Dhaka | Saturday | 16th of January 2021 | Bangla Version | Get Our App EN
  • TECH
  • ♦ MORE ♦
  • ♦ MORE LINK ♦
    • NBS » 3-Headlines » Breaking: NDF to inject over $595m into the stock market by late March

    Please subscribe to NBS YouTube channel:

    Breaking: NDF to inject over $595m into the stock market by late March
    NBS | Saturday, January 9th, 2021 | Published: 6:03 pm

    Breaking: NDF to inject over $595m into the stock market by late March

    TEHRAN – Iran’s National Development Fund (NDF) is going to inject 25 trillion rials (about $595.2 million) into the country’s stock market by the end of the current Iranian calendar year (March 20), as the second support package for this market in the current year, the Chairman of NDF’s Executive Board Morteza Shahidzadeh said.

    “We anticipate that in the second phase, 2,500 billion tomans (25 trillion rials) will be provided to the Capital Market Stabilization Fund by the end of the year, supplied from the return of the facilities provided [by NDF] to other projects (in previous years),” Shahidzadeh told IRIB.

    According to the official, NDF had paid 10 trillion rials (about $238 million) to Capital Market Stabilization Fund as its first support package for the capital market in the current year.

    “Supporting the capital market must be provided over time and gradually,” he said.

    The official noted that based on the law on removing barriers to production, since the Iranian calendar year 1394 (March 2015-March 2016), every year, one percent of the resources of the National Development Fund should have been allocated to support the capital market, but this regulation was not implemented due to some legal problems.

    This year, the National Supreme Security Council passed a resolution authorizing the National Development Fund to deposit a part of its assets directly in the Capital Market Stabilization Fund, which was in fact a note in the law that made us able to provide money directly to the stock exchange, Shahidzadeh added.

    While Iran’s stock market has not received any external shocks such as those from the foreign currency exchange rate, inflation, parallel markets, and international issues, some internal factors have caused some drops in this market.

    The government has been implementing various programs and strategies to support the country’s newly grounded stock market.

    Back in October 2020, Finance and Economic Affairs Minister Farhad Dejpasand said that the government is going to continue implementing its support programs to help the capital market flourish.

    “The stock market situation is not measured only by the fluctuations of its index. The Iranian stock exchange is in the process of becoming a modern stock market,” Dejpasand said.


    Read on the original site

    Write your comment...

    nbs24new3 © All Rights Reserved
    News Broadcasting Service - NBS
    (NBS) 2015 - 2020

    CEO: Abdullah Al Masum,
    Editor and Publisher : Sultana Rabiya
    Bangshal, Dhaka-1000, Bangladesh.
    Cell : +88 02 , +88 01718 580 689
    Email : [email protected], [email protected]

    USA Office: 41-11, 28th Avenue, Suite # 15 (3rd floor), Astoria, New York-11103,
    United States of America. Cell: 917-396-5705.

    Prasenjit Das, Editor in Chief, India.
    Address : Central Road, Town Pratapgarh, Agartala, Tripura, India. +919402109140.

    Home l About NBS l Contact the NBS l DMCA l Terms of use l Advertising Rate l Sitemap l Live TV l All Paper

    Reproduction of content, news or article published on this nbs website is strictly prohibited. - Privacy Policy