Iran Manufacturing thirst; a 59,000 queue!
Enrollments for “Iran’s Economic Recovery Plan” reached a new high!
The ERP (Iran’s Economic Recovery Plan) is to finance SMEs and unfinished projects with more than 60% physical development. Despite the chatters around how limited the plan initially was to be (IRR 16,000 bn to 5,700 businesses), the CBI’s chair (Vali-Allah-Seif) testimony set no borders for entrepreneurs to water down the manufacturing thirst. According to Seif, banks are capacitized to loan IRR 4,500,000 bn per annum, yet the previous FY had only IRR 4,170,000 bn.
Iranian Debit Cards to connect to the world!
Early new year, Iranian debit cards can be used, cashing out and purchasing, abroad. CBI’s Modern-Technologies deputy, stated that in the first phase applicants has been asked to distribute CVs to RFI and there were a couple of big international names with interest among. The goal is for tourists to be able to use their banks cards on Iranian ATMs and vice versa. It seems within 6 months the idea would be in real use.
Government vs. Banks; final round!
The intricate situation of Iranian banks made the administration to sit on Thursday with their god-like “SWAT” teams to consider the dire issues over the sector. After Saderat, Mellat, Tejarat and Post-Bank disappointments, now the economical task force is to be in the middle of things itself. The other day’s meeting had some decisions out supposed to open this nested coil.
- It was decided for the “Audit Organization” to have a situation report on state liabilities to banks;
- The Audit Organization has been assigned to have the final say in “Night Withdrawal” scandal of late 2011/12(near IRR 30,000 bn has been cashed out overnight);
- CBI has been assigned to look over the NPLs reserves ratio and make necessary changes in case;
- The administration vowed to overcome the above mentioned in 2 weeks!
Wednesday Slip Led to a Breathless Session Today!
In the Market
The stock market registered a modest advance on today’s affair to start the week on a slightly higher note. The TEDPIX posted a narrow gain (+0.03%) and stood on 80,709.00.
Refineries spent the day inside narrow ranges amid a mixed showing from global oil prices. Most sector’s giants displayed weakness from the start but their losses were not sufficient to post an alarm tag on them. Tehran Oil Refinery posted 11.69 negative points on the index itself with more than 3.5 mn traded shares and a closing of IRR 3,047 (-1.33%). It is safe to say that only “NOLZ1” tried a bit to compensate for the sector yet the volume was not much to make a change.
The Fed decision rising the rates weighed on sentiments, keeping the commodity based sectors near their low. 10 mn traded shares of National Copper Industries on -1.54% is count witness to this claim. The benchmark slipped -0.18% in general. Heavily-weighted Isfahan Mubaraka Steel (-0.56%) lagged from the start, which prevented the sector from staging a meaningful rebound.
Finally, the chemicals narrowed their earlier losses, However, their bottom-line beats were overshadowed by weak guidance. “PTAP1” stamped 26.88 positive points on the index with near 6 mn shares changed hands. The stock closed at IRR 1,914 (+1.38%).
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