– 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.
– The Central Bank put Iran inflation rate at the end of Khordad month (22 May – 21 June 2018) at 9.4% in comparison with the similar period last year. The inflation rate for the previous months stood at 9.1%. The monthly inflation for Khordad stood at 4.6% which made the annual P to P rate at 13.7%. Analysts believe that in coming months the monthly growth would be more than 1.5% that make the bed ready for two-digit inflation again.
– In a meeting held the other night, the administration finally changed the recent unified FX policy approved for exchange houses to get involved in export FX trades at an agreed price. This way, exporters who are not obliged to sell their FX on NIMA platform (non-oil and petrochemical, aka group 3) can use exchange houses services to inject their FX revenue on a USD/IRR rate based on supply-demand. The proper execution of this plan could reduce the heavy bubble weighted on FX trades significantly.
– The TEDPIX finished the first quarter of 2017/18 with a 13% rise; the Tehran Stock Market registered an 8.9% growth over the past week (16-22 June), which names this week as the highest-yield week of the past few years. While it had failed investors until 2 weeks ago with only a 5.13% yield, when compared to the 59% return in the gold market, the Tehran Stock Exchange managed to break records in 6 consecutive sessions and brought about a 3.2% daily return for shareholders; over the said period, the average daily trading value has gone through a 4 times rise to exceed IRR 4,440 bn (USD 104.68).