Delegation from Uzbekistan Arrives in Shiraz to Attend Industrial Exhibition
A trade delegation from the Republic of Uzbekistan has arrived in southern Iranian Fars province in a bid to boost bilateral economic cooperation and attend an industrial exhibition dubbed ‘Shiraz Electex 2025.’
The 14-member delegation, consisting of officials and private sector activists from Surkhandarya, most southerly province of Uzbekistan, was welcomed by senior officials, including the Director General of Fars Industry, Mining and Trade, upon its arrival in Shiraz on Monday evening.
Reflecting on the delegation, CEO of Fars International Exhibition Company Mohsen Nahavandi called it a practical step towards expanding economic and industrial cooperation between Iran and Uzbekistan, adding that visiting the largest industrial event is at the top of the delegation's agenda.
Nahavandi also referred to the successful trip last month by senior Uzbek officials and said that the latest visit will help bring Iran’s Fars and Uzbekistan’s Surkhandarya closer, in terms of economy and trade.
He also talked about the importance of ‘Shiraz Electex 2025,’ saying the international exhibition of industrial automation, industrial electricity and related equipment can create new opportunities for investment and development of industrial interactions between Iran and Uzbekistan.
Known as the “Specialized Exhibition of the Electrical Industry” in Fars Province, which opens on Tuesday, is considered one of the most efficient pathways for industry stakeholders to grow their business and enter new markets at various levels. - IRNA
10/12/2025
Iran's Currency Sinks to New Record Low
Iran's currency slipped to the lowest level in its history on Monday, nearing 1,260,000 rial to the US dollar on the open rate market, various outlets including the semi-official Tasnim news agency reported.
The Iranian rial stood around 55,000 to the US dollar in 2018, when US sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency.
Iranian media blamed the government's recent economic liberalization policies for adding pressure to the open rate market, Reuters.
The open rate market is where ordinary Iranians buy foreign currency, whereas businesses typically use state-regulated rates.
However, the government's recent decision to allow importers to tap into the open market to import essential goods has added pressure on the market and increased the dollar's price, semi-official Fars news agency said.
Iran's economy is at risk of recession, with the World Bank forecasting an economic shrinkage of 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, with Iran's Statistical Center announcing monthly inflation of 48.6% in October, the highest in 40 months. Despite inflationary pressures, Iran said last month it would increase fuel prices in December under certain conditions, primarily impacting drivers using more than 100 liters per month. - MSN
10/12/2025