AGAH Mutual Fund Fact Sheet
– The new chair of CBI revealed a super interesting FX plan for Iran Economy just the other night. Attempting to give the chaotic FX and gold markets a relief, it seems that this time the administration and other heads of powers are thinking clearly and the news package will work. Details of this new plan are:
– In wake of speculations on a different FX regime that suits the current situation of Iran economy (post-sanctions), Tehran Stock Exchange made history today and registered an all-time high. The trading value and volume reached record highs as the overall index stood at +128K level.
– Agah Group analysis shows that during the first 9 trading days of Mordad month (Jul-Aug 2018) the total trading volume of Iran Capital Market (all markets together) reached an astonishing figure of USD 1,136 mn (IRR 50,074,546,066,200) which herald a new wave of optimism and prosperity for the market. The below chart is showing the detail of trading volume by each market separately.
– In a Resilient Economy committee meeting held the other day, the first VP of president Rouhani has announced that a brand new FX policy is on its way for Iran Economy. Stressing that the current economic situation is not permanent, he stated that the essential goods shall be provided at a subsidized USD/IRR rate of 42,000 while other sectors may enjoy a free market rate determined by the FX secondary market.
– Central Bank of Iran announced that due to a directive ratified by the head of powers, Iranian Banks shall sell all their equity stakes in businesses other than banking on Tehran Stock Exchange. According to this bylaw, banks shall give up their own or even their subsidiaries +50% stake to non-banking entities in a matter of 3 years and through Iranian Stock Exchanges.
– Unofficial news has that import order placements are no longer available on NIMA platform by importers in order to have their required FX dedicated to. After some recent misusage of USD/IRR at the subsidized rate of 42,000, it seems all the previous unattended orders are now open for scrutiny and new ones are banned for now until after further notices. USD/IRR has reached to more than 10,000 on streets which made the policy-maker to think harder on its FX policies.
– In an attempt to bypass the effect of US sanctions, the central bank of Iran is to launch its very first Iranian national cryptocurrency by the end of September 2018. This the first official response that CBI made with regards to the issue which will make the bed further development of Iranian FinTech startups and firms.
– In order to tame the unleashed growth of real estate market which led to unreasonable prices in Iran housing sector, the cabinet members are to ratify a directive, using tax leverages, to maintain the situation and force landlords to empower the supply side. The urban and housing ministry seeks the following goals by this directive: