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Saturday, August 6, 2016

Sat. PM News Articles from KTFA Samson 8-6-16

KTFA

Samson » August 6th, 2016


Iran's foreign exchange reserve hits $100B

Baku, Azerbaijan, Aug. 4

Iran’s foreign exchange reserve stands at $100 billion, Kamal Seyed Ali, head of the Export Guarantee Fund of Iran (EGFI), said, IRIB news agency reported Aug. 4.

Meanwhile the International Monetary Fund (IMF) earlier reported that the Iranian reserve of foreign exchange rose by $14.3 billion in 2015, registering a record of $125.9 billion.

The IMF also forecasted that the reserve could slightly slim and settle for $125.6 billion in 2016.

Seyed Ali further said that the EGFI has issued $165 million worth of guarantees for exporters during the first four months of the current fiscal year (March 20-July 20) which indicates a 20-percent rise compared to the same period of the preceding year.

He further expressed hope that the Organization for Economic Cooperation and Development (OECD) will improve Iran's rating in the country risk classifications (CRE) from six to five in its upcoming meeting in October.

Seyed Ali said that Iran’s ranking improved one notch, moving from seven to six, according to the international body's latest risk classification table updated last June.

However considering Iran’s current level of foreign exchange reserve, the country’s good track record on debt payments, especially during the sanctions period and increasing revenues through non-oil exports the Islamic Republic’s CRE ranking should be three or even two, he added.

According to credit risk classification by the OECD, countries are divided into seven groups from low risk (1) to high risk (7). The Islamic Republic was placed in the 4th risk rating during in 2001 and was later moved to the 7th rating in recent years after the imposition of international sanctions.

The countries’ risk rating determines investment attraction limit, the cost of credit insurance and foreign financing.

http://en.trend.az/iran/business/2567024.html

Putin announces the creation of a free trade zone between the Eurasian Union and Iran

08/06/2016 09:56

Russian President Vladimir Putin, that the establishment of a free trade zone between the Eurasian and Iran Economic Union, can give a powerful impetus to the development of trade and investment.

Putin said in an interview with the agency , the Azerbaijani news ahead of his visit to Baku , " a strong boost to trade Russian-Iranian contacts in the field of investment may given the opportunity to create a free trade zone between economic EAU and Iran ... research group jointly began its work, and consider any potential deal details. "

said Putin, that Moscow is interested in strengthening the partnership with Iran in regional affairs and that he sees it as " an important factor in maintaining stability and security on the vast tracts of lands of Central Asia, the Caspian region, even the Middle East , "he said ,adding:" We will continue to support Iran's desire to become a full member of the Shanghai cooperation Organization member for cooperation. "

It should be noted that the Shanghai cooperation Organization, comprising both Russia China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, and awarded the Organization observer status in its structure, to all of Mongolia, India, Iran, Pakistan and Afghanistan, and in September / September 2014, made both Pakistan and India formally apply for formal membership in the Shanghai cooperation Organization, as well as aspiring Iran also to obtain full membership in the organization, in both Sri Lanka and Armenia I applied for status observer member of the organization, and remained all from Belarus, Turkey and Sri Lanka, are all participating countries within the organization as a (allies in the dialogue) in these international regional organization.

He described the Russian president Iran as a partner for a long time to Russia, noting that ease tension in Iran 's neighbors after the agreement on its nuclear program "will benefit the bilateral relations .. the Russian Federation intends to continue construction of commercial and economic cooperation with Tehran."

Putin pointed out that the volume of mutual trade between the two countries , it rose during the five months of this year increased by 70% to $ 855 million. the Russian president stressed that "Russia intends to give Iran two loans Aitmanyen government, worth 2.2 billion euros, to finance the construction of thermal power plant near Bandar Abbas city on the coast, and the financing of the project electrification of railways (garmsar - Aenchi boron) north - east of the country. "

in addition, the President of the Russian Federation, that his country would build Iran 's first nuclear power plant , " Bushehr ", also plans to create an " eight nuclear reactors. "

Putin said:" We will continue Help Iranian partners in the implementation of the action on the Iranian nuclear program plan, including the recycling of enriched uranium and shift to the ability to produce radioactive isotopes stable. "

the presidential Cabinet in Russia has announced that Putin will meet in Baku counterparts of Azerbaijan Ilham Aliyev and Iranian Hassan Rowhani, adding that the tripartite talks would focus on the pressing issues in regional and international politics, and the prospects for practical cooperation, especially in energy and transport sectors.

http://www.iraqidev.org/news/index.php/doalea/80320.html

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