Recent changes to Iran’s official exchange rate have raised concerns about impending inflation, as reported by Hossein Samsami from the Iranian parliament’s economic committee. The government raised the rate from 550,000 to approximately 640,000 rials per dollar, aiming to profit from the National Development Fund, which could yield about 1 quadrillion rials from the public. The disparity between the official and free market rates has fueled corruption. While essential imports are subsidized at lower rates, the overall economic landscape remains challenging due to US sanctions and mismanagement. Samsami warns of severe inflation within months if systemic reforms are not implemented.
Iran’s President Pezeshkian has informed the Ministry of Roads and Urban Development about a new law aimed at enhancing the country’s infrastructure. This agreement, initially approved by the Iranian Parliament on February 19, 2025, and ratified by the Expediency Council on October 29, 2025, underscores the government’s commitment to urban and road development, following constitutional guidelines. The law aims to improve road networks and urban planning, fostering economic growth, job creation, and enhanced quality of life for residents. It may also incorporate sustainable practices, reflecting a structured approach to governance and the betterment of society.
China’s independent oil refiners, known as “teapots,” are ramping up their imports of Iranian crude oil, driven by new government import quotas. This increase underscores the value of Iranian oil in China’s market, particularly as refiners source from bonded storage at ports. Despite facing challenges last year due to sanctions and exhausted allocations, the demand for Iranian oil remains strong, with recent shipments indicating a significant turnaround. Currently, over 54 million barrels of Iranian crude are held on tankers, the highest in two and a half years. Competitive pricing strategies are also influencing these imports as refiners adapt to market dynamics.
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Iran and Russia are enhancing their financial ties through the integration of Iran’s Shetab payment system with Russia’s Mir. Announced by Nooshafarin Momei in Tehran, the project enables holders of Russian Mir cards to make payments at Iranian NFC-enabled terminals and through the Mir Pay app on Android devices. The final phase, expected in December 2025, will allow Iranian citizens to use Russian payment terminals via a mobile app. This collaboration aims to strengthen bilateral trade and mitigate the effects of US sanctions, benefiting both economies and enhancing the financial experience for citizens and tourists.
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