Iran Economic News Headlines - February 4

EghtesadOnline: Here are Iran's economic news and headlines for February 4:

News ID: ۷۸۴۵۱۲

05 February 2019

1. Foreign Minister Mohammed Javad Zarif: Iran welcomes INSTEX—a long overdue 1st step—in E3 implementation of May 2018 commitments to save JCPOA by ensuring dividends for Iranians after US’ illegal reimposition of sanctions. We remain ready for constructive engagement with Europe on equal footing & with mutual respect. (Tweeter)

2. Deputy Foreign Minister for Political Affairs Abbas Araqchi: At the initial stage, the EU-Iran payment vehicle INSTEX will only cover trade of medicine, food and medical devices, but will later be expanded to cover all sanctioned goods. (Fars News Agency)

3. Iran’s Ambassador to Britain Hamid Baeidinejad: The Europeans’ payment channel with Iran [INSTEX SAS] has nothing to do with the UN oil-for-food program in Iraq. (otaghiranonline.ir)

4. Pedram Soltani, the deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture: You cannot expect immediate results from the Europeans’ payment channel with Iran. (Otaghiranonline.ir)

5. Parliamentarian Ali Motahari: The fate of the ratification of the Financial Action Task Force’s action plan for Iran should not be tied with that of INSTEX SAS [Instrument in Support of Trade Exchanges) trading system. (Otaghiranonline.ir)

6. Mohammad Reza Modoudi, caretaker of Trade Promotion Organization of Iran: The idea that the Europeans’ payment channel with Iran would only support trade of non-sanctioned commodities doesn’t sit well with us. (IRNA)

7. President of Germany’s BGA trade association, Holger Bingmann:  A new channel for non-dollar trade with Iran that France, Germany and Britain have opened to avert US sanctions is legitimate and sends an important signal of Europe’s reliability as a trade partner. (Reuters)

8. China's Foreign Ministry Spokesman Geng Shuang: China highly appreciates the efforts made by European countries to maintain the Iran nuclear agreement and supports the establishment of INSTEX. (CGTN)

9. Minister of Economic Affairs and Finance Farhad Dejpasand: The onus is on Basij [volunteer forces] to find ways of circumventing US sanctions. (IRNA)

10. Minister of Industries, Mining and Trade Reza Rahmani: The promotion of national production is a key solution to domestic economic problems. (IRNA)

11. President of Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari: The top 10% of the population [i.e. those with the highest household wealth and income] reap the benefits of government’s hidden subsidies on gasoline 23 times more than the bottom 10%. (IRNA)

12. Energy Minister Reza Ardakanian: Iran is the largest producer of electricity in the [Middle East] region, bar none. (IRNA)

13. Shapour Mohammadi, the head of Securities and Exchange Organization: Over 300 trading codes for foreign entities have been registered in the Iranian Oil Bourse. (ILNA)

14. Central Bank of Iran's Governor Abdolnasser Hemmati: The CBI warns against investing in foreign currency exchange market. (Otaghiranonline.ir)

15. Deputy Agriculture Minister Yazdan Seif: The government is not facing any hurdles in supplying essential goods in the runup to the [Iranian] New Year holidays [starting March 21]. (ILNA)

16. Deputy Minister of Cooperatives, Labor and Social Welfare Ahmad Meydari: One of the root causes of corruption in Iran is its bureaucratic labyrinth of governance. (Fars News Agency)

17. Iran Air CEO Farzaneh Sharafbafi: There are no restrictions on the landing or takeoff of Iran Air's planes at European airports. (IRNA)

18. Managing Director of Chabahar Free Trade Zone Organization Abdolrahim Kordi: Under its vision plan, Chabahar Port’s throughput will reach 80 million tons per annum. (ILNA)

19. Minister of Cooperatives, Labor and Social Welfare Mohammad Shariatmadari: The government is planning to introduce a 20% raise in workers’ salaries. (Mehr News Agency)

20. CEO of Iran Airports Company Rahmatollah Mahabadi: About 10,000 billion rials [$83 million] were allocated for equipping and renovating airports over the past four years. (IRNA)