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2018-08-27 14:25:00

IRAN'S ECONOMY DIFFICULTIES

IRAN'S ECONOMY DIFFICULTIES

ARAB NEWS - Iranian members of Parliament launched a scathing attack on their own government on Sunday as they fired a second Cabinet minister in less than a month.

Masoud Karbasian, the minister of finance and economic affairs, was impeached and stripped of his post. He follows Labor Minister Ali Rabiei, who was dismissed on Aug. 8. Central bank chief Valiollah Seif was also fired last month by President Hassan Rouhani.

Critics say the government squandered the opportunities presented by the 2015 nuclear deal and have failed to tackle high rates of inflation and joblessness.

The Iranian government now appears to be imploding in the face of a collapsing economy, soaring unemployment, a plunging currency and the renewal of sanctions after US withdrawal from the 2015 nuclear deal.

Major European firms, including France's Total, Peugeot and Renault, and Germany's Siemens and Daimler, have all announced their departure since the US announcement.

Rouhani's opponents blame government corruption and mismanagement for the economic debacle.

"Inefficiency and lack of planning have nothing to do with sanctions," Parliament member Abbas Payizadeh said.

"Wrong decisions have harmed the people and led to individuals looting public assets."

Even the embattled president's political allies turned on him in parliament on Sunday.

"What have we done with this nation? We made them miserable and wretched," said Elias Hazrati, of the "reformist" Hope faction. "The middle class are moving toward poverty."

Hazrati said the government had failed to plan for the real pain of sanctions, which will hit when a second phase of US measures is reintroduced in November targeting Iran's crucial oil sector.

"We haven't been prepared and we are not prepared now. The only person we could get our hands on was the economy minister. Otherwise, the president should have been impeached."

Karbasian's impeachment, a vote of no confidence, was broadcast live on state radio. He lost by 137 votes to 121, with two abstentions, and immediately lost his job.

However, sacking a few politicians will not solve Iran's underlying problems, the Iranian-American scholar Dr. Majid Rafizadeh told Arab News.

"These problems are systemic and exist deep in Tehran's economic infrastructure," he said.

"That's why the rial has plummeted continuously for the past 39 years, since the establishment of the Islamic Republic. The trend will probably continue as long as the regime is in power.

"Unfortunately such a sharp devaluation of the currency makes the financial situation of ordinary people much more severe and strenuous. This can lead to a nationwide uprising against the regime."

"The reality on the ground is that the Iranian regime's financial corruption and misuse of public funds, the widespread banking crisis, and the hemorrhaging of billions of dollars of taxpayers' money and national wealth on militia and terror groups are among the major reasons for the economic crisis."

For now, Rouhani remains protected by supreme leader Ayatollah Ali Khamenei, who said this month that removing the president would "play into the hands of the enemy".

But parliament has summoned the president for the first time to answer questions on the crisis, and he is expected to appear on Tuesday.

One of the key markers of Iran's economic crisis has been the collapse in the currency, which has lost around half its value since April.

That was partly owing to US hostility, but also due to a disastrous decision to fix the value of the rial and shut down currency traders. The move triggered a boom in the black market and widespread corruption, before the decision was finally reversed this month.

Business people in Iran point to other deep-rooted problems, from the debt-ridden banking sector to the outsized and opaque role of military-linked organizations in the economy.

Rouhani has taken small steps to resolve these issues, but most Iranians are dissatisfied with his progress.

There have been persistent, low-level strikes and demonstrations across the country for months over high prices and unpaid wages that have occasionally turned into violent protests against the system as a whole.

Figures released by the central bank on Saturday showed huge jumps in the cost of essential goods compared with a year ago.

Dairy products are up by a third, chicken by more than 20 percent and fresh fruit by 71 percent.

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Earlier:

AZERBAIJAN'S GAS FOR GERMANY
2018, August, 22, 12:45:00

AZERBAIJAN'S GAS FOR GERMANY

FT - The German official welcomed an agreement reached earlier this month between the Caspian littoral states — Russia, Iran, Kazakhstan, Azerbaijan and Turkmenistan — on a legal framework for sharing the Caspian, the world’s largest inland body of water.

 

TOTAL LEFT IRAN
2018, August, 20, 14:10:00

TOTAL LEFT IRAN

ARAB NEWS - “Total has officially left the agreement for the development of phase 11 of South Pars (gas field). It has been more than two months that it announced that it would leave the contract,” he told the ICANA news agency, which is linked to the oil ministry.

 

IRAN'S OIL EXPORTS DOWN
2018, August, 17, 11:35:00

IRAN'S OIL EXPORTS DOWN

PLATTS - South Korea's crude oil imports from Iran halved in July from a year earlier in the wake of the reimposition of US sanctions, according to preliminary data released by the Korea Customs Service Thursday.

 

 INDIA BUYS U.S. OIL
2018, August, 13, 13:35:00

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

 IRAN VS OPEC QUOTAS
2018, August, 10, 10:35:00

IRAN VS OPEC QUOTAS

PLATTS - Saudi Arabia pumped 10.63 million b/d in July, according to the latest S&P Global Platts OPEC survey, far above its quota of 10.06 million b/d, though kingdom officials say their July output was 10.29 million b/d. Russia produced 11.22 million b/d in July, according to official data, basically erasing its 300,000 b/d pledged cut.

 U.S. SANCTIONS FOR THE WORLD
2018, August, 8, 12:05:00

U.S. SANCTIONS FOR THE WORLD

ARAB NEWS - US President Donald Trump warned the world against doing business with Iran on Tuesday as he hailed the “most biting sanctions ever imposed,” triggering a mix of anger, fear and defiance in Tehran.

 ЭКСПОРТ ИРАНСКОЙ НЕФТИ В ИНДИЮ: 2,82 МЛН. Т.
2018, August, 1, 09:25:00

IRANIAN OIL EXPORTS 2.3 MBD

SHANA - Iran exported an average of 2.3 million barrels per day of crude oil to Asian and European countries during the four months. This is while exports for last calendar year's corresponding period stood at 2.115 mbd.

 THE DIFFICULT IRANIAN SANCTIONS
2018, July, 25, 09:45:00

THE DIFFICULT IRANIAN SANCTIONS

OGJ - “Russia already has improved its relations with Iran. Given its foreign policy stance toward the US, this could grow if it believes it would undermine the US position. Russia is taking a long-term view. It sees several obstacles, which it is determined to overcome.”

 IRANIAN OIL FOR INDIA: №2
2018, July, 25, 09:40:00

IRANIAN OIL FOR INDIA: №2

REUTERS - India, Iran’s top oil client after China, shipped in 5.67 million tonnes, or about 457,000 barrels per day (bpd), of oil, from the country in the first three months of this fiscal year, Dharmendra Pradhan told lawmakers in a written reply.

 IRAN'S ECONOMIC COOPERATION
2018, July, 16, 10:50:00

IRAN'S ECONOMIC COOPERATION

SHANA - Dr. Hassan Rouhani, following a meeting of the heads of the three powers, stated that the vast majority of countries do not undergo US domestic laws, saying: “In the fields of energy, transportation, production and staple commodities, the country will not encounter any trouble, and we have always been victorious every time the administration and people stayed together.”

 

 

Tags: IRAN, ECONOMY, OIL

Chronicle:

IRAN'S ECONOMY DIFFICULTIES
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

IRAN'S ECONOMY DIFFICULTIES
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

IRAN'S ECONOMY DIFFICULTIES
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

IRAN'S ECONOMY DIFFICULTIES
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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