Sunday, Jun 25th

Last updateFri, 23 Jun 2017 12pm

Iran's annual GDP growth at 12.5%: Central Bank

currency
PayvandNews -
 Iran's growth of gross domestic product (GDP), including oil sector, hit 12.5 percent in the previous Iranian calendar year 1395 (ended on March 20, 2017), the Central Bank of Iran (CBI) reported.  Iran's GDP stood at 6.691 quadrillion rials (about $178.5 billion) last year, based on the market prices in fiscal year 2011-12.



GDP real growth rates for 2016
See: Gross Domestic Product (Wikipedia)

The increase in production and exports of oil in 1395 contributes to the main part of the registered 12.5 percent growth; however, excluding oil, the growth also recorded a positive trend. Accordingly, Iran's economic growth, not including the oil sector, stood at 3.3 percent last year, up from -3.1

Read more: Iran's annual GDP growth at 12.5%: Central Bank

Iran's central bank must regulate unlicensed actors

money
Al-monitor -
 Despite all modernization efforts, Iran is still a cash-based economy where banks and financial institutions play a significant role. Ever since the privatization of the banking sector in the early 2000s, the Central Bank of Iran (CBI) has had to deal with a phenomenon of non-bank credit institutions, which are more commonly referred to as credit and financial institutions (CFIs). The legal framework for these organizations was established in the country's

Read more: Iran's central bank must regulate unlicensed actors

China says will support Iran's full membership in Shanghai Cooperation Organization

china
PayvandNews -
 A senior Chinese diplomat has thrown his country's weight behind Iran's membership of the Shanghai Cooperation Organization (SCO), an emerging economic and security alliance jointly led by China and Russia.


 

"China welcomes and supports Iran's wish to become a formal member of the SCO," Assistant Chinese Foreign Minister Li Huilai told reporters on Monday, ahead of the group's summit in the Kazakh capital of Astana this week.

He added that Iran currently

Read more: China says will support Iran's full membership in Shanghai Cooperation Organization

Iran faced with return of double-digit inflation

money
Al-monitor -
 The Central Bank of Iran (CBI) is stepping up its efforts to reform the country's ailing banking system amid fears that inflation may pick up again. The monetary regulator is "serious" about the reforms, CBI Gov. Valiollah Seif said on the sidelines of a Cabinet meeting May 31. He added that efforts to control inflation will continue and that his bank will try to bring interest rates closer to inflation.


AUTHOR Alireza Ramezani

The baseline lending rate is currently 18%

Read more: Iran faced with return of double-digit inflation

Iran's housing crisis aggravated by reluctant sellers

Flats
Al-monitor -
 Iran's enduring housing recession has cost many Iranians their dream of homeownership while depleting their purchasing power due to higher rent. The housing sector is unlikely to return anytime soon to the days when it was Iran's best investment option.


AUTHOR Ali Dadpay

The "Iranian dream" is the same around the world. Iranian families work hard to own a place they can call home, whether it's a small apartment in Tehran or a house built of mud and stone in a village

Read more: Iran's housing crisis aggravated by reluctant sellers