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EU to partner with Iran over non-dollar trade transfers.

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Iran’s President Hassan Rouhani has expressed the outcome of his visit after meeting the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini, south of Tehran, Iran, stating that EU is set to lunch an European mechanism that will permit non-dollar trade with Iran, aiming to overcome U.S sanctions.



He added that, Europe has been keen to show good faith toward Iran since U.S. President Donald Trump withdrew from the deal last year.

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However, a source confirmed that the idea is for the SPV to help preserve the economic benefits for Iran derived from the curbs it placed on its nuclear program under a 2015 deal with world powers.

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The EU has been preparing the system, in effect a clearing house that avoids monetary transfers in dollars between the EU and Iran for months although it is unlikely to become operational for several months due to technical details.

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India dismissed 15 top officials

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Source:Reuters

India on Tuesday sacked 15 senior tax officials facing probes in corruption cases, sending across a tough message to bureaucrats taking kickbacks for facilitating tax evasion by companies, a government statement said.

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Last week, the government had dismissed 12 income tax officials who were mainly facing corruption charges.

India improved its ranking, among 180 countries, by three points to 78th on a global corruption index in 2018, according to the annual index of the Transparency International, an anti-graft watchdog.


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Egypt Ranks 2nd Amidst World Emerging Economies.

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Amidst the 21 most flexible emerging economies worldwide, Renowned Bloomberg has listed Egypt’s economy behind Philippines in the face of the global trade war.

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In its analysis, the Bloomberg agency relied on a set of criteria, most important of which being the GDP growth rate, local currency performance against international currencies, foreign exchange reserves, credit rating, and finally current account performance.

The Egyptian cabinet’s Media Center said in a statement on Monday that indicators of the Egyptian economy improved significantly during the recent period, most notably the choice of the Egyptian pound as the second-best performing currency in the world against the US dollar this year so far, according to Bloomberg.

Of these indicators, GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to US$44.3 billion, with the current account deficit as a percentage of the GDP declined from 6.1 percent in 2016/2017 to 2.4 percent in 2017/2018.

The statement added that the Egyptian credit rating achieved its best level since 2011 after the agencies of Moody’s, Fitch and Standard & Poor’s upgraded Egypt’s credit rating.

-Egyptian Independent


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