Iran, Tehran, Feb. April 21
By Milad Fashtami - Trend:
Iranian Minister of the Economic Affairs and Finance, Ali Tayebnia, ordered insurance companies to support the country's capital market.
Tayebnia also asked major banks to invest in the Capital Market Development Fund, Iran's MEHR News Agency reported on April 21.
Bank Melli Iran, Bank Mellat, Bank Sepah, and Tejarat Bank are supposed to invest some 40 trillion rials (some $1.33 billion based on the exchange rate of USD at the free market).
The decision was made at the minister's emergency meeting with managing directors of Iranian banks on Saturday. The mentioned banks are supposed to inject capital into 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 stated 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 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.