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Feb 1-5, 1999 / Bahman 12-16, 1377
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Today
* Grain as litmus test
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* Rial recovers, but economic worries remain
* France annouces business deals with Iran
* Central bank demands rescheduling of bills
* Budget gets final approval
* Rial near free fall, drops 6.7 pct in one day
* Economic woes mark revolution feast
* Majlis sets budget amid income concerns
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Updated February 4, 1999
* To send money to Iran, the rate is 795-825 tomans per
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Friday,
February 5, 1999
* Grain as litmus test
Feb 5, 1999 (Christian Science Monitor) - Editorial: Washington isn't
going to squeeze Iran into foregoing development of nuclear missiles by
withholding food. US farmers, facing diminishing exports to nations hit
by the Asia-Russia-Brazil economic downturns, need customers. A big majority
of the Iranian population obviously wants improved relations with the US.
Pressed by isolationist clerical opponents, the Khatami government needs
proof that its overtures are paying off. That's more than enough reason
to take this modest step promptly ... FULL
TEXT
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Thursday
February 4, 1999
* Rial recovers, but economic worries remain
TEHRAN, Feb 4 (Reuters) - The Iranian rial has recovered somewhat after
recent plunges against hard currencies, but traders and economists remain
concerned about the economic impact of the currency's fall. On Tehran's
illegal but active black market, dealers on Thursday were trading the rial
at 8,100 to the dollar compared to about 8,700 rials per dollar three days
ago. Traders said the rial improved after police rounded up dozens of street
dealers since Tuesday. The currency is still 11 percent lower against the
dollar compared to two weeks ago ... FULL
TEXT
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Wednesday
February 3, 1999
* France annouces business deals with Iran
PARIS, Feb 3 (AFP) - France and Iran, breathing new life into bilateral
ties, on Wednesday announced new business deals in the offing while striking
a series of cultural and diplomatic agreements. The announcements came
during a meeting to France by Iranian Foreign Minister Kamal Khatazi, Tehran's
first foreign minister in eight years to pay a "working visit"
to France ... FULL
TEXT
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* Central bank demands rescheduling of import payment bills
SEOUL, Feb 2 (AFP) - Iran, hit by currency shortages and falling oil
prices, has asked South Korea to reschedule some 100 million dollars worth
of import payments, officials said Tuesday. Iran's central bank called
for advance payment for oil imports from the South Korean government if
debt rescheduling is impossible, Daewoo Corp. said ... FULL
TEXT
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Tuesday
February 2, 1999
* Budget gets final approval from constitutional council
TEHRAN, Feb 2 (AFP) - The Iranian government's austerity budget for
the coming financial year received final approval from the constitutional
council Tuesday after its approval by parliament Sunday. The Council of
Guardians, which ensures legislation conforms to the constitution and Islamic
sharia law, ratified the budget after MPs made the required "modifications
in several amendments," a spokesman told the official news agency
IRNA ... FULL
TEXT
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Monday
February 1, 1999
* Iran rial near free fall, drops 6.7 pct in one day
TEHRAN, Feb 1 (Reuters) - The Iranian rial appeared to be on a free
fall on Monday, plunging 6.7 percent against the dollar in one day during
an accelerating slide, traders saaid. On Tehran's illegal but highly active
black market, dealers were trading at 8,700 rials to the dollar on Monay,
compared to about 8,120 on Sunday. Hectic street dealers were keen on buying
dollars and other hard currencies on the expectation that the rial would
continue its current slide. The rial has dropped 17.2 percent against the
dollar since January 23 ... FULL
TEXT
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* Economic woes mark Iran revolution feast
TEHRAN, Feb 2 (Reuters) - Iran celebrates the 20th anniversary of its
Islamic revolution faced with an economy gutted by low oil prices and in
need of long overdue reforms. The heavily state-dominated economy created
after the 1979 revolution has sunk into recession with mounting unemployment
as oil revenues have dropped, leaving state coffers empty. A financial
crisis has pushed the rial to record lows and forced Iran to seek $3 billion
in loans from foreign creditors to avoid defaulting on the repayment of
its heavy debt ... FULL
TEXT
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* Majlis sets budget amid income concerns
TEHRAN, Jan 31 (Reuters) - Iran's parliament on Sunday passed a 276.2
trillion rial budget for the next Iranian year amid widespread doubts that
forecast revenues would be realised due to low oil prices. The dollar value
of the budget could range from $157.8 billion, if calculated at the official
rate used for essential budget accounts, to $92.1 billion at Iran's other
official rate, which the government has been using increasingly. It is
equivalent to $34.5 billion at the rial's black market rate ... FULL
TEXT
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