EU tightens ties with Iranian Banks!
– Despite all the political tensions from US side, European banks are still eager to engage more deeply with Iranian Banks. According to an interview with one of financial directors (Ulrich von Zanthier) of KPMG, one of the world’s auditing big $, EU banks are showing interest in Iranian market. In his opinion, business with Iran is gradually lifting and it will become more into effect in near future. The German official mentioned Denmark’s Danske Bank and Austria’s Oberbank as major lenders that have already stepped in to finance projects in Iran. Von Zanthier said more than 1,000 correspondent banks in Germany can provide a variety of services to Iranians and it is not essential at present to insist on linking up with big banks.
TSE commissions to be lowered!
– Over the past three years the Iranian exchanges were on the rout of a decline, faced their investors with losses more than they had gained. Market participants expect form the regulators to come up with solutions bringing back prosperity to TSE and IFB. Of ways to achieve such goal is to bring down trading commissions and level it normal with regards to other regional markets. A round trip trade for TSE and IFB investors is now cost 1.5% of traded value which the figure for a much smaller market like the Jordan’s hovers around 5.4 to 7.4 in thousand.
Tehran Stock Exchange Down!
In the Market
Stocks continued second day of the week on a deeply down note, giving back a large portion of their other weeks gains. Losses were deep and it started with the TEDPIX (-0.59%) went on with worse than expected IFEX (-2.35) performance settling ticks below its previous marks. The market showdown was far from rational and there is only US political chantage over the nuke deal to take the blame for.
The market took the the recent statements of white house with grains of salt due to the possible effects of a deal without US on Iranian economy outlook. Despite the fact that all the statements until today showed nothing more than speculations, however, the general fear of sanctions snap-back led to a full sale pressure on both Iranian exchanges, TSE and IFB.
Almost all sectors, from giant Auto (-3.06%) to mid size Information Technology (-4.30%), were ended the day in deepest red in months.
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