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Business
Nov 9-13, 1998 / Aban 18-22, 1377

News | Sports | Arts | Rights | Community

Today

* Bulgaria, Iran seek to revive economic ties, trade
* 1.6 bln of goods smuggled to Iran a year-official

Previous

* British energy industry delegation due in Iran
* Smuggling blamed for currency freefall
* Cash-starved Iran asks West for $3 bln loan
* U.S. relaxes rules on petrochemical deals with Iran
* Iran official wants black forex market stopped
* Iran hauls satellite TV gear smuggled as tuna
* Turkey starts building gas pipeline
* Iranian parliament meets to discuss plummeting carpet exports
* Russia's Tupolev seeking to build planes in Iran
* Iran to export... chocolate
* Azerbaijan oil decision delayed
* Khorasan No. 1 in rural electricity
* Rial falls to historic low on infaltion
* MP calls for $10 barrel oil price in budget
* U.S. firms lay groundwork for Iran oil investment
* Kazakhstan says plans to increase Iran oil swaps
* Iran, Saudi talk on oil but say no decision
* Iran works on law to protect local software
* 30,000 Iranian pilgrims visit Iraq in three months

News | Sports | Arts | Rights | Community


Monday | Tuesday | Wednesday | Thursday | Friday


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Iranian Trade Association


$ Rate

Updated November 13, 1998

* To send money to Iran, the rate is 680-700 tomans per dollar, depending on how much you wish to send.

* To send money out of Iran, the rate is 705 tomans per dollar.

Source: Sehaty Foreign Exchange. Preferntial rates for readers of The Iranian Times. Call in U.S.: 602-595-0777 OR 500-288-8881, Fax: 602-595-0222. Address: PO Box 3230, Carefree, AZ 85377, USA. Mention this code: BAJ 07


Friday,
Nov 13, 1998

* Bulgaria, Iran seek to revive economic ties, trade

SOFIA, Nov 13 (Reuters) - Bulgaria and Iran on Friday signed agreements to encourage bilateral trade and investment in a step towards reviving their once active economic links. Bulgaria's Transport Minister Wilhelm Kraus and his Iranian counterpart Mahmoud Hojjati signed a bilateral memorandum of understanding at the end of a joint session of an economic commission that committed the two countries to boosting exports and cooperation in agriculture and other areas... FULL TEXT

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* 1.6 bln of goods smuggled to Iran a year-official

TEHRAN, Nov 12 (Reuters) - Each year more than $1.6 billion worth of goods are smuggled into Iran, making up 50 percent of the country's underground economy, a top economic official said in remarks published on Thursday. ``More than $1.6 billion worth of goods are annually smuggled into the country,'' Iran Daily quoted Deputy Economy and Finance Minister Morteza Qarebaghian as saying... FULL TEXT

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Thursday
Nov 12, 1998

* British energy industry delegation due in Iran

TEHRAN, Nov 12 (Reuters) - A delegation from the British energy industry arrives in Tehran on Friday for a series of talks on potential oil and gas projects, a British official said on Thursday. Several days of talks were scheduled with representatives of Iran's state energy complex and the private sector, the official said ... FULL TEXT

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* Smuggling blamed for currency freefall

TEHRAN, Nov 12 (AFP) - An Iranian finance ministry official on Thursday blamed illegal imports of goods for the dramatic fall in the value of the national currency, the rial. Deputy Finance Minister Morteza Qarah-Baqian said up to 1.6 billion dollars of goods were being smuggled into the country each year. "This helps create a currency black market and contributes to the instability in the exchange market," he said, quoted by newspapers. He called on the government to eliminate the underground economy, which he estimated represented between 15 percent to 30 percent of the total economy... FULL TEXT

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Wednesday
Nov 11, 1998

* Cash-starved Iran asks West for $3 bln loan

TEHRAN, Nov 11 (Reuters) - The Iranian government, beset by doggedly low oil prices and mounting debt, is negotiating with creditors in Japan, Germany and Italy for $3 billion in bridge loans to stave off a default on debt payments. ``They need to get that $3 billion as soon as possible,'' said an analyst close to the debt talks. ``If these three countries cannot help them, then they may have to declare bankruptcy.'' ... FULL TEXT

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* U.S. relaxes rules on petrochemical deals with Iran

WASHINGTON, Nov 10 (Reuters) - The U.S. government on Tuesday relaxed the reporting requirements for foreign affiliates of U.S. But a U.S. State Department official on Tuesday emphasised that this is not an attempt by the Clinton administration to improve relations with Iran: ``This is not intended as a signal to Iran.''... FULL TEXT

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* Iran official wants black forex market stopped

TEHRAN, Nov 11 (Reuters) - A senior Iranian official called on Wednesday for a clampdown on Iran's black money market to stop a plunge in the value of the rial which has fallen to record lows this week, state media reported. ``To prevent all instability in foreign exchange rates, the contraband exchange market must be eliminated from the country's economy,'' said Deputy Economy and Finance Minister Morteza Qarabaqian, quoted by Iranian television... FULL TEXT

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* Iran hauls satellite TV gear smuggled as tuna

