Minister of Industries, Mining and Trade Mohammad Shariatmadari has been appointed the new Iranian head of Iran-Turkey Economic Commission.
Mahmoud Vaezi, the former communications and information technology minister, used to head the commission, IRNA reported on Monday. The 26th joint economic commission session of Iran and Turkey is scheduled to be held next month in the Iranian capital, Tehran. Iran exported about $4.5 billion worth of goods to Turkey during the seven months ending July 2017, registering an 80% rise compared with the corresponding period of last year, Tasnim News Agency reported last week, citing the Turkish Statistical Institute. Imports from the neighboring country over the same period amounted to $1.8 billion, indicating a 37% fall year-on-year. Iran-Turkey trade stood at $6.3 billion over the seven-month period, showing a 16% rise YOY.
The government is intervening in the pricing of base metals in the local market, again.
The new directive, which bans the use of the US dollar in import order registrations by Iranian traders, serves the double purpose of sidelining the US dollar and curbing the volatility that gripped the foreign exchange market in recent weeks.
Members of parliament on Saturday approved a measure determining the share of the National Development Fund of Iran from all oil and gas export revenues in their latest open session on Saturday to decide on the articles of the fiscal 2018-19 budget law.
Minister of Industries, Mining and Trade Mohammad Shariatmadari has put forth the idea of granting duty exemption to the imports of raw materials for essential goods transported by international shipping lines in a letter to First Vice President Es’haq Jahangiri.
The rial continued to drop to record lows against the US dollar on Sunday, ending a short spell of stability that held for only a few days after the government assured the public that volatility in the foreign exchange market was temporary.
The Iranian steel industry has survived the 2015-16 valley of death and is now reaping the benefits of an improving global market condition.