Sporadic reports pointing to an uptick in home sales notwithstanding, most experts agree that a full recovery is far from certain and perhaps way into the future. But the real conundrum–with possibly more dire consequences than the property downturn itself–is the double whammy of shortage of affordable housing and the glut in luxury apartments complicating government efforts to provide housing to young people.

Hossein Abdoh-Tabrizi, a member of the Securities and Exchange High Council, is a senior expert who sees a major opportunity for foreigners to fill the current gap by entering Iran's real-estate and construction market.

Abdoh-Tabrizi—whose council has been sought by successive governments in post-Islamic Revolution, except unsurprisingly by the administration of Mahmoud Ahmadinejad whom he blames for many of the current woes–is currently an advisor to the Minister of Roads and Urban Development Abbas Akhoundi.

In an interview with Financial Tribune, Abdoh-Tabrizi called attention to the gloomy state of the key housing market: In the year ending March 2016, the sector registered a negative 12% growth, which trend is likely to have continued into the current year as well–albeit with less severity.

He pointed to overinvestment in construction during the go-go years of $100-a-barrel oil and subsequently the growing interest of banks in the real-estate bubble that led to the current oversupply. And since that overinvestment was mostly in the form of luxury apartments, it did nothing to increase homeownership among lower and middle classes.

"While there were 620,000 vacant flats in the country in 2006-07, that figure increased to 1,650,000 in 2011 and currently there are approximately 2,000,000 vacant homes throughout the country," Abdoh-Tabrizi said.

"Only in the three years of high oil prices [2011-13], 600,000 building permits were issued, which are roughly 30% of the housing stock in the capital Tehran."

That puts the total spending bill in the construction sector during those three years at $300 billion which, according to Abdoh-Tabrizi, was a total "waste of money".

"For a country that needs every penny and is desperately looking for investment, this is a heavy cost that is a legacy of the former administration," he said.


Worst Conclusion

According to Abdoh-Tabrizi, the worst conclusion that one could draw from all of this is "that we do not need more houses" since a glut is already plaguing the market.

"But we need a lot of houses," he said, "because around 700,000 marriages take place annually, and apart from that since one in four marriages ends in divorce, that creates the need for extra homes as well."

As an aside, Abdoh-Tabrizi reminds that the real-estate glut is not limited to the housing sector and cites the northeastern city of Tabriz as an example.

The metropolis, with a population of 2 million has 207,000 shops, which means that there exists a retail store for every two households.

"It will take a long time before this overinvestment rebalances," he said.

Infrastructure Bonanza

The government, in its efforts to boost homeownership for first-time homebuyers, raised the ceiling for home loans significantly, offering mortgages with higher adjusted loan to value ratio, from 5-10% in the past to 30% at present.   

According to the expert, Iran needs a bigger mortgage market and foreigners can help this market.  

"A big opportunity has recently opened in Tehran exchange in the secondary mortgage market," he said.

As Abdoh-Tabrizi puts it, the market has potential for billions of dollars of loans with good securitization and collateral.

Next, there is need for the development of old and distressed urban areas where three million households reside. That, Abdoh-Tabrizi says, requires government subsidies which, given the low oil revenues and a gaping budget deficit, is a tall order.

All of this has created opportunities for foreign investors to grab. The country also needs big spending on the construction of roads and bridges.

According to Abdoh-Tabrizi, infrastructure spending can go on for years in Iran.

"Currently, $300 billion worth of infrastructure projects are up for grabs by foreigners," he said.

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French Economy Minister: Financial circuits need to be normalized

Sat Mar 4, 2017 4:47PM
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French Economy Minister Michel Sapin
French Economy Minister Michel Sapin

France has called for “normalization” of banking ties with Iran to improve economic relations between the two countries.

French Economy Minister Michel Sapin said relations between Iran and France have considerably developed over the past few months, adding:

”Financial circuits however need to be normalized. It’s our aim, our will-even if it can’t be done in a day.”

Spain  made the statements after meeting his Iranian counterpart Ali Tayebnia in Tehran.

"We can't work on developing our economic relations if we don't also normalize our banking relations," he said.


The French official then added that trust must be built "to allow companies - if they so wish - to have financing channels that are safe and efficient."

