TEHRAN (Iran News) Mohammad-Ali Dehghan Dehnavi referred to the sensitive conditions in the country over the past two weeks and their impact on economic activities. He stated that foreign trade operations are proceeding without interruption, and there has been no disruption in services provided to traders and merchants.

Dehghan Dehnavi stressed that the organization is aiming to replicate last year’s growth in non-oil exports. “The Trade Promotion Organization of Iran has implemented special measures to streamline export procedures and ensure the supply of essential goods,” he said. “It is anticipated that with the gradual removal of operational restrictions, the pace of exports and imports will accelerate and stabilize sustainably.”

In conclusion, the Deputy Minister of Industry, Mine, and Trade expressed appreciation for all individuals and institutions who continued serving the public over the past two weeks and called for further speeding up of trade processes.

Dehghan Dehnavi stressed that the organization is aiming to replicate last year’s growth in non-oil exports. “The Trade Promotion Organization of Iran has implemented special measures to streamline export procedures and ensure the supply of essential goods,” he said. “It is anticipated that with the gradual removal of operational restrictions, the pace of exports and imports will accelerate and stabilize sustainably.”

In conclusion, the Deputy Minister of Industry, Mine, and Trade expressed appreciation for all individuals and institutions who continued serving the public over the past two weeks and called for further speeding up of trade processes.

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TEHRAN (Iran News) Mehrdad Saadat referred to the 12-day aggression by the Zionist regime against Iran, emphasizing that this assault led to greater unity among the people, economic actors, and the government.

“A strong sense of solidarity has been created, and we can successfully overcome this period,” Saadat said. He stressed that in these circumstances, officials must appreciate the resilience and patience of the people and act swiftly to meet their needs.

Saadat highlighted that in recent days, both citizens and officials have played their part in defending the country’s territorial integrity. In particular, he praised the private sector and producers for stepping up to increase production, aiming to prevent economic pressure on society and avoid unemployment or financial crises.

“Fortunately, people have always been making sacrifices for the country, and thanks to this unity among citizens, economic actors, and the government, we can get through the current situation with our heads held high,” he added. Saadat cited examples such as factories adding extra work shifts to meet public demand quickly and efficiently.

He firmly rejected claims that the war had hampered domestic production and trade, stating: “Contrary to what enemies imagined, the war has not caused any problems for the country’s production and trade.”

Referring to the lessons learned from the eight-year Iran–Iraq war, Saadat noted that economic players have valuable experience in crisis management. “With the start of the Zionist regime’s aggression, many producers, supported by the government, intensified their efforts to boost production and meet public needs,” he said.

The head of the Iran–Turkey Joint Chamber of Commerce also mentioned that members of joint chambers, including Iran–Turkey, continued their production and trade activities without disruption to the economic system. Saadat also pointed out that Turkey had condemned Israel’s attacks on Iran and had stood by Iran during the crisis.” Foreign Trade ”

Addressing the currency market, Saadat explained that since the beginning of the recent conflict, the national currency’s exchange rate had increased by only about 10 percent. He stressed that higher production and exports would bring in more foreign currency, giving the Central Bank greater flexibility to manage the market.

Producers, Saadat said, consistently seek exchange rate stability to better plan their production strategies. “They have turned threats into a major opportunity to keep the wheels of production moving faster,” he added.

In conclusion, Saadat emphasized that the country’s foreign exchange reserves are in good shape. With rising oil prices and export growth, reserves are expected to increase further, which will, in turn, make it easier to manage the currency market and curb volatility.

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TEHRAN (Iran News) In a meeting with the Board of Directors and several members of the Iran Chamber, President Masoud Pezeshkian announced that discussions would be revisited regarding the FATF-related bills in the Expediency Council. He expressed hope that joint efforts could facilitate economic activities and ease business operations.

As the Expediency Council begins revisiting the Palermo and CFT bills—final steps for Iran’s adherence to FATF’s conditions—private sector economic leaders continue to stress the importance of joining these international conventions and implementing FATF’s requirements.

