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General discussion thread to discuss Iran's economy (trends, statistics, challenges, developments etc).

Joining Eurasian Economic Union good opportunity for Iran's economy: Rouhani

Quote:Iran's President Hassan Rouhani says joining the Eurasian Economic Union (EAEU) provides the country’s public and private economic sectors with a very good opportunity to develop their foreign trade activities.

Rouhani made the remarks in an interview in Tehran on Monday before leaving for the Armenian capital to attend the EAEU’s summit in Yerevan.

He said Iran's joining the EAEU would be a very good opportunity for the private-sector businesspeople as well as the public economic sector to expand trade ties with the five member states of the union and to connect to the economy of other regions.

“This is a very important step under the circumstances that the Americans cruelly seek to apply pressure and sanctions on the Iranian nation and Iran's foreign trade," the Iranian president said.

He noted that the five member countries of the union have a population of some 180 million while Iran is a nation of 83 million, and therefore relations between Iran and these countries can be of high significance.

Rouhani said an agreement between Iran and the five EAEU states would become operational and implemented on October 27.

As the first step, some 502 Iranian goods can be exported to EAEU countries by receiving preferential tariffs as a nearly zero tariff will be applied to them, Rouhani said, adding that further steps would be taken in this regard in the future.

He noted that Kyrgyzstan, Kazakhstan, Russia, Belarus and Armenia are the five members of the union while Iran, Singapore, Moldava and Vietnam plan to join it.
President Rouhani backs barter trade with Armenia

Quote:Barter trade of gas and electricity between Tehran and Yerevan will be extended to goods and services, President Rouhani said in a meeting with Armenian Prime Minister Nikol Pashinyan.

Iranian president, at the invitation of the Armenian premier, arrived in Yerevan late on Monday to take part in the Eurasian Economic Union (EAEU) summit slated for October 1.

Elsewhere in his remarks, President Rouhani said that Iran and Armenia have agreed to working on important projects to develop economic cooperation.

The president said that Iran would offer advanced know-how to the Armenian Republic on the areas of engineering service, modern technologies, communications, transportation, power plants and energy as the appropriate grounds for constructive relations.

He said that cooperating on North-South Transport Corridor to connect the Black Sea and the Persian Gulf region in southern Iran will lead to a leap in economic cooperation to the benefit of other regional states.

About the Eurasia Economic Union, Rouhani said Iran will take the first step to have activity in the Union till the next month.
Iran’s rial rebounds as stock market outstrips global rivals despite US sanctions
Quote:The governor of the Central Bank of Iran says national currency the rial has strengthened over 40 percent, in a blow to US attempts to bring down the country's economy.

“Inflation has stabilized and the rial has recovered, while the economy has recorded growth over the last 12 months despite the impact of sanctions and the threat of war,” Abdolnasser Hemmati told IRNA.

The CBI governor said Iran’s currency regained its value despite the most complicated and unprecedented sanctions and monetary restrictions launched by the US and its regional allies against Tehran.

“Iran’s enemies had sought a currency collapse and economic disintegration to make chaos in the country. The rial, however, has rebounded, inflation has been reined in, and the economic growth is imminent,” Hemmati said.

The rial plunged from highs of 50,000 against the dollar in early months of 2018 to historic lows of 190,000 in September last year, just before Trump imposed a series of new sanctions on Iran. The rial currently trades at year-long highs of above 110,000 to the US dollar, according to currency rate websites and reports from Tehran’s unofficial exchange market.

Iran’s tightened control on currency transfers and its reform plans for various sectors of the economy have already yielded results, while businesses and households are adapting to the situation that followed the sanctions.

On Friday, British daily the Financial Times said Iran’s stock market has notched up huge gains despite US sanctions, ranking among the world’s best performing over the past 12 months.

The fall of the rial against foreign currencies last year pushed Iranians into stocks to protect their savings from losing value. Stocks have been up 73 percent in local currency terms over the past 12 months, outpacing any other global equity market.

“Iran’s bourse showed it can hedge against foreign currency risks and is the best market to guarantee people’s money with high dividends,” Bloomberg cited the manager of a Tehran-based asset management firm who asked not to be named as saying.

The Financial Times said the top 30 listed companies account for more than 60 percent of the stock exchange’s market cap, according to local analysts — including Iran’s top exporters of petrochemicals, steel and copper. These businesses generate foreign currency income, giving them protection from domestic economic stagnation.
China have no backbone
Iran discovers natural gas field in Fars province

Quote:Tehran — Iran said Sunday it discovered a natural gas deposit in the southern province of Fars, holding as much as 19 trillion cubic feet of the fuel.

The reservoir called Eram also holds as much as 385 million barrels of condensates, Reza Dehghan, director of development and engineering affairs at the National Iranian Oil Company, told reporters at the oil ministry in Tehran. Drilling took nine months and started last year, he said. The value of the resource could be as much as $40 billion, he said.
Iran shares ownership of the world's largest natural gas deposit, South Pars and North Field in the Persian Gulf, with Qatar. While the field has helped Qatar to become the world's largest liquid natural gas exporter, Iran has mostly used its part of the field for domestic uses.

The development of the Eram gas field will start in two or three years, Dehghan said. Once production starts, the gas will be used for domestic consumption as well as for Eram itself to prevent a decline in pressure.

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