Foreign exchange market
The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. This market determines the foreign exchange rate, it includes all aspects of buying and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market; the main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: US$1 is worth X CAD, or CHF, or JPY, etc; the foreign exchange market operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading.
Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "interbank market". Trades between foreign exchange dealers can be large, involving hundreds of millions of dollars; because of the sovereignty issue when involving two currencies, Forex has little supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states Eurozone members, pay Euros though its income is in United States dollars, it supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency; the modern foreign exchange market began forming during the 1970s.
This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II. Countries switched to floating exchange rates from the previous exchange rate regime, which remained fixed per the Bretton Woods system; the foreign exchange market is unique because of the following characteristics: its huge trading volume, representing the largest asset class in the world leading to high liquidity. As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements, the preliminary global results from the 2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.09 trillion per day in April 2016.
This is down from $5.4 trillion in April 2013 but up from $4.0 trillion in April 2010. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion. The $5.09 trillion break-down is as follows: $1.654 trillion in spot transactions $700 billion in outright forwards $2.383 trillion in foreign exchange swaps $96 billion currency swaps $254 billion in options and other products Currency trading and exchange first occurred in ancient times. Money-changers were living in the Holy Land in the times of the Talmudic writings; these people used city stalls, at feast times the Temple's Court of the Gentiles instead. Money-changers were the silversmiths and/or goldsmiths of more recent ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I 59021, shows the occurrences of exchange of coinage in Ancient Egypt. Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food and raw materials.
If a Greek coin held more gold than an Egyptian coin due to its size or content a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade, the bank created the nostro account book which contained two columned entries showing amounts of foreign and local currencies. During the 17th century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of the Kingdom of Englan
Taxation in Iran
The fiscal year begins on March 21 and ends on March 20 of the next year according to Iranian calendar. The Ministry of Finance and Economic Affairs is the government agency authorized to levy and collect taxes. In 2008, about 55% of the government's budget came from oil and natural gas revenues, the rest from taxes and fees. An estimated 50% of Iran’s GDP was exempt from taxes in FY 2004. There are millions of people who do not pay taxes in Iran and hence operate outside the formal economy; as part of the Iranian Economic Reform Plan, the government has proposed income tax increases on traders in gold, steel and other sectors, prompting several work stoppages by merchants. In 2011, the government announced that during the second phase of the economic reform plan, it aims to increase tax revenues, simplify tax calculation method, introduce double taxation, mechanize tax system, regulate tax exemptions and prevent tax evasion; the government can increase its tax revenues 2.5 times by enacting tax reforms.
As at 2012, taxes account for 43% of the government's revenues and 7% of Iran's GDP. The Expediency Council's report recommended increasing that share to 15% of the GDP; as of 2014, the share of direct taxes from the total tax revenues was around 70%. Top ten percent earners in Iranian society pay 3% of all income taxes, while in the United States the top 10% pay more than 70% of the total income taxes. According to the Expediency Council, more than 60% of economic activity in Iran evades taxation: 40% of the economic activity falls under an exemption and the remaining 21% are conducted off-the-books. Iran is losing between $12 -- 20 billion a year through tax evasion. Starting in 2015, Iran's parliament decided to tax the Islamic Revolutionary Guard Corps. Tax evaders are either involved in activities in the gray sector of economy or in the underground market which they do not divulge. Others are engaged in the black market; the loses are equivalent to 20% to 25% of the country’s gross domestic product revenue.
In 2014, international medias reported Iranian nationals to be listed among the tax evaders in Switzerland. There are five categories of income earned by individuals; each category has its own computational rules. Salaries. All employees salary tax rate from the beginning of the 1396 fiscal year is as below: Every year annual salary exemption from tax will be announce by Iranian tax organization up to this level the salary tax rate is zero. Up to the 5 times more than annual exemption salary tax rate is 10% In excess of above level salary tax rate is 20%. Incidental or windfall earnings. However, when calculating taxable income and deductions are allowed; as of 2009, only government employees were paying their fair share of income taxes. Individuals of Iranian nationality resident in Iran are subject to tax on all their income whether earned in Iran or abroad. Foreign nationals working in Iran are subject to the same income tax based on their salary. Non-resident individuals are liable to pay tax only on their Iranian-sourced income.
