Page 27 - IRANRptNov20

Fund (IMF).
5.1.3​ Gross international reserves
Iran’s gold prices skyrocket
Iran’s gold market has skyrocketed, following suit with the dollar, euro and sterling prices on Iran’s so-called “free” market. ​In the gold sovereign market, the Azadi gold coin retailed for IRR117mn on September 14 while the slightly weightier Emami coin sold for IRR129mn, reflecting the pressures in the currency market.
According to the IMF in its Regional Economic Outlook on May 4, the value of Iran’s gross official reserves was estimated to reach $108.4bn in 2019.​ The country’s gross official reserves will experience a $13.3bn jump in the current year rising from last year’s $95.1bn.
In an April report, ​the IMF predicted that Iran's foreign exchange reserves would be $85bn this year,​ but much of that may be blocked abroad by sanctions.
5.2​ FTA, multilateral agreements
Iran small industries, industrial parks body inks MoU with Chinese peer
EEU countries scrap tariffs on 10 Iranian export categories under temporary
Iran Small Industries and Industrial Parks Organization (ISIPO) and China International Small and Medium Enterprises Fair have signed a memorandum of understanding (MoU) on the expansion of industrial and commercial cooperation.
Analysts are keeping a close eye on growing relations between Beijing and Tehran—the Chinese and Iranians have been working on drafting a huge strategic trade and investment alliance, under which China would be partly paid in oil, but the outcome of the November US election and the White House policies in store for China and Iran from the winner of the contest might determine whether they pursue the agreement.
ISIPO head Mohsen Salehinia and Wu Hong, the Chinese deputy director general of the Department of Industry and Information Technology of Guangdong Province, inked the MoU in an online ceremony.
As reported by the ​Tehran Times​, Salehinia said: “Considering that Iran Small Industries and Industrial Parks Organization and China International Small and Medium Enterprises Fair have had successful cooperation in recent years, sufficient ground and experience has been formed for the development of industrial and trade relations.”
“So far, more than 50 Iranian companies have participated in this exhibition [China International Small and Medium Enterprises Fair] and offered their products to the Chinese market, the result of which was signing some successful cooperation agreements,” Salehinia added.
Wu Hong reportedly noted that Iran was seen by China as an important economic and trade partner in West Asia due to its excellent cooperation in these fields.
The five nations that form the Moscow-led Eurasian Economic Union (EEU) have removed tariffs on 10 categories of exports from Iran as part of the two-year preferential trade agreement (PTA) with Tehran that commenced last October, according to an Iranian official cited by IRNA.
27​ IRAN Country Report November 2020 www.intellinews.com