TEHRAN, Nov 11 (Reuters) - Iranian police, suspecting something fishy about a cargo of tuna tins, uncovered 255 banned satellite television receivers, a newspaper said on Wednesday. The daily Jomhuri Eslami reported that the contraband equipment was found in a truck which was supposed to carry tuna according to its cargo bill... FULL TEXT

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Tuesday
November 10, 1998

* Turkey starts building gas pipeline

ERZURUM, Turkey (AP) - Despite U.S. criticism, Turkey began building part of a pipeline today to carry natural gas from Iran and Turkmenistan to Turkey and the rest of Europe. Turkey is also scheduled to receive Iranian gas by mid-1999 through another pipeline, 188 miles long, already under construction between the eastern city of Erzurum and the Iranian border ... FULL TEXT

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* Majlis discusses plummeting carpet exports

TEHRAN, Nov 10 (AFP) - Iran's parliament met in closed session on Tuesday to examine plummeting carpet exports, the state's second most important source of revenue, state radio announced ... FULL TEXT

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* Russia's Tupolev seeking to build planes in Iran

TEHRAN, Nov 10 (AFP) -Russian aircraft manufacturer Tupolev is in Iran looking for a partner to begin local production of passenger planes, Iranian radio reported Tuesday ... FULL TEXT

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* Iran to export... chocolate

Tehran, (HAMSHAHRI) - Iran expects to export $300 million worth of food stuffs this year (ends March 20, 1999), including $100 million worth of chocolate... FULL TEXT IN PERSIAN

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* Azerbaijan oil decision delayed

MOSCOW (AP) - A decision on a pipeline route for transporting the bulk of Azerbaijan's Caspian Sea oil to the West has been postponed until early December, an official said Tuesday. Several American oil companies have invested heavily in the project, and the United States favors a proposed pipeline through Georgia and Turkey. An alternate route would go through Iran, a country that Washington considers unstable... FULL TEXT

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* Khorasan No. 1 in rural electricity

Tehran, (HAMSHAHRI) - Khorasan has provided electricity to 95 villages this year, more than any other province in the country... FULL TEXT IN PERSIAN

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Monday
November 9, 1998

* Rial falls to historic low on infaltion

TEHRAN, Nov 9 (Reuters) - The Iranian rial fell to historic lows on Monday, losing 2.8 percent against the dollar since late October on inflation fears and concerns that the latest Iraq crisis could lead to open conflict. Businessmen said the U.S. dollar fetched as much as 7,050 rials on Tehran's illegal but active black market, compared to about 6,850 rials in late October ... FULL TEXT

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* MP calls for $10 barrel oil price in budget

TEHRAN, Nov 9 (Reuters) - Iran should base its 1999-2000 state budget on an oil price of $10 per barrel, $2 less than in the current budget, an Iranian member of parliament said in remarks published on Monday. ``It would be realistic to set the price of each barrel (of crude) at about $10 in the budget bill so that we do not face a budget deficit,'' Reza Abdollahi, told the daily Abrar... FULL TEXT

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* U.S. firms lay groundwork for Iran oil investment

TEHRAN (Reuters) - Smooth-talking American oil executives, eager to pounce on lucrative deals in oil and gas giant Iran, are busy handing out business cards in Tehran. Officials from major U.S. energy companies, who are barred by their government from dealing with Iran, are using oil conferences instead of boardrooms to explore future opportunities in the Islamic republic, which is hungry for foreign investment... FULL TEXT

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* Kazakhstan says plans to increase Iran oil swaps

TEHRAN, Nov 9 (Reuters) - Kazakh Deputy Energy Minister Dosayev Yevbolat said his country planned to increase the amount of oil to be transferred to Iran under an existing swap agreement, the official Iranian news agency IRNA reported. Yevbolat, speaking at a Caspian Sea oil and gas meeting on Sunday, did not say how much additional oil it intended to ship... FULL TEXT

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* Iran, Saudi talk on oil but say no decision

TEHRAN (Reuters) - The oil ministers of OPEC majors Iran and Saudi Arabia discussed sagging oil prices Sunday but said they reached no decision on what to do. Asked if the two sides discussed ways to help lift the oil market, Iranian Oil Minister Bijan Namdar Zanganeh told Reuters: ``Yes. We discussed the oil markets without any resolution. We talked and we tried to close our opinions together.''... FULL TEXT

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* Iran works on law to protect local software

TEHRAN, Nov 8 (Reuters) - Iran's parliament on Sunday gave initial approval to a law protecting the intellectual property of software developers in the country. In a session broadcast live on state radio, deputies passed the outline of the government bill which would ban the illegal copying of computer programmes registered by Iranian developers ... FULL TEXT

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* 30,000 Iranian pilgrims visit Iraq in three months

TEHRAN, Nov 8 (Reuters) - More than 30,000 Iranian pilgrims have crossed the Iraqi border to visit religious sites since the trips began in August, a senior Iranian official said on Sunday. Jalaleddin Heidari, the head of transport terminals in Kermanshah province which borders Iraq, said 30,716 pilgrims had made the journey in the past three months, the official news agency IRNA reported... FULL TEXT

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