Foreign employees cannot obtain an exit visa from Iran unless they provide proof that they have paid their due taxes, since they need to obtain an exit permit when their presence in Iran is based on a work permit, the government can enforce this rule. The government assumes a certain salary for employees depending on their position and country of origin; the assumed minimum monthly salaries in 2004 range from US$2,500 for unskilled European workers to US$7,000 for European managing directors. According to the 131 note of Iranian tax rolls, from the beginning of the 1395 Iranian year tax rates of the individual business income have changed:up to 500.000.000 IRR is 15% 500.000.000 to 1.000.000.000 IRR is 20% In excess of 1.000.000.000 IRR is 25% In addition to these mandatory taxes, as of 2007, Islamic taxes were collected on a voluntary basis. These included an individual's income tax. Al Khums or the Fifth of excess income paid as a form of Zakat, reserved for Aal-Al-Bayt, Prophet Mohammad’s Household.
The black turban of Khamenei signifies that he belongs to Imam Ali Ibn Abi Talib and Fatima’s household and being Al Wali Al Faqeeh gives him the majority share of the Fifth, as was the case with Ayatollah Khomeini. The amount is worth hundreds of millions of dollars added to Setad's revenues. Rental income is subject to real estate income tax in Iran. A fixed deduction of 25% of the gross income is extended to all taxpayers to account for income-generating expenses; the net income, 75% of the gross rent, is subject to the same rates as in the above table. Rental income is exempted from real estate tax if the property is a residential property leased as such and measures up to 150 sq. m. if it is located in Tehran. According to the prese
Iranian labor law
Iranian labor law describes the rules of employment in Iran. As a still developing country, Iran is behind by international standards, it has failed to ratify the two basic Conventions of the International Labour Organization on freedom of association and collective bargaining, one on abolition of child labor. Countries such as the US and India have failed to ratify many of these Conventions and a mere 14 other Conventions, only 2 since the Islamic Revolution; the basic sources of Iranian labor law are, The Constitutions and its amendments Civil laws "Ghanon Madani" Council of Ministers and Ministry of Labor decrees and procedures Judiciary verdicts and cases Collective bargaining contracts and agreement Common practices and occupational norms International Labour Organization ILO Conventions ILO Recommendations Other international declarations and agreement The first constitution of Iran, passed in 1906, granted basic rights to the people of Persia through articles eight to twenty five, establishing equality before the law for everyone, the right to form and join societies and associations.
The Parliament and the Senate waited 16 years to pass the Civic Servants Employment Act of 1922. It gave protection to Civic servants. In 1923, the governor of Sistan and Baluchestan ordered a decree in nine articles to protect carpet makers’ rights, including working hours and minimum age, it was the first national document of labor rights. In 1928, Parliament passed the Civil Law; this law divides the employer and employee relations into two categories by benchmarking the French Law. Independent contractors who control their own work lost. Next, servants who are being paid by an employer to perform specific tasks, but do not have full control of their work and act upon the employer’s instructions and orders. In 1936, the cabinet issued regulations on minimum hygiene conditions in factories, the first attempt to regulate employer-employee relationships. On May 18, 1946, the Council of Ministers passed the labor bill; the first labor minister was appointed that same year which improved the systematization of labor relations and personnel management.
Yet, the working conditions, despite the legislation, were at the whim of enterprise owners because the laws were not enforced and the Labor Ministry was weak. Employers could do as they wished with no consequences and they barred formation of labor unions. In 1951, a committee was appointed by the ministry of labor to translate various countries labor laws and the international ILO Conventions to Persian in order to do a comparative study and draft a labor law; this effort did not lead to proposal of labor law. From 1952 to 1957, various committees established by the ministry of labor and foreign consultants including a Belgian consultant and general secretary of the Middle East labor institute were invited to finalize the draft of labor law, which in 1959 voted and passed by the Parliament "Majils"; this law was practiced until 1990. The next phase of labor legislation began with the Shah’s "White Revolution" "Enghlab Sefied" in 1962, it provided generous welfare and social improvements, such as profit sharing, employee stock ownership plans, company housing, minimum wage, an improved Social Security Act.
All were paid for with revenue from high oil prices. Many private sector owners opposed the new initiatives that infringed on their power. New personnel practices were introduced, including payroll administration with time management, job descriptions, job classifications and evaluations, organizational hierarchies in large companies and government-run industries. In the 1960s, progressive private sector entrepreneurs, such as the Ladjevardi family in the Behshar Industrial group, introduced job classifications. Following the Islamic revolution and the new constitution, this enchanted many with idealistic promises; the new constitution addressed work and labor topics in eleven areas through various articles summarized as the following: Awards freedom of career and occupation Commands for establishment of working hours Elimination of compulsory work Prohibits abuse and exploitation Acknowledges ownership and right to earned wages for worker Prohibits disturbance of business by others Pledges equal opportunity for everyone by providing necessity and amenities Pledges to make available equipment and tools to those able to work if they lack the capability to acquire required equipments and tools Pledges to grant interest free loans for establishment of cooperative institutes and companies Pledges to provide health and hygiene services for diverse age groups Pledges to aid the underprivileged and victims of accidentA new era of labor legislation, shaped after the new Islamic constitution, recognized progress had occurred following the establishment of the first Islamic Workers Council or.
