Iran has 4 months as the last chance to join CFT convention!
– In its latest meeting held last Thursday, the Financial Action Task Force decided to grant Iran another grace period of 4 months to amend its financial structure with regards to the committee global standards and join CFT convention. Stressing that this would be the last chance for Iran, the council praised Iran’s actions so far, however, the remaining 2 amendments must be ratified before the mentioned deadline. The conservative guardian council of Iran had rejected the last 2 amendments previously based on the fact that they seemed in contrast with the Sharia law and the nation’s constitution.
– Iran statistics centre’s data shows that the nation’s annual inflation rate reached 23.5% in the month Bahman which registered a rise of 2.9% contrary to the previous month. Moreover, the point to point inflation rate is now hovering around 42.3% that can be considered as a new record since the first round of international sanctions on 2013. Food, beverages and tobacco registered the highest price jump while services, transportation and clothing stand next in the line.
– After a series of controversial debates on military-related and religious institutions tax payments, today, the parliament members obliged such bodies to pay tax like any other entity unless a direct from the supreme leader himself is defining the payments or settlement type. From now on, Astan Quds Razavi, Execution of Imam Khomeini’s Order and economic holdings of military entities must pay regular taxes like other institutions.
In the Market
Stocks performed extraordinarily today as investors decided to put their trust once again on the super interesting price levels. After a month of range bound trades, TEDPIX (+3.00%) hiked for almost 4,800 green points o reclaim the 164K with a strong hand. IFEX (+1.93%) jumped for 38.18points to close above 2,000 level. The trade volume and value reached near record highs today which shall be translated as a good sign considering it stays that way.
Analysts believe that a hike in FX rates along with much better than expected custom reports were the main catalysts behind today’s jump. Export data shows that sanctions limitations are somehow circled and Iranian Steel and Chemical makers have found new destinations for their products. Moreover, hopes of a reachable trade peace between the US and China made global commodities perform handsomely which shall be considered as the third reason for recent market advances.
Today’s trades were dominated by heavy weighted sectors of Metals (+4.24%), Chemicals (+3.15%) and Iron Ores (+5.30%) as most of their tickers ended the day in full green. Isfahan Mubaraka Steel (FOLD, +4.92%) recorded a unique 509.73 positive points on the overall index as it became more interesting than ever after its recent capital raise. A +$6400 copper on global markets made things cooler than ever for National Copper Industries (MSMI, +4.89%) and investors sat on a buy queue of two times to have investments exposure to the ticker.
Elsewhere and on the parallel investment markets side, the price of Bahar Azadi God coins moved considerably higher and reached IRR 47,250,000 a piece. Also, the USD/IRR rate got stabilized above 130,000 level in a low trading day. Lotus Parsian gold-backed ETF witnessed rather balanced today after a rally of +12% over the past week and tightened its place as investment changed hands mostly.
2019, Iran has 4 months as the last chance to join CFT convention! ,Saturday, Feb 23 p.1,<https://agahgroup.com>