Iran

Can an Expanded BRICS have a Unified Mission at last?

This first week of January was, amongst other things, notable for the official inclusion of Saudi Arabia, UAE, Egypt, Ethiopia and Iran into the Brazil, Russia, India, China and South Africa consortium known as BRICS.  This puts the ink into the agreement pencilled in Johannesburg last year. Not to put a damper on things, but […]

IMF Warns Bank Failures Highlight ‘Perilous’ Financial Stability Risks

The International Monetary Fund warned on Tuesday of a “perilous combination of vulnerabilities” in financial markets, saying participants’ failing to adequately prepare for interest rate increases has led to significant uncertainty about the health of the financial system. Moreover, the global lender said U.S. regional banks in particular may warrant closer scrutiny after the largest […]

Credit Suisse Pays Back Some Emergency Liquidity, Central Bank Data Suggests

Credit Suisse has already paid back some of the emergency liquidity offered by the Swiss National Bank (SNB), data suggested on Tuesday, signaling an ebbing of the liquidity crisis which triggered the lender’s fall. Sight deposits – cash held by commercial banks overnight with the SNB – fell by 31 billion Swiss francs ($34.3 billion)last […]

Top Iranian, Saudi Envoys Meet in China in Restoration of Diplomatic Ties

The foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal gathering of their top diplomats in more than seven years, after China brokered a deal to restore relations between the top regional powers. After years of hostility that fuelled conflicts across the Middle East, Iran and Saudi Arabia […]

Iran Makes First Import Order Using Cryptocurrency - Report

Iran made its official first import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy. The import order using cryptocurrency, worth $10 million, was a first step towards allowing the country to trade through digital […]