This under the umbrella of Islam. During the first two decades of the revolution, the Workers Council influenced many of the personnel management tasks including recruitments, promotion, job evaluation, salary structure, productivity bonus and safety and many more tasks. Added to these were establishing and operating factory grocery stores and housing cooperatives. Many of these tasks became officia
Persian known by its endonym Farsi, is one of the Western Iranian languages within the Indo-Iranian branch of the Indo-European language family. It is spoken in Iran and Tajikistan, Uzbekistan and some other regions which were Persianate societies and considered part of Greater Iran, it is written right to left in a modified variant of the Arabic script. The Persian language is classified as a continuation of Middle Persian, the official religious and literary language of the Sasanian Empire, itself a continuation of Old Persian, the language of the Achaemenid Empire, its grammar is similar to that of many contemporary European languages. A Persian-speaking person may be referred to as Persophone. There are 110 million Persian speakers worldwide, with the language holding official status in Iran and Tajikistan. For centuries, Persian has been a prestigious cultural language in other regions of Western Asia, Central Asia, South Asia by the various empires based in the regions. Persian has had a considerable influence on neighboring languages the Turkic languages in Central Asia and Anatolia, neighboring Iranian languages, as well as Armenian and Indo-Aryan languages Urdu.
It exerted some influence on Arabic Bahrani Arabic, while borrowing much vocabulary from it after the Arab conquest of Iran. With a long history of literature in the form of Middle Persian before Islam, Persian was the first language in the Muslim world to break through Arabic's monopoly on writing, the writing of poetry in Persian was established as a court tradition in many eastern courts; some of the famous works of Persian literature are the Shahnameh of Ferdowsi, the works of Rumi, the Rubaiyat of Omar Khayyam, the Panj Ganj of Nizami Ganjavi, the Divān of Hafez and the two miscellanea of prose and verse by Saadi Shirazi, the Gulistan and the Bustan. Persian is one of the Western Iranian languages within the Indo-European family. Other Western Iranian languages are the Kurdish languages, Mazanderani and Balochi. Persian is classified as a member of the Southwestern subgroup within Western Iranian along with Lari and Luri. In Persian, the language is known by several names: Western Persian, the Arabic form of Parsi, is the name used by native speakers of the language.
In recent decades some authors writing in English have referred to the variety of Persian spoken in Iran as Farsi. Eastern Persian, Dari or Dari Persian was a synonym for Farsi but since the latter decades of the 20th century has become the name for the variety of Persian spoken in Afghanistan, where it is one of the two official languages. Tajiki or форси́и тоҷикӣ́ / forsi-i tojikī, is the variety of Persian spoken in Tajikistan and Uzbekistan by the Tajiks. Persian, the more used name of the language in English, is an anglicized form derived from Latin *Persianus < Latin Persia < Greek Περσίς "Persia", a Hellenized form of Old Persian Pārsa. According to the Oxford English Dictionary, the term Persian as a language name is first attested in English in the mid-16th century. Farsi is the Arabicized form of Pārsi, subsequent to Arab conquest of Iran, due to a lack of the phoneme /p/ in Standard Arabic; the name Farsi, the language as a whole, originated in the Fars Province, which itself is the Arabicized form of Pārs.
Farsi is encountered in some linguistic literature as a name for the language, used both by Iranian and by foreign authors. The Academy of Persian Language and Literature, has declared that the name Persian is more appropriate, as it has the longer tradition in western languages and better expresses the role of the language as a mark of cultural and national continuity; some Persian language scholars such as Ehsan Yarshater, editor of Encyclopædia Iranica, University of Arizona professor Kamran Talattof, have rejected the usage of "Farsi" in their articles. The international language-encoding standard ISO 639-1 uses the code fa, as its coding system is based on the local names; the more detailed standard ISO 639-3 uses the name "Persian" for the dialect continuum spoken across Iran and Afghanistan. This consists of the individual languages Iranian Persian. Voice of America, BBC World Service, Deutsche Welle, Radio Free Europe/Radio Liberty use "Persian Service" for their broadcasts in the language.
