– In a gathering with Iranian and foreign economic practitioners and representatives, Iran secretary of state announced three economic commitments made by the EU to Iran keeping the JCPoA achievements intact:
– Isfahan Steel Company, listed on Iran Fara Bourse with ZOBZ ticker, is to finance its working capital needs via Sukuk Salam securities to be issued on Iran debt market. This issue will be carried out by the end of 1397 (2018/19) and worth IRR 3,000 bn (USD 70 mn). Moreover, the company is to clear a massive amount of its debts (IRR 35,000 bn = USD 808 mn) with its claims from social security organization that could have huge impacts on the firm’s financials.
– After the recent policy to unify the USD/IRR rate at 42,000 on Iran economy, there were massive misuses of this subsidize rate by importers. Reports show that several violations of law happened since then where importers sell their subsidized goods at USD/IRR free market rate. Now the administration is to stand against these rents and for that reason, any import order placements with official FX rate is banned until after further notice.
– The guardian council of Iran rejects the amendment of anti-money laundering act which includes FATF considerations. This body has announced the act is in contradictory with Iran’s constitution and shall be offered via Judiciary body and not the parliament.
– Following the wild fluctuations in the forex market since late last year and its sky-high jump in early April, the government unified this rate putting the official USD/IRR at 42,000; it then, obliged the offering of foreign currency from exporting oil plus minerals, steel and petrochemical products (which account for 80% of non-oil export) through NIMA Platform.
– With the issuance of new Islamic T-bills series’ last piece tomorrow on Iran Debt Market, the composition of Iranian government debt securities gets more diverse and considering the yields, the market is now more attractive than ever. “TB301” is worth IRR 15,246.43 bn (USD 355.415 mn) and will be matured on 18 August 2020. Speculation on the prices and correspondent yields can be found on the below table:
– Holding IRR 1,300 bn in capital, today, 10% of Qadir Petrochemical (PGHZ1), as a subsidiary to Tamin Petroleum and Petrochemical Investment Company (PTAP1), equal to 130,000,000 shares went public on the Chemicals space in Iran Fara Bourse through the book building method; each share price could range between IRR 1,650-IRR 1,700 and each trading code, both individual and institutional, were allowed to put an order for 2,600 shares.
– Tehran Stock Exchange performance analysis for spring 1397 (2018/19) shows that the exchange recorded a 13% gain for this quarter while gift its investors a 38% annual (P to P) return. The top gainer sectors of Q1 were:
– In an attempt to minimize the effect of US sanctions on Iran oil sales, the vice president announced they are taking proper measures to make the bed for offering crude oil on Iran Capital Market. In this scheme, private firms are the buyer of crude on Iran Capital Market which will later export the commodity to outside world. It is now possible for domestic users to purchase crude on the exchange, however, the administration is to ease the export way after sanctions snap back.
– Keeping Iran off its blacklist, the FATF extended the suspension of its countermeasures against the country for another 4 months. Referring to the remaining tasks, this body expects Iran to accelerate its reforms and complete the ratification process of the required rules and laws.