- In its latest meeting, the Council of Money and Credit has raised housing mortgage limit up to $46,471 in Tehran, $34,853 in province centers and $23,235 in other urban regions. This notification has been approved in harmony with the government’s policies to provoke demand and pulling the housing sector out of recession. According to the Deputy Minister of Road and Urban Development, this notification is to be communicated through the central bank to banks and its regulations will be formulated and implemented in the near future. Announcing depositing money in advance as a pre-requisite to receive such a loan, those who have already deposited money can receive this loan from the second half of the new Iranian calendar year.
- In light of the 9th International Tourism and Travel Exhibition in Kish Island, the head of Cultural Heritage, Handicrafts, and Tourism Organization of Iran announced the 100% tax exemption for the newly constructed hotels and tourism centers in the country for 5 years since the beginning of the next Iranian calendar year, in addition to the 50% tax exemption which is in place for those built before. The current government’s policy is to use the tourism sector for cultural and economic development and job creation. According to the statistics, 1,100 hotels have been built in Iran until 2013 and the government has plans to build other 125 hotels within the next 6 years.
- As the first time of financing through the capital market, $43.56 mn worth Standard Parallel SALAM Contracts of Esfahan Steel Company, with the return ratio of 24-27% will be offered by brokers through the Iran Merchandise Exchange (IME) on 7 March 2016. Referring to the fact that the investment’s principal and return will be repaid at the end of the defined period, the company’s authorities have stated that getting the IME code is a pre-requisite to be able to purchase the bonds through brokerage houses.