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Iran, Switzerland Ink Cooperation Deals

Iranian and Swiss officials on Tuesday signed three documents on cooperation between the two countries in scientific, medical, and transportation fields. Officials from the two countries signed the three documents after a meeting of high-ranking delegations in Bern, co-chaired by Iranian President Hassan Rouhani and his Swiss counterpart Alain Berset. The two sides signed two […]

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China Eyes Iran Trade in Own Currencies

China’s President Xi Jinping in a meeting with his Iranian counterpart offered plans for trade exchange between the two countries using their own currencies, namely rial and yuan. In a meeting with Iranian President Hassan Rouhani, held on the sidelines of the Shanghai Cooperation Organization summit in the city of Qingdao on Sunday, the Chinese […]

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LC Payment by Iranian Banks

Nowadays, almost all Iranian banks can handle payments through LC (Letter of Credit) which is a very common way of international payment in global business. What makes international payments difficult for Iranian companies is the limited number of foreign banks which accept LC from Iranian banks. Due to sanctions held upon Iranian banks, only a […]

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Why Iran moved to Unify Dual Exchange Rates

In an abrupt move, Iran moved to unify its dual exchange rates — one official and the other the free market rate — on April 11 to prevent further depreciation of the rial, re-establish the currency’s stability and empower banks. Why at that time, and how successful will the move be? The short answer seems […]

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Iran, Azerbaijan Inaugurate Joint Car Plant, Railway Project

Iran and Azerbaijan have launched a joint car plant and a railroad connecting Iran’s northern city of Astara to its namesake in the Azerbaijan Republic. The inauguration ceremony of the plant and the Astara-Astara railroad was held in Azerbaijan with Iranian President Hassan Rouhani and his Azeri counterpart, Ilham Aliyev, in attendance. The joint car […]

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Are Iranians ready to ‘Buy Iranian’?

In keeping with the tradition of declaring an annual motto at the beginning of each Iranian year, Supreme Leader Ayatollah Ali Khamenei has named the current year that began March 21 “Support for Iranian Products.” Many observers say the motto is a continuation of last year’s, “Economy of Resistance: Action and Deeds,” and is a clear sign that Iran is continuing […]

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The 3 Best Places To Work in Iran

Sanofi, Novonordisk and Novartis Iran were awarded the best places to work in Iran for 2018, according to the annual Workplace program driven by the prestigious global research firm BPTW and conducted among different companies operating in Iran from different business sectors. Best Places to Work program is an international program providing employers in different […]

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Bank Melli Iran, Aresbank of Spain to Expand Ties

Gholam Reza Panahi, Deputy Governor for currency affairs at Bank Melli Iran (BMI), has met with officials of Spain’s Aresbank. Pointing to the special potentials of the BMI in providing effective services to Iranian and Spanish businessmen, Panahi stressed on the development of broker relations between the two banks. Given the fact that the customers of the […]

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Big Growth Expected in Iran’s Car Market

Iranian car maker Iran Khodro (IKCO) expects Iran’s car production to hit 3 million units annually by 2025, of which 60 percent (1.8 million units) would be produced by IKCO, up from 24 percent in 2016. Addressing Iran’s 5th Automotive Industry International Conference in Tehran on Tuesday, company CEO Hashem Yekehzare (pictured) said: ‏“In 2016 the overall […]

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France to Finance Exports to Iran, Sidestepping Sanctions

France will start offering euro-denominated credits to Iranian buyers of its goods later this year, a move to bolster trade while keeping it outside the reach of US sanctions, the head of state-owned investment bank Bpifrance said. “We put a lot of preparation into this in 2017 and we keep on working, every single day, […]