French and other European companies have returned to Iran since the signing of the nuclear deal between Iran and P5+1 group of countries in 2015 which led to the partial lifting of international sanctions in January last year.

Despite the deal, international banks have not yet reestablished financial circuits with Iran, fearing reprisals from the US which has maintained some economic sanctions against Iran.

"France's big banks are international banks. They work around the world including in the US. It is therefore normal that they worry about respecting American rules with regards to their American activities… I can't blame them, but they need to rebuild trust…We can work with them to understand the rules and find good reasons to work towards developing our relations," Sapin said.

France, a leading economic, political partner 

Spain also held talks with Iran’s Foreign Minister Mohammad Javad Zarif.

During the meeting, Zarif said Iran is seeking to develop relations with France and added Iran viewed France as a leading economic and political partner.

f9d779d3-5e13-48af-b724-ef5bb411dbcd.jpg Iranian foreign minister, Mohammad Javad Zarif (Right) and French Economy Minister, Michel Sapin (Left) hold talks in Tehran

The Iranian foreign minister also said holding Tehran-Paris joint economic commission was a significant move in expansion of bilateral ties and the two sides were determined to take steps in this direction.

For his part, the French minister said as part of the nuclear deal between Iran and P5+1, France would put in its hard efforts to make the deal succeed.

"Many of the economic agreements between Iran and France like those in automotive and aerial industries have already been accomplished,” he said.

During Iranian President Hassan Rouhani’s historic visit to Paris in January last year, Iran and France signed a series of basic trade deals worth billions of dollars. France’s plane maker Airbus, the multinational integrated oil and gas company Total, and automobile manufacturers Peugeot and Renault have already signed deals with Tehran.

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omyDomestic Economy
Sunday, March 05, 2017

INTA Against Replacing VAT With Consumption Tax 


Chairman of Iranian National Tax Administration Seyyed Kamel Taqavinejad believes scuttling the value added tax and replacing it with consumption tax, as proposed by Majlis Joint Commission recently as part of the budget bill for the upcoming Iranian year (March 2017-18), would be a step backward for Iran’s taxation and fiscal systems.

“The move will reduce close to 400 trillion rials ($10.58 billion) in revenues,” he said.

VAT is a general consumption tax collected incrementally, based on the value added, at each stage of production or distribution, whereas the parliament’s newly-proposed consumption tax narrows the tax base to the final consumer.

Noting that VAT accounts for over 50% of INTA’s tax revenues, the official said consumer tax has replaced VAT in countries where the latter’s implementation has failed.

“This is while the experience of VAT in Iran has been successful,” IRNA quoted him as saying.

Proponents of the initiative believe the mechanism of consumption tax system is simpler and more effective compared to VAT. They also argue that it will help improve transparency and prevent corruption.

Two main violations are usually reported when it comes to the implementation of the VAT Law. First, some business owners charge their customers VAT but do not pay the same to the government.

Second, the government collects the VAT but avoids paying the revenues to related bodies. To prevent such violations, only the final consumer—the last point in a distribution chain—must be charged consumption tax, according to a report recently published by the Persian daily Shahrvand.  

The VAT Law took effect in the Iranian year to March 2009 and has since taken a lot of flak for its ambiguities. It currently stands at 9%.

Minister of Economic Affairs and Finance Ali Tayyebnia said as many as 500,000 taxpayers, including major producers and importers, pay around 150 trillion rials ($3.96 billion) in value added tax every year.

“Once the consumption tax becomes law, tax authorities will have to deal with over 3 million retailers across the country,” he added.

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EconomyDomestic Economy
Sunday, March 05, 2017

Iran at the Dawn of FDI Opportunity


With a bustling population of 80 million people and an estimated GDP of about $400 billion, Iran is an emerging market ripe for investment.

In an interview with Bloomberg, Dragica Grbavac, senior partner at Delta-Arjan Advisory, explains which industries and sectors are ready for foreign investment.

The Toronto-based firm, one of whose partners has been in Iran since 2009, advises Iranian firms to be “investor ready”.  Excerpts of the interview follow:  

Tell us about your financial advisory services.

We have a couple of partners here in Canada as well as in London—representing Europe. Since the nuclear agreement came into effect January last year, one of the things that Iran has experienced is literally a parade of people checking it out. One of the things we’re aiming to do is to work with these companies and really share and transfer a lot of the knowhow that we have in Canada as well as in Europe on how to get investor-ready.

