Author: Steven Sahiounie

“The Bank of Russia is not considering the possibility of raising the inflation target as it will be perceived both by citizens and business as a price stability threat,” Deputy Governor of the Bank of Russia Alexey Zabotkin added MOSCOW, August 9. /TASS/. The shift to a lower inflation target in Russia from the current 4% will take several years, Deputy Governor of the Bank of Russia Alexey Zabotkin said in an interview with Izvestiya daily, adding that an increase in the targeted level is not under consideration. “It will take several years,” he said when asked when the shift…

Iran’s Deputy Foreign Minister for Economic Diplomacy Affairs Mehdi Safari said on Sunday that annual trade with eastern European countries is expected to significantly increase from $1 billion recorded over the calendar year to late March. “The level of trade ties with certain countries of the region has increased by 300% to 350% compared to the same period last year,” Safari told on the sidelines of a forum on trade between Iran and Eastern European countries in Tehran. The official said Iran is planning to expand the existing barter arrangements with Eastern European countries, adding that businesses can count on banking ties…

Majid Chegini made the remarks in a news conference on Monday and said that his company has taken giant strides in supplying gas to almost all parts of the country in the current administration’s term. The deputy oil minister pointed to the huge volume of investment made in the gas industry in the administration of President Ebrahim Raisi and said smartening the nationwide gas distribution network of the country is among the prioritized projects the company pursues. He further said constructive talks have been held with countries such as Oman, Russia and Pakistan in the field of gas trade and that some…

CEO of the Maku Free Zone Hossein Garousi told reporters on Tuesday that the Sarakhs Special Economic Zone will soon be connected to Bazargan Customs and Maku Free Zone. He put the current volume of products imported into Iran’s free zones at $3 billion. There are more than 4,500 free zones in the world, 1,500 of which have been set up since 2015, he stated. Under a bylaw approved at the Iranian Parliament last week, three new free zones will be set up in the country, and this shows that free zones have been successful in realizing their objective, Garousi…

Deputy Ministry of Agriculture for Arable Farming Mohajer said on Monday that the government had purchased more than 9 million metric tons (mt) of wheat from domestic farmers since April. He stated that the figure was an increase of more than 104% compared to April-August 2021, adding that an increase in dry-land farming activity was a major factor in promising yields of the crop in Iran this year. CEO of Government Trading Corporation (GTC), a subsidiary of the Ministry of Agriculture responsible for supply of staple grains in Iran, said on Monday that wheat purchases in some provinces in the country had…

A meeting of Pakistan’s Economic Coordination Committee was held in Islamabad, chaired by Pakistani Finance Minister Mohammad Ishaq Dar. Ministers of energy, oil, information, trade and industries attended the meeting. They discussed a new contract with the Iran Organization for Management of Electric Power Generation and Transmission (TAVANIR) to purchase 104 megawatts of electricity. Pakistan’s new plan to strengthen energy cooperation with Iran comes a few days after an official visit by Iranian Foreign Minister Hossein Amirabdollahian to Islamabad. Following the visit, Amirabdollahian said he had very important talks with his Pakistani counterpart on the Iran gas transmission pipeline project to Pakistan. He added that the completion of this project…

The United Auto Workers president took aim Tuesday at Jeep-maker Stellantis, criticizing the car company for demanding concessions at the bargaining table that he described as a “slap in the face” to union-represented auto workers. The move marked an unusually public escalation between the UAW and the global automaker, only weeks after negotiations for a new four-year labor contract began in late July. Shawn Fain, the newly elected head of the union, said Stellantis is pressing for a number of givebacks, including on medical benefits and workers’ profit-sharing bonuses. He also said, during a Facebook livestream event with union members, that Stellantis wants…

He noted that BRICS is one he few examples of real economic and political cooperation, which can influence regional and international processes The BRICS association of Brazil, Russia, India, China, and South Africa has a potential for becoming a global integration association, Iranian Foreign Minister Hossein Amir Abdollahian said on Tuesday. “We think that when the idea of BRICS’ expansion is translated into reality, this association will become a really global integration structure,” he said at a conference in Tehran dedicated to cooperation between the Islamic Republic of Iran and BRICS. He noted that BRICS is one he few examples…

According to the ministry, the contract for purchasing Russian wheat was signed in conformity with international practices CAIRO, August 8. /TASS/. Egypt has signed a contract to purchase 235,000 tons of wheat from Russia, Egypt’s ministry of supply and internal trade said on Tuesday. According to the ministry, the contract for purchasing Russian wheat was signed in conformity with international practices. Under the contract, 175,000 tons of wheat from Russia will be delivered to Egyptian ports in a period from September 15 through 30 and the second batch of 60,000 tons will be supplied from October 1 through 15. Russian…

“The monetary policy is aimed at bringing back and stabilizing inflation at the targeted level of 4% in the long-term,” Zabotkin added MOSCOW, August 9. /TASS/. The Bank of Russia admits an increase in the key rate as early as at the next meeting of its board of directors, the regulator’s Deputy Governor Alexey Zabotkin said in an interview with Izvestiya daily. “The lower value of the forecast of the key rate range by the end of the year of 8.5% permits possible permanency of the rate. However, considering the previous experience of communication, if the board of directors in…