Monday, Dec 11th

Last updateFri, 08 Dec 2017 1pm

Why is Iranian rial suddenly weakening?

money
Al-Monitor - A recent devaluation of the rial on the so-called free market in Iran has raised concerns that the country’s economy will experience another collapse of the value of its national currency similar to what happened in 2012. The free market rate of the US dollar surpassed the psychological mark of 40,000 rials in early October. In early December the rate had reached rial 42,000. In the same period, the official interbank rate, which is set by the Central Bank of Iran (CBI), went from 33,741 rials on Oct. 2 to 35,328 rials on Dec. 6 — close to a 5% drop in value.

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Iran Opens Extension Of Key Port

IranMap
RFL/RE - Iran has officially opened an extension of its southeastern port of Chabahar, which Tehran hopes will become a key transit hub for land-locked Afghanistan and Central Asia.

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Iran says Qatar wants five-fold increase in trade

Qatar
PayvandNews - Iran says it had received a proposal from Qatar to increase the level of trade between the two countries by five folds. The announcement was made by Iran's Minister of Industry, Mines and Trade Mohammad Shariatmadari after a meeting with the visiting Qatari Economy Minister Ahmed bin Jassim al Thani.

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Iran exports $180M Persian carpets in 7 months

carpets
PayvandNews - Deputy Head of Iran's Carpet Center for Economic Affairs Mohammad Mehdi Farshchi said Iran exported hand-woven carpets worth $180 million over the first seven months of the current Iranian calendar year (began March 20). Iran exported $290 million hand-woven carpet in 2016, he said, adding the figure rose to $359 million in 2016, rising by 3 percent in terms of weight and and 23 percent in terms of value.

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Iran pushes to retain Asia oil buyers as possible U.S. sanctions loom

oil
Reuters - Iran is pushing to retain customers for its oil in Asia, hoping that price reductions will boost the appeal of its crude compared with other Middle Eastern supply even as the potential threat of further U.S. sanctions on the country looms.

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