Iran to sell over 168 million government shares in current month

Business Materials 24 November 2013 15:15 (UTC +04:00)

Baku, Azerbaijan, Nov. 24

By Fatih Karimov - Trend: Some 168.4 million Iranian government shares will be sold to the private sector in the current Iranian calendar month of Azar (to end Dec. 21), IRIB reported on November 24.

The share are valued at 545.3 billion rials (about $21.8 million based on the U.S. official exchange rate of 24,900 rials) .

Over 146.4 trillion rials (about $5.9 billion) worth of shares of state-run companies have been sold in Iran since the beginning of the current Iranian calendar year (March 21, 2013).

The Iranian government has envisioned a large privatization program in the Fifth Five-Year Development Plan (2010-2015), aiming to privatize about 20 percent of state-owned firms each year.

In line with Article 44 of the Iranian Constitution, hundreds of state-owned companies have been privatized with some of the shares being earmarked for distribution among 'deprived' classes, such as farmers and workers.

In a speech in March 2013, Iranian Parliament Speaker Ali Larijani said that transferring economic activities to the public will resolve the unemployment problem.

"Implementing Article 44 of the Constitution regarding privatization will hand over the economy to the public," Larijani stated.