So you’ve obviously got some great intelligence into industries and sectors. We know that Iran has something to the tune of $500 billion deficit of infrastructure, capital expenditures. What areas do you think there is particular opportunity for bilateral trade between Canada and Iran?

Clearly in knowledge transfer that’s possible. That is going to be one of the biggest benefits Iran could get. Secondly, the experience that we have in Canada in our financial services sector. We are known to have one of the most robust financial services industries in the world.

The banking sector in Iran is quite distressed and so we believe we can lend a lot of knowledge there. The other one is healthcare. Canada is very good in the method of delivering healthcare. The funding for healthcare in Canada is well regarded around the world and clearly Iran is looking for help in that area.

They have very robust automotive industry, so that wouldn’t be it.  And lastly, infrastructure. They are in desperate need of materials and labor even in that area.

Lots of potential there. What are we hearing though, talking to Canadian companies and individuals potentially interested in going to Iran? Because there is so much in a sense noise out there around President Trump, around the threat of renewed sanctions, around the breakdown of this deal. I mean that must be casting some uncertainty over the future business prospects of Canada in Iran.

Well it could be believed that Trump has the ability to undermine ... But this is Canada. We’ve dropped the sanctions. And we are taking a very different view on Iran. The government is encouraging; the chambers of commerce all across Canada are encouraging.

Canada has a very large Iranian-Canadian community. Many people travel back and forth to Iran. On regular basis, many Iranians come to Canada. In fact, I was very surprised to see how many people in Iran are very familiar with Canada and they have family here. So there is a lot of opportunity for trade between Canada and Iran, no question.

Unfortunately the conversations that I have been having to date where there could be some investment in Iran, I’m a little disappointed to see that there is still a lot of US media influence. So it is going to be a very slow start.

When you look further into the future with Iran, this is a country that, I’ve heard, has been characterized as the kind of Brazil of the Middle East. A large growing population; as you say a real competency in depth; everything from software development to consumer fashion and consumer goods. Why do you think that story of Iran doesn’t get through?

If you think back since the revolution, now that’s 37 years ago right? And so they have been largely silent on the world stage. They have been closed off. They have had terrible sanctions against them all these years and the people have had to make do. They have had to struggle through creating their own economy internally.

Mind you, there was trade in the surrounding countries and a little bit with Europe. The difficulty has been they just haven’t been able to reach out. And a lot of that really has to do with [the fact that] they don’t have access to a lot of foreign currencies of course like the US dollar and the euro.

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Iran ready to ship 100 bpd crude to S Africa

بیژن زنگنه
News ID: 3923523 - Sun 5 March 2017 - 10:10
TEHRAN, Mar. 05 (MNA) – Oil Minister Zanganeh has voiced Iran’s readiness to deploy 100 thousand barrels of crude oil per day to South Africa as well as to purchase refinery shares there.

Oil Minister Bijan Zanganeh made the remarks on the sidelines of a meeting with the visiting South African Energy Minister Tina Joemat-Pettersson.

He said sales if crude and oil products were the main axis of talks with the African energy minister adding “Ms. Tina Joemat-Pettersson has travelled to Tehran mainly to provide grounds for the upcoming visit of Iran’s President to South Africa.”

“In addition to oil exports, talks were also held with the South African side over implementing Gas to Liquids (GTL) projects; “in recent years, disputes over gas prices have prevented GTL negotiations from yielding results.”

Zanganeh announced that a fresh round of talks will be launched between the two sides over carrying out GTL projects on Sunday adding “Iran is ready to deploy 100,000 barrels of crude oil to South Africa on a daily basis.”

The official went on to elaborate on Iran’s plan to purchase shares of South African refineries asserting “the purchase plan is aimed at guaranteeing long-term oil exports to the country.”

Iran's state oil companies like National Iranian Oil Company and National Iranian Oil Refining and Distribution Company should not be involved in the deals, he said, adding that private sector, with the help of Iran's National Development Fund, could participate in the purchase of the refinery shares.

Iran’s conditions are not proper enough for making investments in new projects abroad, but purchasing shares can be put on the agenda, the minister said.

