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Dec 21 2010

Capital Market Value To Hit $100b

The value of three markets of Securities and Stock Exchange, Over-the-Counter (OTC) stock exchange and commodity exchange has hit 1,000 trillion rials (about $100 billion), said Minister of Economic Affairs and Finance Shamseddin Hosseini.

Speaking at a national gathering themed "Role of Capital Market in Financing" which was held in Tehran, Shamseddin Hosseini pointed out that the volume of capital market has reached 880 trillion rials (about $88 billion) from 380 trillion rials (some $38 billion) in the past years, Mehr News Agency reported.

Over 4 trillion rials (some $400 million) worth of transactions have been conducted at OTC market, he said.

He put the securities and exchange growth at 47 percent, commodity exchange at 38 percent and OTC bourse at 1,900 percent during March 21-December 20.

Stressing that some assets frozen in banking sector should be released, he said these assets do not serve the production sector. He referred to releasing such assets as one of the functions of capital market.

The minister continued that the insurance industry which completes the finance chain across the country, eyes a reform plan including covering the fluctuations of capital market.

Also, head of Securities and Exchange Organization of Iran said the seminar aims to make coordination among monetary, capital, insurance markets and foreign investment for financing the economic projects. In light of its significant growth, the capital market has turned into a safe and secure means for supplying the economic projects, Ali Salehabadi pointed out.

He explained that the capital market has the best transaction, information and legal system and enjoys high capacity to finance economic projects.

© Iran Daily 2010

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