World Bulletin / News Desk
Iran's parliament voted on Sunday to consider suspending plans for further reform of the country's food and fuel subsidies, with legislators citing economic pain caused by the plunge of the rial currency, Iranian media reported.
Subsidy reform has been a centrepiece of the economic policies of President Mahmoud Ahmadinejad, so parliament's vote was a political blow to the president at a time when he faces growing public discontent over the rial's slide.
Of 240 members of parliament present, 179 voted to consider whether to halt the second phase of subsidy reform, according to the Iranian Labour News Agency (ILNA). It did not say when the decision would be made.
The reform aims to ease pressure on state finances by cutting tens of billions of dollars from the amount which the government pays to subsidise low consumer prices for food and fuel, while offsetting the impact on Iran's poorest citizens by giving them monthly cash payments.
His comments came after a joint statement issued in Washington said Beijing had agreed to reduce its trade deficit, "significantly" increasing purchases of American goods.
Euro area goods trade surplus reaches over $60B, EU28 deficit at $7.5B, official figures show
Property sales in April down 9.9 pct year-on-year, according to official data; sales to foreigners surge 25.8 pct
European stock markets meanwhile rose as the euro weakened against the dollar, but Wall Street pulled back in early New York trading.
BIST 100 climbs 0.44 pct; foreign currency exchange rates rise against lira
Banks' total assets reach over $42 billion as of March
Industrial output jumps 9.8 percent in Q1 and 7.6 percent in March year-on-year, official figures show
BIST 100 slightly increases by 0.07 percent; US dollar/Turkish lira exchange rate stands at 4.4680
Emerging market monetary policy could tighten more than expected as global monetary conditions normalize, says ratings agency
Further policy action is needed to more decisively boost domestic investment, which would also support external rebalancing.
Gap stood at $4.8 billion in March with 12-month rolling deficit of $55.4 billion
Automotive exports rise to $11.3 billion in first 4 months of 2018
Finance Minister Naci Agbal says Turkish banks are careful to abide by rules of international institutions
BIST 100 rises 0.09 percent; US dollar/Turkish lira exchange rate stands at 4.2450