Page 42 - IRANRptAug18

official Iranian rial (IRR) 42,000 to the dollar exchange rate, rather than being left exposed to the unofficial rate which stands at around IRR80,000, Tasnim news agency reported on July 21. It cited Minister of Communications and Information Technology Mohammad Javad Azari Jahromi as having confirmed the move. The move came after a row blew up over how the official rate was being made available for imports of luxury items such as the iPhone 10 and similar top-end smartphones. There were reports of traders immediately selling on the merchandise at prices set with the much higher unofficial rate and pocketing the difference. Rules on permissible imports have lately been changed in a way that indirectly bans expensive iPhones and Samsung’s even more expensive Galaxy series.
Jahromi also reportedly said that in order to meet short-term market demand more than 100,000 mobile phones would be released at the order of the state from importers found guilty of trade infringements.
Some mobile phone consignments were awaiting customs clearances for market entry, the minister said, adding that there was no shortage of market product. "The realisation of [the solutions applied to] this issue will help to create more competitive conditions among communication operators, which will benefit the end users," he was quoted as saying.
9.1.5 Agriculture sector news
Iran enjoyed a 10-fold increase in rainfall in the Persian month of Khordad (began May 22) according to the Iranian Meteorological Organisation, Tasnim News Agency reported on June 20.
The record late rainfall—measured against the historical average—that fell on parts of the country including Tehran has nevertheless not compensated for the current’s Persian year’s overall rain deficit, the organisation stated.
The country's rainfall had reached 166.6 mm from the start of the current year (from March 21) to the evening of June 18. In the same period of the previous calendar year, the total was at 226.1 mm, meaning there has been a 26.3% y/y drop. Iran's precipitation for the period over the past 49 years was 236.6 mm.
Iranian saffron producers have listed their highly valuable commodity as a derivative future on the Iran Mercantile Exchange, Islamic Republic News Agency (IRNA) reported on May 24. The idea of selling the lucrative commodity produced in Iran by the kilo on the exchange was long floated and the move followed months of preparation. Several government body approvals were needed before the rare flower stem used as a spice could be upgraded to become a tradable commodity on the exchange.
Around 85% of the world’s saffron is produced in Iran and industry figures believe that with this level of production, it is the natural right of Iranian players to devise the basis for global stock exchange trading in saffron and to set the global base price for the product.
According to a press circular released by the Iran Mercantile Exchange, the listings expiration date is set for September 11, with each contract consisting of 100 grams of premium saffron as its underlying asset including a 3% fluctuation cap.
On the first day of trading, 102.7kg of crown saffron transferred hands, with 1,027 contracts signed. The average price per gram on the day was IRR67,800 to IRR70,000, Tasnim News Agency reported. The current price for each kilogram of Iranian-produced saffron stands at a minimum of €658 for low-quality saffron and tops out at €1,094 for the highest quality.
42 IRAN Country Report August 2018 www.intellinews.com