money Archives - Iran News Daily

Seoul Green Light to Unblock Iran’s Fund: Vaezi

reporter 1222 — Wed, 23 Sep 2020 12:57:34 +0000

TEHRAN (Iran News) – Referring to the discussions with Koreans over Iran’s frozen money, the President’s Chief of Staff noted that the Koreans are showing some green lights to fulfill their obligation and unblock Iran’s fund kept by Seoul.

Speaking in the sidelines of the cabinet session of Wednesday, Mahmoud Vaezi spoke about the recent status of Iran’s frozen assets which are blocked by South Korea due to the US sanctions.

“We discussed the issue with the Korean authorities, he said, “Also, preparations for legal action have already begun, and we are witnessing that the Koreans are showing some green lights for fulfilling their obligation in this regard.”

He also stressed that however, if South Korea doesn’t take practical and necessary measures in terms of unblocking Iran’s money, then the Islamic Republic of Iran will adopt its decisions.

Elsewhere in his remarks, he called the Iran-China 25-years comprehensive document as a significant one, adding, “Iran-China relations have been expanded and deepened in various political and economic sectors, and this document leads us to purposefully plan for the activities of different organs of the country in different fields.”

Vaezi also told reporters that the Iranian Foreign Minister, Mohammad Javad as well as a delegation of an economic team will travel to China in the near future to discuss some issues in person.

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Iran Receives Money for Gasoline Sold to Venezuela

reporter 1222 — Mon, 22 Jun 2020 10:34:38 +0000

TEHRAN (Iran News) – A member of Iran’s Expediency Council said the country has received money from Venezuela for selling gasoline with five oil tankers.

In comments on Monday, Ali Aqamohammadi said Iran has no problem in receiving money for the gasoline it has sold to Venezuela.

He said the money earned by selling gasoline to Venezuela with five oil tankers has been received and deposited in the treasury of Iran.

Aqamohammadi, who is also the chairman of the economic group at the office of Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei, said the gasoline money has been deposited in the treasury as a credit gained by the National Iranian Oil Refining and Distribution Company and the Oil Ministry.

Five Iranian oil-laden ships have so far reached Venezuelan shores, and the sixth vessel carrying a cargo of food has entered Venezuela’s territorial waters on Monday.

Venezuela experiences difficulties with the supply of gasoline due to sanctions unilaterally imposed by the United States which has also slapped unilateral sanctions on Iran, which are aimed at ending its oil exports.

The shipments have created a fresh diplomatic standoff between the US and Iran, with an American official saying Washington is considering measures in response without providing further details.

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Zeroes off, Toman Comes

reporter 1222 — Mon, 04 May 2020 08:13:40 +0000

TEHRAN (Iran News) – Iranian lawmakers approved on Monday a monetary bill to shave four zeroes off the national currency.

As per the bill ‘Reforming Monetary and Banking Law’, with shaving off zeroes, the monetary unit will change officially from the rial to the commonly used toman.

Furthermore, the minor monetary unit of the new currency will be the ‘parseh’.

So, as per the newly ratified law, 10,000 rials will be equal to 1 toman and each toman will be equal to 100 parseh.

The parity rate of foreign currencies will be set and adjusted by the Central Bank of Iran (CBI) as per the new currency system.

The Parliament has given the government a maximum of two years as a transition period to implement the law and replace the banknotes and coins.

Accordingly, both rial and toman will be valid during the transition period. After that phase, all financial commitments based on the rial will be fulfilled in toman.

According to CBI, there are 8 billion pieces of banknotes circulating in the country and regularly impose high costs of printing new money on the government.

The idea of fewer zeros has been floated for almost 16 years. The initiative to change the currency was first proposed by the government in August.

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Banks at risk of losing fee-based revenues

reporter 1222 — Wed, 11 Mar 2020 12:04:25 +0000

TEHRAN (Iran News) – Major banks are at risk of losing billions of dollars of fee-based retail revenue as they face increased regulatory pressure and growing competition from new entrants offering no-fee services, Accenture Plc said on Wednesday.

Revenues derived by banks across 12 markets globally through overdraft fees or other charges for services like cross-border payments and foreign transactions will erode on average by five percent over the next three to five years, it said in a study, Reuters reported.

The research is based on a quantitative analysis of banks’ revenue pools in 12 countries, including the United States, United Kingdom, Australia, and Hong Kong and a survey of nearly 15,000 bank customers.

It comes as tech-savvy start-ups seek to secure market share from big banks by offering a wide range of financial services, including checking accounts and international money transfers with lower or no fees.

In the United States, for example, digital bank Chime offers fee-free overdrafts for up to $100, while London-based Revolut allows users to transfer money abroad at the interbank exchange rate.

