Financial Tribune- Financial newspaper

Tehran’s Air Quality Moderate financialtribune.com/node/114936 @fintribune

Gov’t Says Gave $20b for Imports in 4 Months The government allocated $20 billion for imports in the first four months of current fiscal year (March 20- July 22). This was $6 billion higher than the $14.2 billion given in the first four months last year, according to state-owned news agency, IRNA. As per data from the government news agency, the government disbursed $56.9 billion for import in the last fiscal year. In the before that it gave $36.4 billion. financialtribune.com/node/114940 @fintribune

Delays in Domestic Flights Surveyed Domestic flights operated in the fourth month of the current Iranian year (June 22-July 22) were delayed by an average of 98 minutes, data released by Iran Airports Company show. Around 33% flights were delayed during the period: The longest average delay in flights was registered by Kish Air with 136 minutes and the shortest by Mahan Air with 53 minutes. Technical issues are said to be the main cause of the long delays, as Iran’s aviation sector has for years been facing US sanctions that prevented it from procuring vital spare parts for repair. financialtribune.com/node/114937 @fintribune

New Measures to Curb Money Supply The Central Bank of Iran will adopt new measures to further curb the growth of money supply and maintain monetary discipline, the CBI deputy governor said. Asghar Abolhassani told state TV late on Friday that the CBI is pursuing a comprehensive plan of action and has set a target to curb broad money growth by at least 10-15% by the yearend (March 2023) compared to last year. “Based on the target, annualized broad money growth should not exceed 35% by the yearend,” he was quoted as saying by the CBI website. financialtribune.com/node/114941 @fintribune

Iran's Trade With Caspian States Hit $1.3b During 4 Months Iran's trade (excluding crude oil exports) with Caspian Sea littoral states stood at 2.45 million tons worth $1.34 billion during the first four months of the current fiscal year (March 21-July 22), according to the Islamic Republic of Iran Customs Administration. Russia was Iran’s main trading partner among Caspian states with 1.36 million tons worth $831.03 million during the period under review. It was followed by Azerbaijan Republic with 259,103 tons worth $245.32 million, Turkmenistan with 438,957 tons worth $142.84 million and Kazakhstan with 207,349 tons worth $125.62 million. Iran’s exports hit 1.32 million tons worth $645.72 million. financialtribune.com/node/114934 @fintribune

Stocks Open Week in Upbeat Mode Tehran stocks opened trading week Saturday in positive territory with the benchmark Tehran Stock Exchange, TEDPIX, surging more than 0.5%. The market cap-weighted index added 7,671.98 points to end trading at 1,450,045. At the close of the session, 303 tickers were positive accounting for almost half of all traded stocks. financialtribune.com/node/114943 @fintribune

Iran’s Crude Steel Output Rises by 3.4%: Worldsteel Iranian steel mills produced a total of 17.4 million tons of crude steel during the January-July, registering a 3.4% rise compared with the corresponding period of 2021. A new report released by the World Steel Association shows Iran's July output hit 2 million tons, up by 34.1% year-on-year. In terms of world ranking, Iran maintained its global standing as the world’s 10th biggest crude steelmaker despite the decline in production. China was the world’s largest producer during the seven-month period with 609.3 million tons of steel output, down 6.4% YOY. It was followed by India with 73.3 million tons (up 8 %), Japan with 53.3 million tons (down 4.9%), the United States with 48 million tons (down 3%), Russia with 41.4 million tons (down 7%), South Korea with 39.9 million tons (down 3.4%), Germany with 22.5 million tons (down 5.1%) and Turkey with 21.6 million tons (down 6.9%). financialtribune.com/node/114920 @fintribune

Reexports From UAE Cause Iran Losses Worth $500m Annually At present, ships prefer to unload and load Iranian cargo at Emirati ports. The movement of each container between Bandar Abbas and Dubai incurs an additional cost of $500 for Iran; 1 million containers belonging to Iran are being unloaded and loaded in Dubai every year, generating $500 million for the UAE. Iran loses this large sum not to sanctions, but due to the inefficiency of its ports, Masoud Daneshmand, a member of the board of directors of the Association of Transport Companies, says. “Iran’s nuclear agreement will be reached sooner or later, but the repercussions of sanctions on the country’s trade and the delay they have caused in establishing infrastructures are significant. Over the years, Iranian ports should have prepared their infrastructures to receive vessels, especially container ships, according to international standards,” he was quoted as saying by the Persian economic daily Jahan-e Sanat. financialtribune.com/node/114921 @fintribune

Iran to Finalize Natural Gas Swap Deal With Russia Soon The National Iranian Gas Company and Russia’s oil and gas giant Gazprom will soon finalize a natural gas swap deal in Moscow, as fruitful talks have been held between the two sides. Iran’s Oil Minister Javad Owji made the statement after a meeting with Igor Levitin, an aide to Russian President Vladimir Putin, on Wednesday in Tehran, the Oil Ministry’s news service reported. Negotiations to swap other petroleum products are yet to come to fruition, he added, noting that NIGC has the infrastructure for increasing gas import and swap with neighboring countries to 15 billion cubic meters per year. financialtribune.com/node/114917 @fintribune