Author: Ugur Vural

As Iran’s economic situation worsens, Tehran media report that in the past seven months more than 1,000 trillion rials were printed and added to the money supply. Taking an average of the US dollar exchange rate, the amount comes close to just $4 billion, but Iran has been lavishly printing more money since 2018 when the United States imposed economic sanction after it withdrew from the Obama-era nuclear accord known as the JCPOA. The astronomical amount in rials constitutes 18 percent of the money supply in this period. In August the money supply had reached 50 quadrillion rials. That is 50 with…

Turkey may build a new pipeline to transport gas from Turkmenistan and Azerbaijan to Europe, Turkish President Recep Tayyip Erdogan said on Thursday during an interview given to local press accompanying him on a visit to Turkemanbashi city.  Erdogan noted that the Trans-Anatolian Gas Pipeline (TANAP) that carries the Azerbaijani gas from the Shah Deniz field to Turkey has already reached its capacity of 32 billion cubic metres. He added that the Trans Adriatic Pipeline (TAP) that transports gas from Turkey to Europe through Greece is also at its limit of six billion cubic metres. “Therefore, now our colleagues will work on whether…