In response to a question whether difficulties faced by Iran for oil sales to South Africa pertained to activities of oil giants like Shell, BP or Chevron in the African state, Oil Minister Zanganeh said “in the current circumstances, Iran has no problem for marketing and sales of crude oil and the demand for Iranian crude is high in the market.”

He once more reiterated that Iran was ready to ship crude to South Africa underscoring that “decisions on oil purchase need to be taken by the African country’s government rather than foreign companies who are active there.”

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France seeks to make most of ties with Iran: fin. min.

March 4, 2017

TEHRAN - French companies are seeking to make the most of capacities and opportunities in bilateral relations with Iran, Finance Minister Michel Sapin said in Tehran on Saturday.

France and Iran have been very successful in regard to boosting economic ties, Sapin said in a meeting with Iranian Foreign Minister Mohammad Javad Zarif.

As a member of the European Union, France has taken every effort toward the implementation of the nuclear deal, IRNA quoted the French minister as saying.

Many economic deals between the two countries, including in the aviation and automotive industries, have come into force, he said, adding that holding joint economic committee meetings show that bilateral negotiations are well progressing.

Zarif, for his part, said that Iran is seeking to expand relations with France and sees this country as an important economic and political partner.

French Foreign Minister Jean-Marc Ayrault said in a meeting with Zarif in Tehran in January that economic ties and collaboration between the two sides has witnessed a 200-percent increase over the past year.

During the meeting, Zarif said Iran-France bilateral trade stood at €1.7 billion during January-November 2016, an increase of three-folded compared to the same period in 2015. 

In February, French Foreign Minister Jean-Marc Ayrault said in a meeting with President Hassan Rouhani that a “new chapter” has opened in ties with Iran.


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Iran negotiating to finalize $80-85b foreign investment in oil sector

March 4, 2017

TEHRAN- Iran is negotiating with foreign companies to finalize 25 contracts in oil sector, which will bring $80-85 billion investment to the country, Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia said on Saturday.

Iran has signed 25 memorandums of understanding (MOUs) with foreigners after the lifting of sanctions against the country in January 2016, for carrying development studies on Iranian oil fields and according to Zamaninia the MOUs are planned to turn into contracts from the next Iranian calendar year’s third month of Khordad (which starts on May 22).

Last week, Gholamreza Manouchehri, the deputy managing director of National Iranian Oil Company (NIOC) for development and engineering affairs, said that Iran has received 25 Management Development Programs (MDP) for the development of its oilfields from foreign companies since sanctions removal.

“Post-sanctions era has provided foreign companies a great opportunity for entering Iran’s oil industry,” the official noted, adding that NIOC has started the assessing process of the submitted proposals.

Iran has ramped up oil production and more than doubled exports over the past year, reviving its market in Europe and elsewhere which it had lost under sanctions. The country is currently producing close to pre-sanction levels of about 4 million barrels per day.

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Man that's a lot,of money....and we think no .28 with Iraq wanting 3.22? While Kuwait $3.27 has been making hundred of billions!

Edited by screwball
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Iran to preserve single-digit inflation rate: vice president

March 5, 2017

TEHRAN- First Vice President Es'haq Jahangiri announced that Iran is expected to maintain a single-digit inflation rate during the upcoming years, IRIB news reported on Saturday.

Thanks to the planned programs and application of the policies of "resistance economy"-a set of guidelines promoted by Supreme Leader Ayatollah Ali Khamenei, who has called for Iran to make its economy more self-sufficient so that it can resist outside pressure- Iran will continue its path to taming its inflation rate, Jahangiri said.

On June 14, 2016, Finance and Economic Affairs Minister Ali Tayyebnia had said that the country planned to reduce the inflation rate to a single digit by the coming two months.

The goal was achieved in the last calendar year’s third month of Khordad (ended on June 20, 2016) when the inflation rate hit 9.5 percent.
Curbing inflation was one of the major promises by Iranian President Hassan Rouhani during his presidential campaign. Under the previous administration, inflation skyrocketed to cross 44%. 

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5 hours ago, millionaire in training said:

This is what we're looking at ????

.30 or .40 ?????

What happened to 1.00 + ?????

That with zeros removed off the rate isn't it just under half Kuwaits price...I personally think higher

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