The state bankers agreed to cut the interest of the one-year deposit accounts to 20% and decline the interest rate of banks mutual contracts by 2 or 3 % due to lower inflation rate. However this decision needs to be approved by the central bank’s Money and Credit Council. In case of the council’s approval this rates will be effective from May 2015. Lower interest rate will decrease their financial costs. Besides, the banks have already offered loans with current interest, there profit of which will be declared on 2015 financial reports. Although the final approval can have a short term positive effect on market, it must be noted that the private banks and the credit institutions have no willingness to follow this agreement due to their competition for absorbing more liquidity.
Machin Sazi Arak Co. announces that the National Iran Oil Engineering Co. (NIOECO) has won its project call of bid for constructing a Sulfur export wharf in Mahshaher. Based on this report the project value is 699,384 IRR mn plus 9,336,256 Euro. The NIOECO agrred to run the project in 24 Months based on EPC method. Any changes in forecasted EPS will be announced later by Arak. This news increased the price of Arak’s share by 4%.
Downstream Petrochemicals Development agency has announced the new rate for polyethylene products which will be effective from May 2015. The rate of exchange for US dollar is considered 33,380 IRR which is close and synchronous to the market rate. The increase in prices can positively affect the share price of Polyethylene producers.
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The emotional trades have been declined in today’s market and the price fluctuated restricted. The Value and volume of trades also declined which is not the good sign for the overall market. Generally, until the next round of nuclear negotiation and the general meetings season in June 2015 no specific movement is expected from the market.
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