Mohammad Reza Bahraman, Vice-President of the Iran Chamber, stated that the continuation of FATF-related restrictions amounts to a form of self-sanctioning, which prevents foreign investment in various sectors, including mining.

Message Baghery, also a Vice-President of the Iran Chamber, noted that to achieve the 8% growth target and objectives set in the 7th development plan, Iran must leverage all opportunities, including joining FATF.

Kadir Qiafah, another Vice-President, added that ratifying FATF would help boost exports, as even strategic partners like Russia and China now express concerns about FATF restrictions in their dealings with Iran.

Keyvan Kashfi, a Board Member of the Iran Chamber, emphasized that removing Iran from FATF’s blacklist would lower trade costs and expressed optimism that a professional review of the FATF bills by the Expediency Council would lead to a positive vote.

Beyond the Board of Directors, leaders of specialized commissions and Chamber heads across Iran have also voiced their support for joining FATF.

Mohammad Khaki, President of the Khoramabad Chamber of Commerce, explained that one of the prerequisites for integrating into the global value chain is the ease of financial transactions, which can only be achieved by complying with FATF standards and global banking norms.

Mustafa Mosavi, President of the Khorramshahr Chamber, stressed that the Expediency Council must prioritize foreign trade development when reviewing FATF bills, as joining FATF is essential for being accepted into the international community.

Khorshid Gozdarazi, President of the Bushehr Chamber, emphasized that the private sector requires banking transactions with various countries, a necessity that can only be fulfilled through Iran’s FATF membership and adherence to international banking standards.

Mahmoud Najafi Arab, President of the Tehran Chamber of Commerce, underscored that Iran’s trade relations and financial transactions depend on joining FATF to improve economic cooperation with global partners.

Mohammad Reza Tavakolizadeh, President of the Mashhad Chamber, stressed that Iran must accept FATF rules to attract foreign investment and address its economic imbalances.

Ali Abdullahian, President of the Ardabil Chamber, expressed that, despite the shortcomings of international organizations, Iran’s economic development requires FATF membership.

Alireza Khameh Zareh, President of the Birjand Chamber, stated that the government must clear obstacles to FATF acceptance, helping Iran escape its current economic and trade isolation. “Foreign Trade”

Mahmoud Oliayi, President of the Iran Chamber’s Corporate Responsibility and Governance Commission, noted that the failure to accept FATF creates immense pressure on businesses and citizens, adding that unnecessary costs should not be imposed on economic actors.

Farshid Shokrkhodai, President of the Investment and Finance Commission, highlighted that joining FATF and connecting with international banks is vital for attracting investment and streamlining the process.

Alireza Kolahi Samadi, President of the Industry Commission, emphasized that if Iran intends to engage in global frameworks like BRICS or any non-dollar-based economic system, FATF membership is a must.

Saeed Tajik, Vice-President of the Standards, Environment, Sustainable Development, and Water Commission, also commented that self-sanctions, alongside international sanctions, are harming the economy, and not joining FATF is a form of such self-sanctioning.

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TEHRAN (Iran News) Lahouti made the remarks on Tuesday in a press conference, noting that of the total $72 billion in foreign trade, $32.5 billion was attributed to exports and $39.5 billion to imports.

Iran’s exports have seen a 16.5% increase in the last Iranian calendar year (starting on March 20), he said.

The official went on to say that the country’s imports have experienced an 8.8% rise during the said time.

After the UAE, Iran’s largest import partners include China, Turkiye, Germany, and Russia, he noted.

China is considered Iran’s top export destination, he said, adding that Iraq, the UAE, Turkiye, and Afghanistan follow.

Iran’s exports have seen a 16.5% increase in the last Iranian calendar year (starting on March 20), he said.

The official went on to say that the country’s imports have experienced an 8.8% rise during the said time.

After the UAE, Iran’s largest import partners include China, Turkiye, Germany, and Russia, he noted.

