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Nov 30

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Iran Economy Latest News 2012/11/30

Iran Economy Latest News

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Iran’s direct tax incomes reach 16 billion USD in 8 months (NZweek)

Iran’s incomes from direct taxes reached 16 billion U.S. dollars during the first eight months of the current Iranian calendar year, which began on March 20, Tehran Times daily reported on Thursday.

Director of the State Tax Affairs Organization, Ali Askari, said that direct and indirect tax incomes grew by 20 percent and 43 percent respectively compared to the same period of previous year, said the report.

Tehran Chamber of Commerce Chairman Yahya Al-e Eshaq said on Oct. 31 that Iran would replace oil incomes with tax revenues in the next calendar year’s national budget act, according to the daily.

The next year’s budget act would pay special attention to tax incomes, he said, adding that tax incomes would be the main sources of securing the state budget.

Iran’s Minister of Economic Affairs and Finance Shamseddin Hosseini said last week that if the administration faced any problem in selling crude oil, it would make for costs of using tax revenues.

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War With Iran: As Iran Squirms Under Sanctions, the US Must Find a Diplomatic Answer ASAP (Policymic)

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Since the economic sanctions imposed by the U.S. and the West have begun to come into effect, Iran is feeling the pinch. Its currency, food prices, standard of living, and ability to trade on the global marketplace have become severely marginalized. Based on recent developments, Iran may now be ready for serious diplomatic talks with the West. In exchange for foregoing what the West sees as a threatening nuclear enrichment program, Iran may appeal to the West to lift the onerous sanctions currently straining the country’s economy.

Though Tehran continues to act tough about the sanctions, Iran may be ready to make concessions. The U.S. and the West may have a real opportunity to resolve this international problem through peaceful and diplomatic means in the near future.

Recently, there have been obvious signs that Iran is facing severe economic strains due to the sanctions imposed on it by the West. They have created a host of problems that threatens to undermine the authority and legitimacy of the current regime in Tehran. The regime has gradually diminished Iran’s ability to provide for its people in terms of food, living standards, financial stability and health care and pursue its own policies as it wishes.

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How Sanctions on Iran Hurt Ordinary Afghans (UN DISPATCH)

The USA and EU sanctions on the Iranian economy, which have taken a hard toll on common Iranians, have also adversely affected Afghans – both the refugee community in Iran and families in Afghanistan dependent on income from their breadwinners working in the Islamic republic next door.

The value of the Iranian rial in world markets has fallen to record lows several times over the past year, some of the most recent beingSeptember 29 and October 1. Each time the rial falls, the savings or wages of workers in Iran also take a hit.

The US electorate, itself hard hit by the economic downturn, reelected President Obama, who has imposed some the harshest American sanctions ever on Iran. His administration has also worked to get the EU to impose sanctions on Iran and has been tough on countries that have sought to skirt them. President Obama is likely to continue the sanctions as he seeks to assuage the hawks and their intensifying war rhetoric amid continued concerns over Iran’s nuclear program.

Many of the two million Afghans in Iran have lived there for much or all of their lives and through the decades of war at home, working mostly low-wage jobs that are generally considered too low or difficult for others to perform. Most of these refugees largely live sustenance-only lives, but the few who have built savings have lost a considerable chunk of their hard-earned wealth due to the rial’s devaluation.

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_ Iran’s oil revenues hit $118b in previous fiscal year (Tehran Times)

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Iran’s oil revenues during Iranian calendar year 1390, which ended on March 19, 2012, amounted to $118 billion, according to official statistics.

And the Islamic Republic’s oil revenues during the first quarter of the current Iranian calendar year (March 20-June 20) amounted to $19.8 billion, the Fars News Agency reported, citing official statistics.
Exports of natural gas and oil products stood at $1.1 billion during the 3-month period, showing a 101 percent rise compared to the figure for the corresponding period in the previous year.
MP Gholamreza Mesbahi-Moqaddam, who is the chairman of the Iranian parliament’s Economic Committee, has put the current volume of oil sales at around 1.03 million barrels per day, but says that the current target is 2.5 million barrels per day.
On October 29, Iran’s OPEC governor, Mohammad-Ali Khatibi, said that the country’s oil exports have remained steady in recent months. “Iran’s oil exports are the same as in previous months and the situation is stable,” ISNA quoted Khatibi as saying.
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Kurdish Iranian ties: Iran strengthens relations with KRG (Kordish Globe)

Neighboring Iran’s recognition of the existence of international dealings with Kurdistan Region has pushed the country to take further steps towards strengthening its ties with this rapidly booming economy.

In an interview with the Kurdish Globe, Abdulazim Husseini, Generfal Consul of the Islamic Republic of Iran in Erbil, talked about the recent contracts signed between his country and Kurdistan Region during the visit of his country’s vice president to Erbil.

