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SECURITY & POLICY $39bn in 2021, the EIA estimated. The soured sentiment also further hit the
EIA also put the total oil income of the 13 IRR’s rates against the euro, pound sterling and
US EIA estimates Iran OPEC members in the mentioned months at Swiss franc. They traded at 410,450, 478,200 and
416,400, respectively, by the end of trading.
$500bn.
earned $34bn in oil bne/IntelliNews, December 13 2022 the Iranian market, also traded up on December
Gold sovereigns, a standard financial asset on
revenues in 7M 2022 Rial spends another 13. The end of day rates were IRR183mn for the
Azadi and IRR193mn for the Emami coins.
The US Energy Information Administration day on the ropes Local daily Donyaye Eqtesad (World Econ-
(EIA) in a recent report assessed Iran’s 7M 2022 omy), meanwhile, reported on indications on
oil revenues at $34bn. The Iranian rial (IRR) continued its decline deteriorating trade balances between Iran and
The figure is pretty consistent with what was against hard currencies on December 13, sink- global partners.
recorded for the same period the year before. It ing to a fresh all-time low of 385,900 per $1, Also, border market trades in Afghanistan
trails the full year-2021 assessed figure by only according to Bonbast.com figures. The previous and Iraq were showing more weakening of the
around $5bn, thus the total for the whole of this day it ended the day at 374,100 per $1. rial in regional trade, with traders saying the
year looks set to beat last year’s earnings. The The rial continued to tank amid a political trade in the “Herat dollar” (Herat sits by the
EIA anticipated that the total would be around environment in which Tehran, the European Afghan-Iranian border) saw increased selling
$58bn. Union and the UK have exchanged more sanc- of the rial.
The EIA report also assessed that Iran’s tions in relation to the anti-regime protests tak- bne/IntelliNews, December 13 2022
average monthly income from oil sales in Jan- ing place in Iran, now into their fourth month,
uary-July was $4.85bn, 49% higher year on year. and the frequently bloody crackdown against Iranian rial tanks
Record high oil prices helped boost the average. them. Iran’s sanctions against Western individ-
The calculation for Iran’s probable 7M 2022 uals and entities are largely symbolic as there to new low
oil revenue is twice the figure for full year-2020. are no conceivable visits to Iran or assets held
Key buyer of Iranian oil China has boosted in the country that they could affect. However, The Iranian rial (IRR) dropped to a new low of
purchases this year despite the fact that US sanc- the levying of the sanctions indicate a political 374,100 per $1 on December 11, according to
tions, framed to drive down Iran’s export sales of impasse and Iran’s economy in some segments Bonbast.com.
crude to as near zero as possible, have remained will continue to be restricted or stymied while The rial continues to tank against hard cur-
in place under the Biden administration. Cer- the unrest plays out and officials attempt to bring rencies despite efforts introduced by the Central
tainly at the beginning of this year, when there it to an end, in part with the spectre of capital Bank of Iran (CBI) in September to stem losses
were still big hopes that 2022 could see a deal punishment. As things stand, much of the world by limiting the purchasing power of bureaux
agreed between Tehran and the major powers sees Iran and Russia as increasingly aligned and de change customers. Traders have very much
for a resurrection of the nuclear deal, or JCPOA, isolated international pariahs, with little pros- lost faith in the Iranian currency of late. Police,
the US enforcement of the sanctions was relaxed. pect of reconciliation with Western powers as meanwhile, have been rounding up some traders
Iran earned $17bn in oil revenues in 2020 and things stand. who they accuse of disrupting the forex market.

P14 www. NEWSBASE .com Week 50 15•December•2022