Iran plans a 200 percent increase in military spending in an upcoming budget, a spokesperson said on Tuesday, and will aim to boost revenue through higher taxes despite a big deficit and a moribund currency besetting the economy.
Tehran, a city of contrasts, where the glow of high-rises hides the struggles of those who keep it moving. For many internet taxi drivers from distant provinces, driving through Tehran’s jammed streets isn’t just a job—it’s a desperate bid for survival.
Details of the Iranian government’s budget bill for next year show that more than half of the state’s total revenues from oil and gas exports will be allocated to the country's Armed Forces.
Amid a budget bill emphasizing heavy military spending and the looming threat of an Israeli attack, Iran's currency, the rial, surpassed its previous all-time low against the US dollar on Wednesday.
Iranian President Masoud Pezeshkian presented his government’s first budget outline to parliament on Tuesday, signaling plans to tackle rising fuel subsidy costs ahead of the new fiscal year starting March 21.
Recent statistics from Iran’s Central Bank indicate that the private sector has been largely eliminated from large-scale foreign trade and replaced with government entities, which are engaged in billions of dollars of imports.
In recent weeks, the rising tensions between the Islamic Republic and Israel, along with the increasing likelihood of an Israeli military strike, have had negative impacts on Iran's economy.
Following last week's case of a mother cleaning classrooms to enroll her child, new reports have surfaced of similar incidents in schools across Iran, where low-income parents are forced to provide labor in exchange for their children's enrollment.
Iran’s currency, the rial, has plunged near historic lows as the threat of direct confrontation with Israel looms, raising concerns about soaring inflation and adding pressure on the government to manage its economic challenges.
After Iran's Central Bank report on government banks providing large loans to their employees and affiliates, new reports have emerged about these loss-making financial institutions entering the local foreign currency market.
A report by the Statistical Center of Iran reveals that the provinces of Kermanshah and Isfahan are facing the most economic challenges, topping the nation’s Misery Index. after five years of high inflation.
Iran's oil loadings plummeted nearly 70% in the first ten days of October, as its tanker fleet dispersed in anticipation of potential Israeli strikes, which may target the country's oil terminals.
The former head of Iran’s Chamber of Commerce, recently sentenced to prison and fined, has dismissed the government's claims of free trade with Eurasia as empty rhetoric, pointing to the ongoing effects of sanctions.