China is considered Iran’s top export destination, he said, adding that Iraq, the UAE, Turkiye, and Afghanistan follow.

Iran’s exports have seen a 16.5% increase in the last Iranian calendar year (starting on March 20), he said.

The official went on to say that the country’s imports have experienced an 8.8% rise during the said time.

After the UAE, Iran’s largest import partners include China, Turkiye, Germany, and Russia, he noted.

China is considered Iran’s top export destination, he said, adding that Iraq, the UAE, Turkiye, and Afghanistan follow.

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TEHRAN (Iran News)  More than 22.809 million tons of goods, valued at $13.698 billion, were exchanged between Iran and other countries between September 21 to October 22, 2024, showing a 39 percent growth compared to the last year’s corresponding period, Spokesman of the Trade Promotion and International Relations Commission of Iran’s House of Industry, Mine and Trade Rouhollah Latifi stated. “foreign trade”

He went on to say that Iran’s non-oil trade has significantly registered a considerable growth in this period, adding that more than 18.359 million tons of goods, valued at $6.771 billion, were exported from the country between September 21 to October 22, 2024, showing a 58.6 and 62.6 percent growth in weight and value, respectively compared to the same period last year.

Latifi went on to say that 3.450 million tons of goods, valued at $6.927 billion, were unloaded at the customs offices of the country between September 21 to October 22, 2024, registering a 2.2 and 21.4 percent growth in weight and value, respectively compared to the last year’s corresponding period.

Iraq, China, Turkey, the United Arab Emirates, and Afghanistan were Iran’s first to fifth export target markets in this period, the spokesman added.

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Speaking in his weekly presser, the economic spokesperson of the government added: “You are aware that since 2018 and after the resumption of US sanctions against Iran, using other currencies was on the agenda of the government so that we can reduce our reliance on the dollar. Unfortunately, the processes were moving slowly, but with the seriousness that the president and the government had to speed up the reduction of the dollar in the country’s trade, very good measures have been taken and the share of the dollar in Iran’s trade has decreased greatly.”

Khandouzi said: “Iran is mulling the use of alternative and local currencies of trading partner countries. Another point was the connection of the country’s banking network to the electronic payment network of the countries in the region, and this has happened in the case of Russia, and in the coming months, we will see that Iranian businessmen can meet their needs during their travels to Russia without using dollar-based banking systems.

Regarding the link of Iran’s banking network to the banking network of other countries, including Turkey, Oman, and Iraq, the spokesman said that the CBI was also following up.

Another measure taken is the revival of mechanisms based on barter transactions between two or three countries, which reduces the need for dollars or euros, the spokesman highlighted.

The Central Bank has also started good cooperation with the Asian Clearing Union (ACU) and the meeting of the union is scheduled to be held in Tehran in May with the presence of nine countries.

ACU is a payment arrangement between the central banks of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka.

“Bilateral or multilateral monetary agreements are being pursued by CBI, especially with countries that are our main trading partners. All of these measures have caused the share of the dollar in Iran’s foreign trade to decrease by nearly a third in the last two years and reach less than ten percent, which is also not acceptable and the government is trying to seriously reduce its share,” the minister underscored.

Meanwhile the Central Bank of Iran (CBI) is seriously pursuing the policy of de-dollarization and intends to use alternative options to accelerate the global trend, says CBI Governor Mohammadreza Farzin.

“It should be noted that de-dollarization is one of the important policies which we are sensitive about,” Farzin said on Tuesday during an open session of the parliament.

According to the CBI governor, Iran will host a meeting of the Asian Clearing Union (ACU) in the near future, which will bring together all nine member states and several central bank governors from regional and Asia-Pacific countries.

He added that the meeting will accelerate the global trend of de-dollarization.

The ACU aims to facilitate settlement of payments on a multilateral basis and promote the use of participants’ currencies.

“In fact, bartering, rather than using the dollar; reaching bilateral monetary agreements, which is being finalized with several countries; and multilateral monetary agreements are the three main topics of the aforementioned international meeting that will help materialize de-dollarization,” Farzin explained.

