Iran Economy in Brief Turns One Year Old – No.49

Increase in salaries: 10%no49

The Government of Iran confirms 10% increase in salaries for the next Iranian fiscal year, starting on 21 March.

Proportionally to the inflation rate, every year the Government modifies the increase in salaries as it presents the budget bill. With inflation rate decreasing, salaries increase slower.

Currently the inflation rate has hit a lowest record over decades: of 7.5%. Still the Government has confirmed 10% increase in salaries; this is the first time under the current government that the increase in salary is greater than the inflation rate.

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French’s Return to The Iranian Stock Exchange

The deputy of the Tehran Stock Exchange, Ali Sahrai, announced the return of the French IT company, Atos, to Iran. A contract has been signed between Tehran Stock Exchange (TSE) and Atos over updating the stock trading system.

By updating the core trading modules, it is hoped that all technical issues in the system will be resolved and therefore the market will not face technical problems during trading hours; an issue which frequently blocked the market over the last months.

Atos developed the Iranian trading system ten years ago but updating it become impossible due to sanctions.

Another giant in Iran

The world’s largest oil-field service provider will carry out a study of three oil-fields in the south of Iran. An MoU has been signed between National Iranian South Oil Company and Schlumberger, so that the Dutch company will undertake seismic studies over the next six months in the province of Khuzestan in the south-west of Iran. The deal bears no drilling activities.

Iran hopes to sign up to $10billion worth of oil and gas contracts based on the new forms of Petroleum Contracts, also known as IPC.

Read more about Iran Petroleum Contracts.