Economy, Business And Markets

Stocks Rally on Talks of Forex Policy Change

Business & Markets Desk
Tehran Stock Exchange’s main index jumped by 3,077.83 points or 2.83% on the day’s close to end at 111,877.9, as Iran Fara Bourse’s benchmark surged 42.6 points or 3.46% to close at 1,275.1
Stocks Rally on Rumors of Forex Policy Change
Stocks Rally on Rumors of Forex Policy Change

Investors can finally imagine the government loosening its grip on the foreign currency market without being called dreamers. And with the prospect of change on the horizon, stocks have jumped.
Early Saturday morning, investors saw headlines that the government is embarking on "Pumping FX to Secondary Market", as reported by Donya-e-Eqtesad, with the news announcing that the Money and Credit Council has decided to limit the 42,000-rial USD to imports of essential goods and medicines, and channel all FX earnings from non-oil exports to the secondary market.
In response, by the market's open, petrochemical, steel, iron, copper and aluminum stocks, as well as those of whatever investment company that has shares in them were selling like hot cakes.


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