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Nov 12

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Iran Economy Latest News – 2012/11/12

 

_ The inflation rate in Iran rose by 1.4 percent in the sixth Iranian calendar month (Tehran Times)

The Central Bank of Iran has reported that inflation rate has been rising since the beginning of the current year, so that the rate was 21.8 percent in the first calendar month of Farvardin.

The intelligence unit of The Economist has predicted that the inflation rate in Iran will fall to 21 percent in the next Iranian calendar year from 30 percent in the current year, ISNA reported.

In its October report, The Economist predicted that the inflation rate will decline to 17 percent in the calendar year, which ends in March 2015.

Meanwhile, International Monetary Fund (IMF) says Iran will manage to bring its inflation rate lower and boost its economic growth in 2013 in the face of Western sanctions imposed on the country.

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_ The Dark Side of Economic Sanctions (Global Post)

Humanitarian concerns led the US Office of Foreign Assets Control to revise some key elements of Iran’s economic sanctions last month, allowing American companies to export medical supplies to Iran. Medicine shortages have affected an estimated six million Iranians, according to the Center for Research on Globalization.

In a UN report released on October 5, General Secretary Ban Ki Moon said that the sanctions were adversely affecting humanitarian efforts in Iran. “Even companies that have obtained the requisite license to import food and medicine are facing difficulties in finding third-country banks to process the transactions,” he wrote.

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Iran Proposes Joint telecom Satellite for ECO (Tehran Times)

Iranian Minister of Information and Communications Technology Reza Taqipour has proposed member states of the Economic Cooperation Organization with manufacturing a joint satellite for telecommunication purposes.

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_Iran bans ‘luxury’ imports in bid to boost sanctions-hit economy  (The Washington Post)

Iran’s sanctions-fighting “resistance economy” suddenly got a lot leaner, less flashy and perhaps a bit more uncomfortable.

The Islamic Republic announced Thursday a ban on imports of 75 so-called luxury products — ranging from high-end cars to coffee to toilet paper — part of efforts to promote domestic products and stem the outflow of dollars and other foreign currency as Western economic pressures increasingly choke off Iran’s commerce and critical oil revenue.

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_ Pressures on Iranian Economy (Business Recorder)
The Iranian parliament has summoned President Ahmedinejad for the second time in less than a year to explain his economic policies at a time when the country is clearly facing an economic crisis. The government of Iran is currently battling crippling trade sanctions due to its failure to convince the international nuclear watchdog that it is not engaged in developing a nuclear weapons programme – a factor that accounts for the free fall of the Iranian rial from 9407.5 per dollar in 2007 to one rial equivalent to 0.0001 US dollar this week.
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Economic performance in Iran has shown a small contraction because of a Western ban on oil exports whose impact is spilling over into other sectors, the International Monetary Fund said on Sunday.”The projection that we have shows small contraction in Iran economy during 2012 and an increase in inflationary pressure in the same period,” the IMF”s head of Middle East and Central Asia, Masood Ahmed, told AFP in Dubai where he presented the Fund”s Regional Economic Outlook report. IMF figures released last month forecast an economic contraction in Iran of 0.9 percent this year, and mild growth of 0.8 percent in 2013.
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Iranian manufacturers and builders face serious shortages of steel and other metals as a new EU export ban adds to troubles for an economy already reeling from sanctions on its finances and oil exports. Reliant on imports to make up a shortfall in its own steel production, data shows Iran’s purchases of foreign steel already falling as buyers are being hit by EU and U.S. measures that hinder banks, insurers and others supporting trade with Tehran until Iran agrees to alter its nuclear program.

An Iranian works at the Mobarakeh Steel Complex, some 460 kilometers south of Tehran.

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