Financial Tribune- Financial newspaper

Banks Set to Adopt XBRL for Financial Reporting The Central Bank of Iran is to announce XBRL (eXtensible Business Reporting Language) standards for financial reporting by banks. According to the CBI governor Ali Salehabadi, this standard will be tested in one of the banks in February and later other banks will be required to submit their financial reports accordingly, IBENA quoted him as saying. XBRL is a language for the electronic communication of business and financial data which is revolutionizing the business reporting around the world. financialtribune.com/node/115280 @fintribune

Wheat Imports More Than Double to 1.7m Tons This Year: GTC A total of 1.7 million tons of wheat have been imported by Iran since the beginning of the current Iranian year on March 21, registering a 113% rise compared with the similar period of last year, the Government Trading Corporation of Iran announced on Monday. GTC, affiliated with the Agriculture Ministry, is in charge of ensuring adequate supply of basic goods, including wheat, rice, cooking oil, sugar and meat, to the local market. Iran has imported a total of 96.48 million tons of wheat worth more than $22.84 billion over the past 30 years, spokesperson of the Islamic Republic of Iran Customs Administration said recently. financialtribune.com/node/115278 @fintribune

Mining Machinery Imports Fail to Meet Domestic Need financialtribune.com/node/115285 @fintribune

Money Issuance Halved Annual growth of money creation by banks fell 57% in the first five months (March 21-August 22) of the current fiscal year, the Economy Ministry reported. The ministry said the decline in money issuance was driven largely by the visible weakening of loans given by banks and credit institutions. Outstanding loans, including both performing and non-performing, registered 8.2% growth in the period. This was significantly lower compared to 19% annual growth in the corresponding period last year, the ministry’s news website Shada.ir reported. The apparently positive development is “one outcome of the Central Bank of Iran’s policy to exercise tighter control over ban balance sheets”. financialtribune.com/node/115279 @fintribune

Iran, Qatar Sign ‘World’s Biggest’ Saffron Contract The world’s biggest contract for saffron trade was signed between Iran and Qatar on Sept 18, in the presence of Iran’s Ambassador in Doha Hamidreza Dehqani-Poudeh and Qatar’s Finance Minister Ali bin Ahmed Al Kuwari. As per the contract, 200 tons of saffron worth $300 million will be processed and exported from Iran to the neighboring Qatar, with the first consignment scheduled for Oct. 1. Kuwari said in the meeting that Qatar is ready to cooperate with Iran in processing saffron on par with global standards. Experts believe this contract is one of a kind and can have positive impact on Iran’s domestic saffron market and help export processed saffron, creating value added for the precious Iranian spice. financialtribune.com/node/115267 @fintribune

Five Rail Projects Prioritized The government’s five prioritized rail projects, namely Khash-Zahedan, Bostanabad-Tabriz, Mianeh-Ardabil, Hamedan-Sanandaj and Rasht-Caspian, have made an average progress of 75% and all are expected to come on stream within a year, according to a deputy minister of roads and urban development. “With the track-laying of Khash-Zahedan coming to an end, this project has been completed and is ready to be launched. The route is a segment of Chabahar-Zahedan railroad and with its inauguration, this mega project moved one step closer to its launch,” Kheirollah Khademi was also quoted as saying by the news portal of the Ministry of Roads and Urban Development. The official added that the 44-kilometer-long Bostanabad-Tabriz railroad, which is a short cut between the provincial capital of East Azarbaijan Province and Tehran, has so far made 95% progress and will be ready for inauguration within the next few months. financialtribune.com/node/115270 @fintribune

ICJ Hearing Case on Iran Assets Frozen by the US financialtribune.com/node/115263 @fintribune

Iran's Trade With EU Rises by 15% to €2.9 Billion in Seven Months Iran and the European Union’s 27 member states traded €2.99 billion worth of goods in the first seven months of 2022, registering a 15.43% rise compared with last year's corresponding period. New data released by Eurostat show Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged over €1.05 billion worth of goods, 3.84% more than in the similar period of the year before. Italy came next with €381.67 million worth of trade with Iran to register a 9.69% year-on-year rise. The Netherlands with €241.36 million (down 9.18%) and Spain with €210.28 million (up 17.89%) were Iran's other major European trade partners. financialtribune.com/node/115268 @fintribune

Credit Instruments to Enter IME Trade The Central Bank of Iran is giving the finishing touches to a plan to tap into the newly-developed credit instruments in trade of commodities at the Iran Mercantile Exchange. In a meeting with CEOs of state banks, the CBI Governor Ali Salehabadi said the Productive Credit Certificate is one such instrument that would be traded at the IME next week. Known by its Persian acronym Gam, the certificate is a market-base credit instrument that can be traded in the money and capital markets. Lenders will assist strong businesses by offering tradable credit certificates similar to LCs that can be given to suppliers of raw materials, machinery and equipment. financialtribune.com/node/115242 @fintribune