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Iran invites banks to invest in Tehran Stock Exchange

Business Materials 20 April 2014 12:24 (UTC +04:00)

Iran, Tehran, April 20

By Milad Fashtami - Trend:

Iranian Minister of Economic Affairs and Finance, Ali Tayebnia held an emergency meeting with managing directors of Iranian banks on April 19 to discuss possible ways to boost the country's stock market.

Iranian minister invited the banks to support the country's Capital Market Development Fund, Iran's IRNA News Agency reported on April 20.

Banks are supposed to inject capital to the fund in several steps.

Managing director of TSE, Hassan Qalibaf-Asl, has confirmed the report.

The main index of Tehran Stock Exchange (TEPIX) started the previous Iranian calendar year (which started on March 21, 2013) with a surprising rise, but faced a disappointing fall in the last two months of the year.

TEPIX stood at 39,000 units in the second working day of the previous year, but surpassed 89,500 units in the 10th calendar month.

Founded in 1967, the Tehran Stock Exchange has been one of the world's best performing stock markets in recent years and has ranked as the best bourse index in Europe, Africa and the Middle East in 2010 in terms of performance of the main index.

The TSE's annual growth rate of main indices was also ranked as the second best among all members of the World Federation of Exchanges (WFE).

The WFE is the association of 52 regulated exchanges around the world which aims to develop and promote standards in markets.

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