The newly-appointed head of Securities and Exchange Organization says promoting Iran’s stock market on the international money market is among his key missions.
Hassan Qalibaf-Asl, who took over on Saturday, said Iran’s stock market has unique capacity and capability to attract foreign investment.
He spoke of plans to extend the international scope of the capital market and boost interaction with foreign investors, the Securities and Exchange News Agency reported.
Pointing to the US sanctions on money transfer as the main hurdle ahead of expanding Iran’s capital market overseas, Qalibaf-Asl said “We should be prepared to attract foreign investment and collaborate with other entities to ease restrictions arising from the sanctions”.
Foreigners hardly represent 0.01% of Iran’s capital market investors. The number of trading codes issued for foreign legal and natural entity investors is said to be 1,366, out of a total of 11.5 million codes, according to a report by the Central Securities Depository of Iran.
Apart from efforts to attract foreign investors, stock market officials speak also of plans to launch an international stock market in the domestic free trade zones.
According to media reports, the economic commission of the government is reviewing rules for launching the international bourse.
The CEO of Kish Free Zone, Gholam Hossein Mozaffari, earlier said much of the groundwork exists for opening the first international stock exchange in the free zone off the Persian Gulf.
The international bourse would reportedly have the capacity to attract non-rial financial resources in the framework of SEO rules.
However, the feasibility of such an enterprise is under question, given the tough US restrictions on Iran’s economy and is key banking, insurance and financial sectors.
