Iranian rial drops sharply

Iran moneyIran news headlines on Monday include dropping Iran currency; impacts of sanctions on Iranian artists; Iran discovering 14 bl barrels of crude oil reserves; Iran trying three former judges due to death of three detained men in Kahrizak detention center; Iran and Oman holding joint naval drill in Iran’s southern territorial waters and fall of South Korea’s 2012 Iran crude imports.

 

Iranian rial slips as power struggle over c.bank head looms

The Iranian rial has dropped sharply on the open market since Sunday on speculation the head of the country’s central bank could be sacked in a row over his performance that has exposed the country’s political faultlines. Reuters contacted currency traders who offered the rate of 35,400-550 to the dollar on Tuesday morning, little changed from Monday but down some 8 percent from Sunday when it stood at around 33,000.

 

Iranian artists hit by sanctions

International sanctions imposed against Iran over its disputed nuclear program are affecting all areas of Iranian life. Lately, inflation and a severely depreciated currency have begun to bite in a segment of society that seems far removed from debates over uranium enrichment and “possible military dimensions”: Tehran’s artistic class. As the economy crumbles, artists find that many erstwhile collectors now treat their work as a dispensable luxury. To maintain sales, galleries try to put a limit on prices while the cost of daily commodities rise. But while some artists struggle, the barren economy provides fertile ground for young creatives willing to settle for smaller profits – and for those who appeal to an international audience.

 

Iran discovers 14 billion barrels of crude oil reserves

ran has discovered 14 billion barrels of crude oil reserves during the first three quarters of the current Persian calendar year (started March 20, 2012), an Iranian deputy oil minister says. In a Monday interview, Mohsen Khojasteh-Mehr noted that during the previous Iranian year (ended March 19, 2012), the country discovered 20 billion barrels of crude oil.

 

Iran to try judges linked to prison deaths, Mehr reports

Iran will try three former judges who were suspended over the deaths in detention of three men arrested in the protests that followed the 2009 presidential election, Mehr reported. The trial’s first session will be held on Feb. 26, Prosecutor-General Gholamhossein Mohseni-Ejei said yesterday, according to the state-run news agency. The judges were suspended in 2010.

 

Iran, Oman to hold joint naval rescue and relief drill: Iranian Cmdr.

An Iranian Navy commander has announced that the naval forces of the Islamic Republic and Oman plan to hold a joint rescue and relief drill in Iran’s southern territorial waters. Captain Seyyed Omid Golestaneh said on Monday that various maritime accidents and unfavorable weather and sea conditions are among the dangers that have always threatened the safety of the vessels and the crew of the ships.

 

South Korea’s 2012 Iran crude imports down 35.6 pct

South Korea’s imports of crude oil from Iran dropped 35.6 percent last year after sanctions targeting that country’s controversial nuclear programme squeezed imports, data from state-run Korea National Oil Corp showed on Tuesday. The world’s fifth-largest crude oil buyer imported a total 79.73 million barrels of crude oil in December, down 0.8 percent from a year earlier, the data showed.

 

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