All tagged Central Bank of Iran

Iran Says Efforts to Curb the Rial's Slide Are Starting to Work

◢ Iran’s battered currency is starting to recover in the unregulated market as government policies to defend it against U.S. sanctions take effect. The central bank sought ways to protect the currency with measures that include setting up a government-run foreign-exchange platform known as NIMA to quell the black market and controlling interest rates offered by lenders.

Iran to Merge Five Financial Lenders Linked With Military

◢ Iran will merge five lenders linked with military institutions into state-run Bank Sepah amid a wider push by President Hassan Rouhani for the armed forces to divest from businesses. The entities being consolidated include Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution, the Central Bank of Iran said in a report on its website Saturday.

US Sanctions Iran for Shipping Oil to Syria

◢ The US slapped fresh sanctions on Iran Tuesday, accusing it of creating a complex web of Russian cut-out companies and Syrian intermediaries to ship oil to Damascus, which in turn bankrolled Hezbollah and Hamas. The US considers both Hezbollah, a powerful Lebanese militia, and Hamas, the Palestinian Islamist group that controls the Gaza Strip, to be terrorist organizations.

Europe Support Against US 'Rare Victory' for Iran: Rouhani

◢ President Hassan Rouhani said Saturday that the divisions between the US and Europe over renewed sanctions on Iran were a "rare historical victory" for the Islamic republic. EU countries have fiercely opposed the decision by US President Donald Trump to abandon their landmark 2015 nuclear deal with Iran and reimpose sanctions—the last of which will return on November 5. 

EU Announces Legal Entity to Maintain Business With Iran

◢ The European Union said Monday its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the US withdrew from a nuclear agreement. Iran and the European Union announced their defiance towards US President Donald Trump's administration after high-level talks at the United Nations among the remaining members of the accord.

Iran Replaces Central Bank Chief as Economy Faces Crisis

◢ Iran replaced its central bank chief on Wednesday, local media reported, amid fallout over banking scandals and the crisis facing the country's economy. Valiollah Seif, who had served as the bank's governor since President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a cabinet meeting, according to the official IRNA news agency.