Economy of Iran

Greek private sector bank deposits registered a drop in December after rising in the two previous months, central bank data showed on Friday, with the fall attributed to statistical counting changes.

Business and household deposits fell by 3.42 billion euros, or 2.7 percent month-on-month, to 121.38 billion euros, their lowest level since July 2003.

The Bank of Greece reported 2016 full-year profit of 1.09 billion euros, down from 1.16 billion euros a year ago.

The central bank said that 1.08 billion euros will be transferred to the Greek government in accordance with the bank's statute.

The year is ending on a positive note for Greek banks as, according to credit sector officials, the amount of deposits in the local system increased by about 500 million euros in November, while December is expected to fetch an additional 2 billion euros into bank accounts.

Two statements, one after the other, came on the day the Russian Foreign Ministry announced the "Syria Summit" to be held together with Turkey and Iran. 

The first one was from the United States, which said economic sanctions applied to Russia after the Ukraine crisis were expanded, adding seven more Russian citizens and eight companies to the U.S. Treasury's list. 

Iran plans to revalue its rial tenfold and revert to the currency's old name, the toman, according to a bill approved on Dec. 7 by President Hassan Rouhani's cabinet, the official Islamic Republic News Agency (IRNA) has reported.

The currency was called the toman until the 1930s and most Iranians still refer to it by that name.

Defense lawyers asked a U.S. federal judge on Oct. 5 to throw out a case against an Iranian-Turkish tycoon accused of defying sanctions on Tehran.

The National Iranian Oil Company (NIOC) on Oct. 4 signed a new style output contract with an Iranian firm, a long-awaited template for new contracts it hopes will attract foreign energy investors back to boost output after years of sanctions.

Readymade clothing exports by Turkish companies hit $237 million in the first eight months of the year with a 219 percent increase from the same period of 2015, Istanbul Readymade Clothing and Confection Exporters' Association (İHKİB) President Hikmet Tanrıverdi has said. 

A leading Iranian economy official in Ankara has said Turkey and Iran have been in talks to increase the number of items within the scope of their preferential trade deal and the two sides will sign a free trade deal if these items hit 265. 

Despite hopes of a new dawn for Iran's economy after nuclear-related sanctions were lifted, major Western banks are reluctant to do business with the Islamic republic for fear of U.S. retribution.