Iranian government supports capital market
TEHRAN, Iran, Aug.26
The government is serious in supporting the capital market and the second exchange-traded fund (ETF) started trading at the exchange on Wednesday, August 26, said Minister of Economic Affairs and Finance, Farshad Dejpasand, Trend reports citing Fars News Agency.
"The stock market could be a good place to safeguard savings and finance companies. Public companies can attract investment for working capital by offering their shares or bonds or exchange-traded funds," said
"The stock market would gradually create an environment for investment which could lead to an increase in exports and improve Iran's status in the global economy," he said.
"The government safeguards stock market, as result today by registering the second exchange-traded fund shares, each individual can purchase up to 50 million rials (about$1,190) worth of shares with 20 percent discount," he said.
"The government is not looking to profit from this method otherwise it would have not offered a 20 percent discount. The government has chosen this method to implement an inclusive work environment and distribute wealth. Furthermore, we are planning to move toward reforming the distribution system and knowledge-based economy," he added.
"The individuals that want to invest in the capital market should be patient," he said.
Shares of Tehran Oil Refinery Company, Tabriz Refinery, Isfahan Refinery, and Bandar Abbas Oil Refinery Company are included in the second ETF.
The second exchange-traded fund (ETF) is part of a series of three ETFs that would offer shares of some state-owned organizations and companies.
The first ETF, established by the Ministry of Finance and Economic Affairs, which included government shares that were offered on May 2 included three banks, Bank Mellat, Tejarat Bank, and Bank Saderat, as well as the shares of two insurance companies including Iranian Reinsurance Company and Alborz Company.