Iran’s oil sales via Stock Exchange to stabilize FOREX market: official
Tehran, Iran, Oct.28
The first day of offering Iranian oil in stock market shows that the energy sector is going to become more stable, Nima Malaie, a member of the board of directors of Razavi's brokerage company told Trend.
The price of oil and FOREX rate are two factors affecting the energy stock,” he said.
"There will be more hope for the future with today's trading.”
“If such transactions continue, the foreign currency market will stabilize because the dollar traded on the exchange was at NIMA rate,” he noted.
The integrated Iranian FX platform, aka “NIMA” was created to facilitate the currency trades for market participants. The newly unified rate is 42,000 rial to the US dollar, while the dollar rate in free market is about 130,000 rial.
Referring to the number of buyers on the first day and the presence of only three applicants he said that the stock market is not a diverse market, and some are waiting to see how the first day will pass.
“But ultimately we will surely expect increase of buyers in the future,” said Malaie.
Pointing to the presence of a sole foreign company on the first day of trading he said that in the coming days Iran will see the presence of more foreign companies, although due to the rules of confidentiality between companies and brokers, the information and name of companies cannot be revealed.
The only multinational candidate for purchasing oil via Iran Stock Exchange put its order through Razavi Brokerage Company, according to Fars news agency.
Razavi Brokerage Company is one of the subsidiary institutions of Astan Quds Razavi organization.