Financial Tribune- Financial newspaper

Banks Warned Against Higher Interest Rates In a fresh warning to banks and credit institutions, the Central Bank of Iran said they must not pay interest on deposits over and above those set by the regulator. In a press release posted on its website, the CBI cited reports about some banks that arbitrarily raised interest rates on big deposits and savings and warned the CEOs of such banks that will face the full force of the law. The warning came after reports that some banks were offering more than 20% interest on deposits, apparently in the attempt to lure customers with big money. financialtribune.com/node/115012 @fintribune

Privatization Plans Marred by Hurdles After publishing the names of 20 state-owned companies for divestment, the Iranian Privatization Organization concurred that these companies face countless challenges in the divestment process. The IPO has listed 189 government-controlled companies, including 23 listed in the stock market and 168 non-listed, Tasnim News Agency reported, citing IPO data. Divesting most non-listed firms is irrelevant simply because of their weak finances and legal/judicial barriers, the IPO said. financialtribune.com/node/114994 @fintribune

Corporate Debt Set to Increase Private companies in increasingly numbers are approaching the debt market for funds, managing director of the Capital Market Asset Management Company. Mohammad Hossein Sadraee said the pace is evident in the number of applications sent for corporate sukuks. Corporate sukuks are Islamic bonds normally issued to help non-government companies raise funds for current needs, new ventures or business expansion. financialtribune.com/node/114993 @fintribune

Rail Transportation Impeded by Severe Shortage of Locomotives financialtribune.com/node/114989 @fintribune

Iraqi Border Closure Irks Iranian Non-Oil Exporters Iran’s mineral and mining industries’ exports to Iraq hit 21.98 million tons worth $2.59 billion in the first four months of the current fiscal year (March 21-July 22), according to a new report by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). In terms of value, steel manufacturing chain products (iron ore, semi-finished and finished steel) topped the list of exports to the neighboring country during the period as they accounted for 63% of total shipments in value with 2.49 million tons worth $1.65 billion. Cement with 11.59 million tons worth $227.4 million, aluminum with 35,712 tons worth $93.22 million and stones and related products with 547,192 tons worth $75.07 million were other mineral exports from Iran to Iraq during the period. financialtribune.com/node/114992 @fintribune

Tehran Insistent on Its Demands in Nuclear Talks financialtribune.com/node/114962 @fintribune

Biggest Russian Business Mission to Visit in Sept. A 125-strong business delegation from Russia made up of representatives of 78 companies are scheduled to visit Tehran from Sept. 19-21 to meet their Iranian counterparts and survey ways of expanding bilateral cooperation. Members of the visiting delegation are active in a host of fields, including agriculture, food industries and related machinery, mineral water, beverages, grains, chocolate and pastry, edible oils, fisheries, packaging, health, pharmaceuticals, medical equipment, construction materials, glass and crystal, wood industries, auto spare parts, transportation, industrial machinery, metal industries, radio and telecommunication systems, excavation, energy, recycling, digital marketing and education, the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture reported. The upcoming visit is part of an agreement between Tehran Chamber of Commerce and the Russian Export Center. financialtribune.com/node/114973 @fintribune

E-Platform Launched to Screen Interbank Deals The Central Bank of Iran on Monday unveiled an online platform that will be used to keep track of overnight interbank transactions. The system is known as “Taba”(Persian acronym for electronic settlement of securities), the CBI said in a press release seen on its website. Taba is touted as an effective tool to implement monetary policies. Its main function is to register credit exchange among banks for short-term maturity (mainly overnight) under CBI supervision. financialtribune.com/node/114977 @fintribune

Iran's Exports Hit $20.9b in 5 Months financialtribune.com/node/114968 @fintribune