Iran Economic News Headlines - May 21

EghtesadOnline: Here are Iran's economic news headlines for May 21:

News ID: ۷۸۴۶۸۴

22 May 2019

1. Ardeshir Dadras, the head of Iran’s CNG Association: Iran accounts for $38 billion of the $350 billion worth of energy subsidies paid in the world [annually]. (IRNA)

2. Deputy Industries Minister Khodadad Gharibpour: Mining sector accounts for 1,000 trillion rials ($7.14 billion) of the value of Iran's capital market. (IRNA)

3. Malek Rahmati, vice chairman of Iran Stone Association: The Ministry of Industries, Mining and Trade needs to draw up contracts similar to those of Oil Ministry’s IPC [Iranian petroleum contract] for the mining sector. (IRNA)

4. Central Bank of Iran’s Governor Abdolnasser Hemmati: The rial’s exchange rate against the US dollar increased by 20,000 in a matter of two days [from 16,000 to 14,000 rials per dollar]. I warn people against investing in foreign currencies. (Fars News Agency)

5. Mehrdad Jamal Arvanaqi, the deputy head of the Islamic Republic of Iran Customs Administration: Essential goods like red meat are cleared from customs within an hour. (IRNA)

6. Saeed Motameni, the head of Auto Dealers Association: [Iran's] auto market is in recession in spite of the auto price hike that ensued from unrealistic prices quoted online. (ISNA)

7. Mehdi Niyazi, an official with Trade Promotion Organization of Iran: The ban on hybrid car imports is still in effect. (ILNA)

8. Russian Energy Minister Alexander Novak: Iran-US tensions are creating a very unstable oil market. (CNBC)

9. Economy Minister Farhad Dejpasand: Redenomination of the national currency requires a great degree of planning and preparation. I can’t announce a specific date for that. (Fars News Agency)

10. Deputy Industries Minister Saeed Zarandi: The number of business permits issued in the past exceeds the need of domestic industries. (Donya-e-Eqtesad)

11. Morteza Rezaei, deputy agriculture minister for livestock affairs: Per capita consumption of chicken and red meat in Iran stands at 27 kg and 12 kg respectively per annum. There is an excess supply of chicken that can be exported, but the country imports up to 150,000 tons of red meat annually. (Fars News Agency)

12. Mansour Pourian, the head of Iran’s National Assembly of Livestock Exporters: Red meat prices are bound to decline with the abundance of imports and local livestock production. (IRNA)

13. Ahmad Mahdavi Abhari, secretary of the Association of Petrochemical Industry Corporation: Up to 70% of the earnings from petrochemical exports were repatriated in the first two months of the current [fiscal] year [started March 21]. (Fars News Agency)

14. Deputy Agriculture Minister Kazem Khavazi: As many as 1,200 plant species are on the brink of extinction in Iran. (IRNA)

15. Cooperatives Minister Mohammad Shariatmadari: No official in the Cooperatives Ministry holds two positions. (IRNA)