Radio Free Europe/Radio Liberty includes a Tajik service and an Afghan service. The American Association of Teachers of Persian, the Centre for Promotion of Persian Language and Literature use the name "Persian". Persian is an Iranian language which belongs to the Indo-Iranian branch of the Indo-European family of languages. In general, Iranian languages are known from three periods referred to as Old and New periods; these correspond to three eras in Iranian history. According to available documents, the Persian language is "t
Iran called Persia, the Islamic Republic of Iran, is a country in Western Asia. With over 81 million inhabitants, Iran is the world's 18th most populous country. Comprising a land area of 1,648,195 km2, it is the second largest country in the Middle East and the 17th largest in the world. Iran is bordered to the northwest by Armenia and the Republic of Azerbaijan, to the north by the Caspian Sea, to the northeast by Turkmenistan, to the east by Afghanistan and Pakistan, to the south by the Persian Gulf and the Gulf of Oman, to the west by Turkey and Iraq; the country's central location in Eurasia and Western Asia, its proximity to the Strait of Hormuz, give it geostrategic importance. Tehran is the country's capital and largest city, as well as its leading economic and cultural center. Iran is home to one of the world's oldest civilizations, beginning with the formation of the Elamite kingdoms in the fourth millennium BCE, it was first unified by the Iranian Medes in the seventh century BCE, reaching its greatest territorial size in the sixth century BCE, when Cyrus the Great founded the Achaemenid Empire, which stretched from Eastern Europe to the Indus Valley, becoming one of the largest empires in history.
The Iranian realm fell to Alexander the Great in the fourth century BCE and was divided into several Hellenistic states. An Iranian rebellion culminated in the establishment of the Parthian Empire, succeeded in the third century CE by the Sasanian Empire, a leading world power for the next four centuries. Arab Muslims conquered the empire in the seventh century CE; the Islamization of Iran led to the decline of Zoroastrianism, by the country's dominant religion, Iran's major contributions to art and science spread within the Muslim rule during the Islamic Golden Age. After two centuries, a period of various native Muslim dynasties began, which were conquered by the Seljuq Turks and the Ilkhanate Mongols; the rise of the Safavids in the 15th century led to the reestablishment of a unified Iranian state and national identity, with the country's conversion to Shia Islam marking a turning point in Iranian and Muslim history. Under Nader Shah, Iran was one of the most powerful states in the 18th century, though by the 19th century, a series of conflicts with the Russian Empire led to significant territorial losses.
The Iranian Constitutional Revolution in the early 20th century led to the establishment of a constitutional monarchy and the country's first legislature. A 1953 coup instigated by the United Kingdom and the United States resulted in greater autocracy and growing Western political influence. Subsequent widespread dissatisfaction and unrest against the monarchy led to the 1979 Revolution and the establishment of an Islamic republic, a political system that includes elements of a parliamentary democracy vetted and supervised by a theocracy governed by an autocratic "Supreme Leader". During the 1980s, the country was engaged in a war with Iraq, which lasted for eight years and resulted in a high number of casualties and economic losses for both sides; the sovereign state of Iran is a founding member of the UN, ECO, NAM, OIC, OPEC. It is a major regional and middle power, its large reserves of fossil fuels – which include the world's largest natural gas supply and the fourth largest proven oil reserves – exert considerable influence in international energy security and the world economy.
The country's rich cultural legacy is reflected in part by its 22 UNESCO World Heritage sites, the third largest number in Asia and 11th largest in the world. Iran is a multicultural country comprising numerous ethnic and linguistic groups, the largest being Persians, Azeris and Lurs. Organizations including Amnesty International and Human Rights Watch have criticized Iran's women's rights record; the term Iran derives directly from Middle Persian Ērān, first attested in a third-century inscription at Rustam Relief, with the accompanying Parthian inscription using the term Aryān, in reference to the Iranians. The Middle Iranian ērān and aryān are oblique plural forms of gentilic nouns ēr- and ary-, both deriving from Proto-Iranian *arya-, recognized as a derivative of Proto-Indo-European *ar-yo-, meaning "one who assembles". In the Iranian languages, the gentilic is attested as a self-identifier, included in ancient inscriptions and the literature of the Avesta, remains in other Iranian ethnic names Alan and Iron.
