World  Business and Economic Analysis 


The Central Bank of the I.R.Iran has published the latest edition of The journal of Annual Economic Review for 2014/15, featuring topics on Global economic developments, Central Asia and Middle East economic developments, Gross Domestic Product and Expenditure, developments of real economy, Oil Market developments, Fiscal sector developments, Asset Market developments and other subjects.
According to Central Bank of Iran PR department, the second year of the 11th government of hope and prudence witnessed the stabilization of macro economy due to factors such as the adoption of economic policies aiming at non-inflationary exit from the deep recession, tightly disciplined monetary and financial policies, the initial positive outcome of Iran negotiation with P5+1 countries on nuclear issues and the optimistic views on the ultimate agreement with P5+1.
The new issue of Annual Economic Review reads that  Iranian economy, which showed eight quarters of negative growth and experienced a full recessionary cycle in 2012/13 (1391) and 2013/14 (1392)  turned into a positive performance of 3.0 percent GDP growth in 2014/15. This growth in GDP combined with a sharp decline of inflation by 19.1 percentage points to 15.6 percent in 2014/15 from an extremely high level of 34.7 percent in the year before, strengthened Iran’s economy and set the national economy on a non-inflationary sustainable growth path.
The PDF file of “Annual Economic Review for 2014/15” is available for public access and can be obtained from “periodicals”, a subsection of “publications” in CBI website.

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The first Iran-Turkey Capital Markets Forum, aimed at increasing cooperation between Borsa İstanbul and Tehran Stock Exchange, was organized on February 29 in Tehran.

In line with the Memorandum of Understanding (MoU) signed between Borsa İstanbul and Tehran Stock Exchange (TSE) on October 26, 2015, first steps taken towards increasing cooperation and closer bilateral relations. The first “Iran-Turkey Capital Markets Forum” was organized by the two exchanges on Monday, February 29 in Tehran.

The key aspect of the cooperation efforts involves dual listing of companies between the two exchanges. The Forum in Tehran represents an important first step towards Borsa İstanbul’s and Turkish capital markets’ goal of increased cooperation with Iran.

Turkish delegation led by Borsa İstanbul CEO Tuncay Dinç included representatives from; Capital Markets Board, Turkish Capital Markets Association, intermediate institutions, investment banks, law firms and portfolio management companies. Iranian intermediate institutions, investment banks and financial consulting companies have shown substantial interest to the Forum which was attended by more than 150 participants.

The Iran-Turkey Capital Market Forum facilitated identification of concrete cooperation areas between capital markets institutions of the two countries and initiated subsequent infrastructure preparation efforts. Borsa İstanbul delivered presentations on its public offering and trading processes to Iran capital markets institutions and Iranian companies. Additional topics such as Islamic financial instruments and derivatives have been reviewed as well.

Borsa İstanbul CEO Tuncay Dinç, in his speech during the Forum said “This is a perfect time to carry our collaboration efforts to the next level because Iranian and Turkish economies will significantly differentiate from most of the world economies in coming years. With their young population and strong local demand and fundamentals, these two major economies will dominate in our region. There is another catalyst as well: we all know the opening of Iranian economy to the world will contribute to all economies in MENA region including Turkey. Of course, such an economic growth requires development of capital markets. We need more capital to reach our economic targets. We need more public companies to support our economies. We need more local and foreign investors to invest in our companies. We have to attract significant amount of funds to realize our upcoming big projects. Turkey and Iran are close neighbors with a total economic size of USD 1,2 billion and good foreign trade volume. They share a history of peace for hundreds of years. Accordingly, as two exchanges, we may work together to help our economies grow and be a part of our strong linkages. There are so many potential areas of cooperation including derivatives, data vending, post-trade and others. We will focus on these issues during these two days here and beyond.”

Tehran Stock Exchange CEO, Dr. Hassan Ghalibaf Asl said ”One of the major developments between the two exchanges was signing of an MoU on 26 October 2015 in Istanbul; this opens a new chapter for TSE and Borsa İstanbul’s cooperation. Today’s Forum is an important step in order to implement the document. The Forum provides us an excellent platform in which market entities will benefit from the potential capacities of each other, so that long term strong relations will be built. I would like to thank Turkish investors and business people for their interest in Iranian capital markets. The securities markets of Turkey developed considerably in recent years and interesting connections have been established with global markets, which can be a great opportunity for Iranian market players and investors.”

