Page 31 - IRANRptJul19

Some $14bn has been set aside for the digital rationing system. It will be paid through to authorised local bank cards which shoppers can use in purchases at designated butchers.
To begin with the project will operate in pilot cities, including Tehran and Karaj, the two most populated places in the country. Point-of-sale systems in the cities are to be updated over the next few weeks.
Iran has for months been developing its ‘digital sanctions’ books .
Restricted sales of petroleum—even though Iran produces its own petroleum—were introduced prior to sanctions that were put in place last November 5 in an effort at placing a worldwide embargo on Iran’s economically crucial oil, gas and petrochemical exports. The only Iranian oil exports that presently have US approval go to eight countries which were awarded temporary sanctions waivers by Washington.
8.3 Stock market
Iran Energy Exchange (IRENEX) again fails to sell any oil
Tehran Stock Exchange on bullish trend
The 10th round of crude oil sales on the Iran Energy Exchange (Irenex) finished without any buyers, repeating the performance of the ninth, the Financial Tribune reported on May 21.
Iran has been holding auctions on the Tehran exchange in recent months to shift oil via trades that might beat US sanctions through a market of private buyers who sell consignments on to international markets.
In the latest auction, potential local and foreign oil buyers were either unimpressed with the offer of $67.28 per barrel, or there were other factors in play such as fear of reprisals from the US, which since May has adopted a strategy of trying to force Iran’s oil exports to zero.
At the previous auction last month, the price was set at $63.36.
The National Iranian Oil Company (NIOC) offered 1bn barrels of crude oil in the 10th sales round. The smallest possible order was for 35,000 barrels, as it was in previous rounds. A buyer was thus being asked to invest a minimum of $2.21mn to access the market offer.
Officially, NIOC has so far sold 1.1mn barrels of crude via Irenex.
The next auction has been scheduled for May 27, with a base price of $64.29 a barrel.
Irenex also offers trades in condensates . In a condensates deal that occurred on April 15, the barrel price was $67.85.
On the southern island of Kish, the Iranian government has opened the Iran Energy Bourse. It also attempts to sell oil on to the international market.
Iran has pushed for more people to enter its energy market since the US introduced heavy sanctions against the country’s oil, gas, petrochemical and other energy sector industries in early November last year.
Tehran Stock Exchange on the bullish trend as ordinary investors struggle to find investment options amid economic difficulties.
The local TEDPIX, the all-star index on the Tehran Stock Exchange (TSE), was up 550.33 points (0.35%) to reach 156,705.3 by close of trade in the Iranian capital on February 17.
Gold sovereign coins are also following the bullish trend down on Ferdowsi Street in Tehran, where one Emami gold coin now retails for IRR44,500,000, up 3% d/d, and the Azadi currently trades at IRR42,500,000.
31 IRAN Country Report July 2019 www.intellinews.com