The Iranian government has granted around $1.43 billion worth of cash subsidies to more than 23.6 million households in the country as part of efforts to cushion shocks that could be caused by price hikes in consumer goods.
The Iranian government has issued new regulations governing the supply, possession and carrying of foreign cash as the country seeks to crack down on foreign currency trafficking amid sanctions that have hampered its access to the international banking system.
Iran’s top economic decision and policy making body has dismantled restrictions imposed in June last year on carrying foreign cash while it exempts raw gold, silver and platinum from any form of import duties.
More than 80% of people in some developing countries have lost income due to COVID-19, economists said, warning that soaring poverty could hamper efforts to control the disease in nations where mass inoculation may be a long way off.
The European Union has not yet won over countries seeking more cash and conditions in exchange for committing to sharper emissions cuts, as it tries to strike a deal on its new climate target by the end of the year.
The Central Bank of Iran (CBI) has ordered a new limit on withdrawal of cash from banks amid toughening of rules on money laundering and also concerns about hoarding money because of the new coronavirus pandemic.
In troubled times, people have been known to hoard currency at home — a financial security blanket against deep uncertainty. But in this crisis, things are different. This time cash itself, passed from hand to hand across neighborhoods, cities and societies just like the coronavirus, is a source of suspicion rather than reassurance.
South Korean carmakers and auto parts firms will suffer a cash shortage of over 28 trillion won ($23 billion) if the coronavirus outbreak continues to affect the automobile industry for the next four months, a local industry association said.
On the first trading day of the decade, shares around the world surged after China’s central bank announced an 800 billion yuan (£87 billion) cash increase for the economy, and US President Donald Trump said phase one of a trade deal between Washington and Beijing would be signed on January 15.