“These players are acting as a catalyst to force the industry to change,” said Alan McIntyre, global head of Accenture’s banking practice. Banks will not be able to be as reliant on non-transparent fee-based revenues as they have been doing in the past, he added.

The report also said banks’ revenues may shrink because regulators are starting to mandate simpler fee structures to protect consumers.

The study suggests that banks make use of technology such as artificial intelligence and predictive analytics to gain more of their customers’ trust and capture more revenue growth.

For example, banks could use predictive analytics to provide advice on which payment option would generate more rewards, it said. More than half of the consumers surveyed said they would pay fees for relevant add-on services from their banks.

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World’s Richest 2,000 People Have More than Poorest 4.6 bln

reporter 1222 — Mon, 20 Jan 2020 09:52:23 +0000

TEHRAN (Iran News) – The world’s richest 2,153 people controlled more money than the poorest 4.6 billion combined in 2019, while unpaid or underpaid work by women and girls adds three times more to the global economy each year than the technology industry, Oxfam said on Monday.

The Nairobi-headquartered charity said in a report released ahead of the annual World Economic Forum of political and business leaders in Davos, Switzerland, that women around the world work 12.5 billion hours combined each day without pay or recognition.

In its “Time to Care” report, Oxfam said it estimated that unpaid care work by women added at least $10.8 trillion a year in value to the world economy – three times more than the tech industry.

“It is important for us to underscore that the hidden engine of the economy that we see is really the unpaid care work of women. And that needs to change,” Amitabh Behar, CEO of Oxfam India, told Reuters in an interview.

To highlight the level of inequality in the global economy, Behar cited the case of a woman called Buchu Devi in India who spends 16 to 17 hours a day doing work like fetching water after trekking 3km, cooking, preparing her children for school and working in a poorly paid job.

“And on the one hand you see the billionaires who are all assembling at Davos with their personal planes, personal jets, super-rich lifestyles,” he said.

“This Buchu Devi is not one person. I in India encounter these women on a daily basis, and this is the story across the world. We need to change this, and certainly, end this billionaire boom.”

Behar said that to remedy this, governments should make sure above all that the rich pay their taxes, which should then be used to pay for amenities such as clean water, healthcare, and better quality schools.

“If you just look around the world, more than 30 countries are seeing protests. People are on the street and what are they saying? – That they are not to accept this inequality, they are not going to live with these kinds of conditions,” he said.

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Nearly $90m of state-owned shares divested in 10 months

reporter 1222 — Tue, 30 Jan 2018 11:40:55 +0000

TEHRAN- Iranian Privatization Organization (IPO) has transferred 4.054 trillion rials (about $89.59 million) worth of the state-run shares to the private sector during the ten-month period ended on January 20, Tasnim news agency reported on Monday.

The government envisioned a large privatization program in the Fifth Five-Year National Development Plan (2010-2015), aiming to privatize about 20 percent of the state-owned firms each year.

The speaker of IPO announced that in its planned budget for the next Iranian calendar year 1397 (starting March 21, 2018), the government expects to earn some 106 trillion rials (about $2.34 billion) of income from divesting shares of sate-run companies to the private sector.

“The gained income from offering governmental stakes in the next year’s budget has witnessed no rise in comparison to that of the present year and is much more less than the earned figure in the preceding Iranian calendar year 1395 (ended March 20, 2017),” Ja’far Sobhani told IRNA in early January.

“In 1395’s budget plan, IPO was supposed to earn 165 trillion rials (about $3.64 billion) and could manage to gain almost 100 percent of the predicted income,” he added.

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Iran, Turkey Ink Deal to Boost Border Control, Counter Money Laundering

reporter 1222 — Sat, 16 Dec 2017 09:15:19 +0000

TEHRAN – High-ranking officials from Iran and Turkey signed a roadmap for the development of cooperation between the two neighboring countries in various security fields, including efforts to boost border control and counter money laundering.

The roadmap was signed at the end of the second session of the joint working group of interior ministry officials of Iran and Turkey held in Ankara from Wednesday to Friday.

Iranian Deputy Interior Minister for Security Affairs Hossein Zolfaqari and his Turkish counterpart headed the delegations of the two countries in the session.

In the three-day session, the two sides focused on various areas of cooperation, including efforts to combat drug smuggling, human trafficking, organized crimes, illegal border crossing, terrorism and money laundering.

In early October, Turkish President Recep Tayyib Erdogan paid an official visit to Iran with a high-ranking delegation to attend the fourth round of strategic meetings between Iran and Turkey and to discuss the latest regional developments and the status of bilateral ties with Iranian officials.

Iran and Turkey signed a number of cooperation agreements during the presidential visit.

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