The Governor of the central bank has announced that imports will no longer be registered with the US dollar. Iran newspaper writes that until now, orders via the banking system had to be registered using currencies other than the US dollar. However, non-banking orders i.e. orders via exchange offices had no such limitations. Due to the remaining financial sanctions by the US government, the Iranian government is seeking to completely remove the US dollar from the trade cycle. Therefore, from now on importers must register their orders based on non-USD currencies even if registering via exchanges. Mohammad Lahuti, Chairman of the Export Confederation of Iran believes this will lead to a slight increase in price for importers, especially for petrochemical products for which the global rates are set based on the USD; meaning the importer must pay to exchange the currency. In spite of this, the private sector agrees with the government that moving away from USD in trades will reduce the number of problems.
Iran newspaper announced the signing of a contract for 5 billion euros in financing between Sanaat and Madan Bank (Mining and Industry Bank), Khavarmianeh Bank (Middle East Bank) and Invitalia Global Investment. Civil and manufacturing […]
Central Bank of Iran (CBI) has filed a suit against the German company, Clearstream, and Italian Bank UBAE. Clearstream, owned by Deutsche Börse, provides settlement and custody services for securities. It is based in Luxembourg […]
In detailed talks with Seyyed Ali Manizadeh, Professor at Sharif University, Shargh Newspaper has discussed the new bill to reform the monetary and banking system. If passed, the bill will create independence and transparency in […]