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Anti-Iran sanctions damaging Armenia economy: Armenian PM (Tehran Times)

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Armenian Prime Minister Tigran Sargsyan says the U.S.-engineered sanctions imposed against the Islamic Republic are damaging the economy of Armenia.
“International sanctions practically nullify our opportunities to work with Iran. This creates serious problems for Armenia,” Sargsyan said in an interview with Interfax on Monday.
“At the same time we face problems exporting goods to the Middle East, which reduces the opportunities for diversification and creates more difficult conditions for competitiveness with higher transport fees,” the Armenian premier said.
The illegal US-engineered sanctions have been imposed on Iran based on the unfounded accusation that the Islamic Republic is pursuing non-civilian objectives in its nuclear energy program.
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IRI Brigadier General: Resistance Economy best way to pass thru sanctions intact

Deputy Commander in Chief of Islamic Revolution Guard Corps (IRGC) said here Wednesday paying due attention to resistance economy norms is the best strategy and work plan for annulment of effects of sanctions and passing thru them intact,IRNA reported.

Brigadier General Hossein Salami made the comment Wednesday evening on the sidelines of the inauguration ceremony of the new commander of Hamadan IRGC in an exclusive interview with IRNA.

The high brass Revolutionary Guards commander added, “The entire forces of the Islamic Revolutionary Guard Corpse are ready for supporting and active participation in various phases of the resistance economy at national level.

He said that Iran’s permanent strategy is negating despotism and injustice, adding, “The recent Gaza war and its results were inclusive of a great message for the world nations, and that is the end of the hegemony of the oppressor powers over the Islamic world.”

General Salami added, “The leaders of the oppressor powers and the European countries must devise plans for a new kind of relations with the Islamic world based on equal coexistence at global level.”

The deputy head of IRGC emphasized, “The Islamic Republic of Iran is after expanding justice across the international community so that the entire world powers and nations would be able to live freely, independently, and amid security free from the hegemony of the outsider powers.”

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The power generation capacity of Iran’s hydroelectric power plants stands currently at 9.5 gigawatts (GW), IRNA reported on Wednesday.
The actual output of the power plants is 7.6GW, according to the report.
In October, the managing director of Iran Power Development Company said that Iran’s national power generation capacity will be boosted by around 4GW by the third calendar month of Tir (June 21-July 21) next year.
“Twenty power plants with the total output of 9.5GW are projected to be built. Some 40 trillion rials ($3.26 billion) will be allocated to the projects in the first phase,” IRNA quoted Majid Salehi as saying.
The projects are scheduled to be completed by March 2015, he noted.
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 Iranian Oil minister Rostam Qasemi has said that the National Iranian Oil Company will start selling oil bonds in the near future.
According to the national budget law, the Oil Ministry’s subsidiaries are obliged to sell bonds totally to the ceiling of $5 billion in the current Iranian calendar year, which ends on March 20, 2013.
On November 7, Iranian Offshore Oil Company’s Managing Director Mahmoud Zirakchianzadeh said the company will issue $500 million worth of bonds to finance oil projects in the current Iranian calendar year, which ends on March 20, 2013.
IOOC also plans to issue 7.5 trillion rials (about $610 million) in bonds by December 5, ISNA quoted him as saying.
In July, an official at the Iranian Oil Ministry said the Central Bank of Iran has opened a $10 billion line of credit for a number of domestic oil projects in the upstream sector.
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Basmati rice exports to Iran may take a hit this fiscal. Information trickling in from Indian rice trade sources indicates that Iran has just reworked its multiple exchange rate system to circumvent sanctions and rice importers in Iran will now have access to the open market exchange rate with a 2% discount.

This means that the Iranian rice importer will now have to shell out Rs 23,000 to Rs 25,000 rials (or 2,300 to 2,500 toman) against one dollar as compared to 12,600 rials against a dollar a week ago.

This will automatically work as a disincentive to import basmati rice from India as imports will become doubly expensive. “We are yet to get an official communication from Iranian authorities.

But media reports from Iran say that such a change has been brought in. Even our trade sources have also indicated such a change. This is a matter of real concern to Indian basmati rice exporters,” said MP Jindal, president, All India Rice Exporters Association (AIREA).

Iran is one of the major destinations for Indian basmati rice and the country had imported 32 lakh tonne of basmati rice in FY12. The move will affect rice exporters in India and returns to farmers may also dwindle this year.

Till October 31, 2012, India has exported 19.8 lakh tonne of basmati rice to Iran. Media reports from Iran say that the country has narrowed the list of export goods which have been banned to 34 items from an initial 52. The Trade Promotion Organisation of Iran has recently released a new list of goods including wheat, sugar, meat, corn, dairy products, livestock, confectionery, iron products, rice, and some specific petrochemicals.

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1 comment

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