Iran Economic News Headlines for January 23

EghtesadOnline: Here are Iran's economic news headlines for January 23:

News ID: ۷۸۴۴۹۷

26 January 2019

Minister of Industries, Mining and Trade Reza Rahmani: Iran accounts for 62% of the Middle East’s steel output. (IRNA)

Shapour Mohammadi, the head of Securities and Exchange Organization of Iran: The value of Iran’s capital market increased from 4,376 trillion rials [$37.72 billion] on July 27, 2018, to 8,560 trillion rials [$73.79 billion] on Jan. 15, 2019, which indicates a 96% growth in five months. (Fars News Agency)

Mohsen Delaviz, the head of Iranian Fuel Conservation Company: With a population of 80 million, Iran has outdone China with 1.5 billion citizens in paying energy subsidies—$45 billion versus $38 billion. (IRNA)

Central Bank of Iran Governor Abdolnasser Hemmati: After China, South Korea, India and Turkey, Japan has also resumed the import of Iranian oil. (IRNA)

Managing Director of Export Development Bank of Iran Ali Salehabadi: Promotion of non-oil exports would provide the country with the needed foreign currency. (IRNA)

Mohammad Reza Razaei-Kouchi: Banking problems are at the core of hurdles in the way of Iran's exporters. (IRNA)

Sharif Nezam-Mafi, the head of Iran-Switzerland Chamber of Commerce: An independent payment channel devised by Switzerland is ready to start operation so trade with Iran can continue [despite US sanctions]. (Iran Chamber of Commerce, Industries, Mines and Agriculture)

First Vice President Es’haq Jahangiri: Iran will rely on its domestic capacities to beat [US] sanctions. (IRNA)

Foreign Minister Mohammed Javad Zarif: US sanctions will not reduce the trade volume between Iran and Iraqi Kurdistan region. (Fars News Agency)

President of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholamhossein Shafei: Hasty bylaws and knee-jerk decisions have plagued Iran’s economy. (Otaghiranonline.ir)

Lawmaker Mohammad Mehdi Mofatteh: As per the budget bill for the next fiscal year (March 2019-20), outstanding interests and penalties on loans under 1 billion rials [$8,600] will be forgiven if the debtor pays off the whole loan. (IRNA)

Managing Director of Chabahar Free Trade Zone Abdolrahim Kordi: Chabahar is Iran’s most strategic place for both domestic and foreign investments. (IRNA)

Director General of Ports and Maritime Organization of Sistan-Baluchestan Province Behrouz Aqaei: Revenues shared between Iran and India from exports, imports and transit in Chabahar’s Shahid Beheshti Port will be 60:40 in favor of Iran. (IRNA)

Deputy Agriculture Minister for Livestock, Poultry and Seafood Affairs Morteza Rezaei: Iran is the second biggest producer of ostrich in the world after South Africa. (ILNA)

Shapour Alaei-Moqaddam, the deputy head of Iran Nomad Affairs Organization: Nomads produce 190,000 tons of red meat, which amount to 25% of Iran's total output. (IRNA)

Director General of the Ministry of Industries, Mining and Trade's Textile and Clothing Industries Department Afsaneh Mehrabi: Around 4,600 tons of apparel worth $48 million were exported from Iran during the nine months to Nov. 21, showing a 59% and 24% growth in weight and value respectively year-on-year. (IRNA)

Director General of the Ministry of Agriculture's Tropical and Subtropical Fruits Bureau Masoud Latifian: The northern Mazandaran Province is Iran’s biggest producer of orange, cultivating around 1.8 million tons of the citrus fruit on over 88,000 hectares of orchards per year. (ILNA)

Deputy Minister of Industries, Mining and Trade Khodadad Gharibpour: Completing unfinished mining projects is the top priority of Iranian Mines and Mining Industries Development and Renovation Organization. (IRNA)

CEO of Khazar Exploration and Production Company Ali Osuli: KEPCO would welcome the presence of powerful foreign companies in the development of oil industry in the Caspian region, but would not wait for them and continue executing projects by relying on domestic capabilities. (Mehr News Agency)

Abbas Zare', an advisor to agriculture minister: Close to 2.1 million hectares of farmlands and orchards, accounting for 20% of Iran’s irrigated lands, are equipped with modern irrigation systems. (IRNA)