Week in Brief 23.02.2018

ATR aircraft wreckage found in Dena Mountain.

Tehran to Yasuj flight operated by Aseman Airline was lost 50 minutes after takeoff on Saturday morning. Shortly after, Iran Airports Company confirmed that the aircraft, an ATR 72, a twin engine turboprop, had crashed on Dena Mountain in Isfahan Region. All 65 passengers and crew were killed, one passenger had lost the flight. The aircraft faced serious problems two years ago when shortly after taking off its engines went off. Capitan Hojjat Fulad, the pilot who lost his life this time, then had managed to land the machine safely in Yasuj airport. Unfortunately, this time he was not lucky enough.

The market exchange rate dropped by more than 7% this week as the Central Bank of Iran had promised to control the rate. On Thursday, 22 February, one USD was equivalent to 44,848 IRR; a week earlier it was 48,307 IRR. The governmental policies to stop the devaluation, was partly letting the banks to offer higher interest rates in order to attract more cash at the market; however, such policies are welcome by several depositors, but they do not lead to any fundamental reform.