Members of the Electricity Syndicate have warned the Ministry of Power that recent currency fluctuations will lead to 100 power plant projects shutting down which can lead to outages. Shargh writes, an industry which used to plan 50 years ahead can now only plan for the upcoming summer. Payam Bagheri, Member of the Board of Directors at the Electricity Syndicate said, after the 2011 currency crisis, 250 projects became unfeasible and a number of them have yet to become operational. Since the responsibility for currency fluctuations falls on the contractors, the Syndicate is imploring the Government to adjust the value of the contracts. The method would be much cheaper for the Government than canceling the old contracts and signing new ones.
The government is struggling to control the exchange rate. At the start of the week, and before the unification of exchange rates, the Mercantile Exchange announced that the price of base metals, gold and copper […]
Iran writes of plans to connect Iran’s Shetab banking network to Turkish and Russian banking systems. Mostafa Beheshtiruy, Member of the Board of Directors at Pasargad Bank has said that the project is already underway […]