Business
Oct 26-30, 1998 / Aban 4-8, 1377
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Today
* Ukraine holds to decision against Iran turbine sale
Previous
* Government plans for cutting costs
* Iran's trade minister arrives in Iraq
* Non-oil exports down 2%
* 490-billion-rial fine!
* Rial freefalls on open market
* Rial stabilization policy will continue
* Wooing foreign investors
* Turkey to change oil sources if Baku-Ceyhan fails
* Central Bank wants end to fixed rial rate
* U.S. aide, in Turkey, lobbies for pipeline
* Bulgaria plans to export wheat to Egypt, Iran
* Economics trips up U.S. Caspian policy
* Norway firms skirted efforts to ban Iran trade
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$ Rate
Updated October 30, 1998
* To send money to Iran, the rate is 650-665 tomans per
dollar, depending on how much you wish to send.
* To send money out of Iran, the rate is 668 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,
Oct 30, 1998
* Ukraine holds to decision against Iran turbine sale
KIEV, Oct 30 (Reuters) - Ukrainian President Leonid Kuchma said on Friday
Ukraine will not go back on its decision to opt out of a Russian-Iranian
deal to build a nuclear power plant in the Gulf port of Bushehr. ``We have
already approved a final decision (to decline participation) and we are
not going to change it,'' Kuchma told journalists at the official opening
of a new research institute outside Kiev... FULL
TEXT
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Thursday
Oct 29, 1998
* Government plans for cutting costs
Tehran, (HAMSHAHRI) - Plan and Budget Organization chief Mohammad
Ali Najafi spelled out steps to reduce the budget deficit and cut spending...
FULL TEXT
IN PERSIAN
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* Iran's trade minister arrives in Iraq
BAGHDAD, Oct 29 (Reuters) - Iranian Trade Minister Mohammed Shariatmadari
has arrived in Iraq to hold talks with Iraqi officials to boost bilateral
trade under Iraq's oil-for-food deal with the U.N., the Iraqi news agency
INA reported on Thursday. INA said Shariatmadari and a large trade delegation
had crossed the Iraq-Iran border at al-Munthiriya 120 km (80 miles) northeast
of Baghdad... FULL
TEXT
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* Non-oil exports down 2%
Tehran, (HAMSHAHRI) - Non-oil exports were down 2% in weight in the
first six months of the Iranian year (value not mentioned)... FULL TEXT IN PERSIAN
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* 490-billion-rial fine!
Tehran, (HAMSHAHRI) - The head of a private company has been fined 490
billion rials (6,680 rials = 1 dollar) and sentenced to jail for "trading...
and trasferring foreign currency" out of the country (no more details)...
FULL TEXT
IN PERSIAN
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Wednesday
Oct 28, 1998
* Rial freefalls on open market
TEHRAN, Oct 28 (AFP) - The Iranian currency dropped sharply in value
this week on the open market after months of steady decline, but the central
bank pledged Wednesday to maintain a freeze on the rate of the rial against
major foreign currencies. The rial fell from 6,200 to the dollar at the
start of the week to nearly 6,700 on Wednesday after hints from the central
bank early in the week that it may allow the currency to freely float against
major currencies... FULL
TEXT
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* Rial stabilization policy will continue
Tehran, (HAMSHAHRI) - The Central Bank has issued a statement saying
its rial stabilization policy will continue through 1378 (March 2000) as
planned ... FULL
TEXT IN PERSIAN
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* Wooing foreign investors
Tehran, (HAMSHAHRI) - Government plans for attracting $7.5 billion in
foreign investment ... FULL
TEXT IN PERSIAN
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* Turkey to change oil sources if Baku-Ceyhan fails
ANKARA, Oct 28 (Reuters) - Turkey will turn to other sources for its
own energy needs if its bid for a pipeline to carry Caspian Sea oil is
not chosen by the consortium developing the Caspian fields, Foreign Minister
Ismail Cem said on Wednesday. ``If the mistake of choosing a project that
will carry Caspian oil to Western markets through the (Turkish) straits
is made, Turkey will prioritise non-Caspian energy sources and producers
for its energy investments and imports,'' Anatolian news agency quoted
him as telling a visiting U.S. official... FULL
TEXT
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Tuesday
Oct 27, 1998
* Central Bank wants end to fixed rial rate
TEHRAN, Oct 27 (Reuters) - A senior Iranian Central Bank official called
in remarks published on Tuesday for dropping fixed rial exchange rates,
saying this would make the economy more resilient to shocks such as a slump
in oil prices. ``The fixed currency system has outlived its use...and cannot
be effective anymore,'' the daily Hamshahri quoted Central Bank Deputy
Governor Mohammad Jafar Mojarrad as saying... FULL
TEXT
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* U.S. aide, in Turkey, lobbies for pipeline
ISTANBUL, Oct 27 (Reuters) - The United States' Caspian energy envoy,
in Turkey to lobby for a pipeline route to bring Azeri crude to world markets,
said on Tuesday that he believes the 1,080-mile (1,730-km) line could be
economic to build, despite oil companies' reservations. The plan to take
Azerbaijani oil from Baku through Georgia to the Turkish Mediterranean
port of Ceyhan has run into difficulty, with the international consortium
that decides on the route saying it is too expensive, given current oil
prices and projected export volumes... FULL
TEXT
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* Bulgaria plans to export wheat to Egypt, Iran
SOFIA, Oct 27 (Reuters) - Bulgaria plans to export 200,000 tonnes of
wheat from its 1998 surplus to Egypt and Iran through the state Zarneni
Hrani grain trading firm, Agriculture Minister Ventsislav Varbanov said
on Tuesday. ``Zarneni Hrani has exported 10,000 tonnes of wheat to Egypt
last week. This is a quality test shipment and we hope to export a total
of 100,000 tonnes to Egypt,'' Varbanov told reporters... FULL
TEXT
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Monday
Oct 26, 1998
* Economics trips up U.S. Caspian policy
LONDON, Oct 26 (Reuters) - By trying to turn economics on its head for
strategic aims, the United States has tripped up in its quest to bring
Caspian Sea energy resources to market. Washington's determination to sideline
Russia and exclude Iran from transporting Caspian Basin oil and gas has
collided with commercial reality: international oil companies won't pay
for a major pipeline from Azerbaijan across Georgia and Turkey... FULL
TEXT
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* Norway firms skirted efforts to ban Iran trade
OSLO, Oct 26 (Reuters) - Norwegian firms skirted Oslo's crackdown on
trade with Iran after Tehran imposed a religious death order on British
novelist Salman Rushdie, an official report said on Monday. The Trade Council
concluded that many companies apparently hid trade with Iran from official
statistics by re-routing exports via Dubai or other nations. The number
of Norwegian firms with offices in Dubai doubled to 50 during the period...
FULL
TEXT
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