Iran has commenced formal legal proceedings against South Korea as Seoul refuses to release billions of dollars worth of Iranian funds on the pretext of US sanctions.

The governor of the Central Bank of Iran (CBI) announces that the Islamic Republic will soon have quick access to $6.7 billion of its financial resources in the International Monetary Fund (IMF).

Officials of the Asian Clearing Union meet in Tehran to discuss the use of alternative currencies as substitutes for the US dollar.

Iran’s manufacturing sector experienced a double-digit growth in the quarter to late December.

The Hague-based ICJ says the United States violated international law by freezing some Iranian assets, and ordered compensation.

Large-scale manufacturing activity in Iran rose by 6.6% in the two quarters to late September.

A report by Iran’s Tasnim news agency shows state banks in the country have raised interest rate by 7%.