A Memorandum of Understanding (MoU) has been signed between Borsa İstanbul and Tehran Stock Exchange on October 26, 2015 during the visit of executives from Tehran Stock Exchange and Securities and Exchange Organization of Iran to Borsa İstanbul. The MoU aims at fostering cooperation and developing mutually beneficial business opportunities for the two exchanges. The MoU between Borsa İstanbul and Tehran Stock Exchange entails exchange of information and expertise, exchange of staff, organization of joint events and development of dual listing opportunities.

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Tehran Stock Exchange’s main index TEDPIX gained Saturday on reports of big gains made by the alliance of moderates and reformists in parliamentary elections.
Iranians went to the polls on Friday to cast their ballots in two simultaneous elections, the Assembly of Experts–a body of 88 members whose main task is to select the next Leader of the Islamic Revolution and monitor his performance, as well as the parliamentary vote.
Definite results were yet to be announced by the close of the market at 12:30 local time.
On the one hand, speculations indicate that if the so-called “opponents of the nuclear deal” win the parliamentary vote, the market would stall in all likelihood, as the deal was the reason behind the recent rally in the first place.
On the other, a moderate majority can renew the rally the equities staged following the mid-January lifting of the western sanctions against Iran after the UN nuclear agency confirmed that Tehran complied with its side of the July accord struck with world powers to restrict its nuclear program.
The latter scenario would mean that the government’s job of opening up the economy to the private sector and foreign investment will become easier.
TSE’s main index gained 388.10 points or 0.5% to settle Saturday trade at 78,228.3.
More than 1 billion shares changed hands valued at $81.9 million, recording a significant drop in trade value compared to Wednesday’s $148 million.
The Price Index grew 148.70 points or 0.50% to end at 29,969.4.
The First Market Index advanced 338.40 points or 0.63% to reach 54,346.5.
The Second Market Index rose 449.30 points or 0.26% to hit 173,466.3.
The Industry Index won 371.70 points or 0.57% to post 65,023.0.
The Free Float Index jumped 596.83 points or 0.68% to register 87,955.
The TSE 30 Index climbed 22.90 points or 0.70% to record 3,312 while the TSE 50 Index was up 13.60 points or 0.43% to settle at 3,167.2.
Close to 58% of the listed companies helped lift the benchmark.
Esfahan Oil Refining Company, with a P/E ratio of 11 and 72.57 points, provided the biggest boost to TEDPIX, followed by Bandar Abbas Oil Refining Company and Iran Khodro with 67.93 and 53.75 points respectively.
Persian Gulf Petrochemical Industries Company recorded the most downbeat performance with -36.98 points. Jam Petrochemical Company and Golgohar Mining and Industrial Company followed with 22.85 and 16.64 points respectively.

  IFX Up 1.1%
Iran Fara Bourse’s main index IFX won 9.14 points or 1.1% to stop at 839.92.
According to IFB, more than 550 million securities valued at $98.2 million changed hands in 22,000 transactions.
Tehran and Lavan oil refining companies as well as Iranian Petrochemical Investment Group provided the biggest boost to IFX.
Iranian Petrochemical Investment Group recorded the day’s highest number of shares traded and trade value, as 97.7 million of its shares worth $4.9 million changed hands.
Shiraz Oil Refining Company, Lia Company and Saman Insurance posted the highest increase in shares’ value, while Taknar Mining Company, Ravan Fanavar Company and Novin Insurance experienced the highest decline.
Over 41 million securities valued at $2.5 million were traded in the First Market, with Sobhan Investment Company accounting for the highest number of shares traded.
The Second Market witnessed the trading of 425 million securities valued at $24.4 million, with Shiraz Oil Refining Company, Lia Company and Kerman Development and Construction Company posting the highest rise in shares’ value.
Etemad Fund, with the transaction of 2.1 million shares valued at $742,000, registered the highest trade volume among listed exchange-traded funds. In addition, 477,000 leasing bonds of RighTel worth over $13.6 million were sold out.

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کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

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