Iran has been referred to as Persia by the West, due to the writings of Greek historians who referred to all of Iran as Persís, meaning "land of the Persians", while Persis itself was one of the provinces of ancient Iran, today defined as Fars. As the most extensive interaction the Ancient Greeks had with any outsider was with the Persians, the term persisted long after the Greco-Persian Wars. In 1935, Reza Shah requested the international community to refer to the country by its native name, effective March 22 that year; as The New York Times explained at the time, "At the suggestion of the Persian Legation in Berlin, the Tehran government, on the Persian New Year, March 21, 1935, substituted Iran for Persia as the official name of the country." Opposition to the name change led to the reversal of the decision, Professor Ehsan Yarshater, editor of Encyclopædia Iranica, propagated a move to use Persia and Iran interchangeably. Today, both Iran and Persia are used in cultural contexts, while Iran remains irreplaceab
Healthcare in Iran
For health issues in Iran see Health in Iran. Healthcare in Iran is based on three pillars: the public-governmental system, the private sector, NGOs; the healthcare and medical sector's market value in Iran was US $24 billion in 2002 and is forecast to rise to US $96 billion in 2017. With a population of 80 million, Iran is one of the most populous countries in the Middle East; the country faces the common problem of other young demographic nations in the region, keeping pace with growth of an huge demand for various public services. The young population will soon be old enough to start new families, which will boost the population growth rate and subsequently the need for public health infrastructures and services. Total healthcare spending is expected to rise from $24.3 billion in 2008, to $96 billion by 2017, reflecting the increasing demand on medical services. Total health spending was equivalent to 6% of GDP in Iran in 2017. About 90% of Iranians have some form of health insurance. Iran is the only country with a legal organ trade.
However, the legal character of organ donations is deemed to be a gifting of organs and not their sale and purchase. According to the World Health Organization, as of 2000, Iran ranks 58 in healthcare and 93 in health-system performance. In 2016, Bloomberg News ranked Iran 30th most efficient healthcare system ahead of United States and Brazil; the report shows life expectancy in Iran is 75.5 years and per capita spending on healthcare is $346. The health status of Iranians has improved over the last two decades. Iran has been able to extend public health preventive services through the establishment of an extensive Primary Health Care Network; as a result and maternal mortality rates have fallen and life expectancy at birth has risen remarkably. Infant and under-five mortality have decreased to 28.6 and 35.6 per 1,000 live births in 2000, compared to an IMR of 122 per 1,000 and a U5MR of 191 per 1,000 in 1970. Immunization of children is accessible to most of the rural population; the largest healthcare delivery network is owned and run by the Ministry of Health and Medical Education through its network of health establishments and medical schools in the country.
MOHME is in charge of provision of healthcare services through its network, medical insurance, medical education and regulation of the healthcare system in the country, policymaking and distribution of pharmaceuticals, research and development. Additionally, there are other parallel organisations such as Medical Services Insurance Organizations that have been established to act as a relief foundation as well as an insurance firm; some hospitals, such as Mahak for children's cancer, are run by charitable foundations. According to the last census that Statistical Centre of Iran undertook in 2003, Iran possesses 730 medical establishments with a total of 110,797 beds, of which 488 are directly affiliated and run by the MOHME and 120 owned by the private sector and the rest belong to other organisations, such as the Social Security Organization of Iran. There were 17 hospital beds per 10,000 population. An extensive network of public clinics offers primary health care at low cost. In rural areas, each village or group of villages has a "health house" staffed by community health workers, locals trained in preventative healthcare methods such as nutrition, family planning, taking blood pressure, prenatal care and monitoring environmental conditions such as water quality.
Each health house is equipped with an examination room and sleeping quarters, has a staff of one man and one or more women, all of whom are from the villages they serve. These are the population's first point of contact with the health care system; those with more complex illnesses are referred to rural health centers, which are staffed by a physician and administrator. Similar primary health posts exist in urban areas; those in need of more complex care, including surgical services, are referred to hospitals. Iran's primary healthcare system has been rated as "excellent" by UNICEF; the Ministry of Health and Medical Education operates public hospitals, both general and specialty hospitals, throughout Iran. Public hospitals are under the direct management of universities. In most large cities, well-to-do persons use private hospitals that charge high fees. In 2000, 94% of the population could access local health services, according to the WHO. Access ranged from 86% in rural areas to 100% in urban areas.
Between 80% and 94% of the population could access affordable essential medicines in 1999. The Social Security Organization is responsible for insuring employed citizens in urban areas and their dependents, with the exception of government workers. All salaried and wage workers are covered, it insures many old-age pensioners. The Medical Service Insurance Organization covers government employees and inhabitants of rural areas; the Imam Khomeinei Relief Foundation insures the poor who are not covered by other insurance schemes, while the Military Personnel Insurance Organization provides health insurance to members of the armed forces. Beyond these schemes, there are a number of private and semi-public insurance programs that cover the more affluent members of society. More than 90% of the population has health insurance, the government has made universal coverage by 2018 a priority. In general, health insurance covers 70% of the cost of drugs on the insurers' coverage list, 90% of public hospital costs, with extra provision for those with rare diseases or in remote areas