Capital of companies listed on stock market increase by USD10B in 1 year
Date
7/28/2024 5:18:23 AM
(MENAFN) The head of Iran’s Securities and Exchange Organization (SEO), Majid Eshqi, announced that the capital of companies listed on the stock market increased by 5.0 quadrillion rials (approximately USD10 billion) in the previous Iranian calendar year, which ended on March 19. According to Eshqi, the capital of these companies grew from 15 quadrillion rials (about USD30 billion) two years ago to 20 quadrillion rials (about USD40 billion) in the last year, as reported by an Iranian news agency.
Eshqi made these remarks at the opening ceremony of the Economy Ministry’s Production Financing Facilitation Center in Tehran. He expressed optimism that the government could tackle the issue of capital formation—a major economic challenge—by developing necessary guidelines and establishing institutions as outlined in the production financing law.
In June, Iranian Finance and Economic Affairs Minister Ehsan Khandouzi noted that financing through the stock market in Iran doubled in the previous Iranian calendar year. Khandouzi stated that the stock market supplied 500 billion rials (about USD1.0 million) for various projects, compared to 250 billion rials (about USD500,000) the year before.
Eshqi had previously emphasized in June 2023 that attracting capital for companies active in the stock market was a top priority for the SEO. He stressed the importance of facilitating and accelerating funding through the capital market. Additionally, Eshqi highlighted the development of IT infrastructure as a priority for the stock exchange organization, noting that significant improvements in the transaction system and follow-up processes were underway.
In January 2024, the deputy governor of the Central Bank of Iran (CBI) also underscored the need for diverse financing tools in the country, indicating that such tools are being provided by the stock market.
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