Iran has announced its decision to move away from the US dollar and has acted on the decision in cooperation with other independent countries.

On Sunday, Iranian President Ebrahim Raisi ordered the CBI to lay the ground for conducting foreign trade transactions using Iran’s national currency rial.

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IRICA figures published on Thursday showed that Iran’s foreign trade had reached a total of $50.282 billion in the six months to September 22, up 13.2% from the same period in 2021.

The figures, which do not cover Iran’s crude oil exports, showed that the country had exported 51.783 million metric tons (mt) worth $24.251 billion of goods over the March-September period.

IRICA said exports had increased by 13.32% in value terms but decreased 12.5% in volume terms year on year in the current calendar year’s first half.

The customs data, covered in a report by the official IRNA news agency, showed that imports into Iran had reached $16.32 million mt worth $26.031 billion in March-September, a drop of 14.7% in volume terms and an increase of 13.1% in value terms compared with the same period last year.

Five products, namely liquefied propane, methanol, liquefied butane, liquefied natural gas, and low density polyethylene film grade 5, had accounted for 26.5% of the value of Iran’s non-oil exports over the six months to late September, said IRICA.

It said main goods imported into Iran over the six months to late September were rice at a total value of $1.218 billion, followed by wheat at $1.191 billion and animal feed corn at $1.171 billion.

China remained the largest buyer of Iranian goods over the March-September period with some $7.842 billion worth of purchases, followed by Iraq at $3.382 billion and the United Arab Emirates at $3.112 billion, showed IRICA figures.

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Speaking on the economic performance and monetary statistics and liquidity growth during the current government in its first year in office, Ebrahim Siami said that the liquidity growth rate in June of this year reached 37.8% while the figure was 42.8% when the current government began its work in last October and it shows downward trend.

He added that monetary base is one of the effective factors in liquidity growth, emphasizing that in the early days of current government (in August 2021), the monetary base growth was 42.1% while the growth slowed down to 27.8% in this June. It means one of the policies of the current government was to control monetary base which is main reason behind liquidity increase in recent years.

Siami went on to say that according to the Customs Administration statistics, the value of non-oil exports of Iran grew last year by 39.6% in terms of value and 8.6% in terms of weight which shows a considerable growth comparing to the preceding year.

He also said that inflation rate also has slowed down during the current government because of reforming the preferential forex policy by the government, adding that after reforming the prices and implementing the project for publicizing the subsidies, prices rose but it was not predominantly for the sake of reforming the official forex rate of 4200 tomans but some of the price hike was because of the anticipated inflation in the society due to implementation of this policy.

He added that a review of inflation growth rate according to the Statistical Center of Iran shows the annual inflation rate was 46% by September 2021 and it declined to 38.7% in April 2022 before implementation of preferential forex policy as the figure rose to 40.5% after it. He admitted that the current condition is not satisfactory for national economy and all should work together to reduce this inflation rate as much as possible.

Siami reiterated that the government has slowed down the pace of inflation rate after a rise in it in wake of implementing the preferential forex rate.

He then stressed that the foreign trade volume exceeded $101b last year while the figure was $73.7% in the preceding year as the figure shows 37.8% trade volume growth.

Touching upon fall in production and economic growth, he said according to the Central Bank report, the GDP improved in the second half of comparing the first half of last year, adding that the figure was 3.3% in first half and rose to 4.4% in the second half and GDP was 2.4% excluding oil revenues.

On the unemployment rate, Siami said that the rate has declined in the first quarter of the current Iranian calendar year and it is because of more investments and return of the production units to the pre-pandemic era.

He also pointed to the growth of foreign transit last year, adding that the transit was around 10m tons before the pandemic while it soared to 11.2m tons last year. He reiterated that 39% growth in foreign transit is the outcome of economic diplomacy with the regional states which has increased considerably comparing to the pre-pandemic era.

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