{"id":5123,"date":"2018-04-28T09:57:49","date_gmt":"2018-04-28T09:57:49","guid":{"rendered":"http:\/\/en.azpar.com\/?p=5123"},"modified":"2018-04-28T09:59:36","modified_gmt":"2018-04-28T09:59:36","slug":"iranian-banks-to-reduce-branches","status":"publish","type":"post","link":"https:\/\/en.azpar.com\/?p=5123","title":{"rendered":"Iranian banks to reduce branches!"},"content":{"rendered":"

Market News<\/strong><\/h2>\n

\u2013 Aiming at improving their financial status by getting rid of their excess assets and cutting their costs, the\u00a0Central Bank of Iran\u2019s latest report proves a 0.3% decline in\u00a0Iranian banks\u2019 branches (to stand at 20,723) at the end of previous year (March 21st<\/sup>) in comparison with the prior year.<\/span><\/p>\n

\u2013 Announcing the maximum return rate of 5% and 4% on\u00a0bank deposits denominated in US dollar and Euro, the governor of the\u00a0CBI\u00a0advised depositors to keep in mind banks\u2019 credibility and trustworthiness (based on their behavior) along with the return ratio as the major measures when selecting their investment destination.<\/p>\n

\u2013 Over a meeting with the\u00a0private sector\u00a0representatives, President Rouhani assured them that the\u00a0new foreign exchange policy\u00a0of setting the USD\/IRR at IRR 42,000 seeks the reinforcement of market stability and improvement of economic growth and help businessmen, both producers and exporters in achieving their goal. He then, demanded banks to absorb foreign currency deposits in order to boost exports.<\/p>\n

\u2013 As the deputy minister of industries, mines and trades has said, Iran is now at the final stage of absorbing investment worth EUR 2 bn from Europe (Italy and Austria) in steel and copper projects and negotiations are also in play to enter into a contract with Swiss investors to develop the major Zinc deposit of Mahdiabad.<\/p>\n

In the Market<\/strong><\/h2>\n

Influenced by the ambiguities due to foreign exchange rate unification 2 weeks ago, the TEPIX registered a -0.8% decline over the past week. The vague resulted environment has deprived investors of analyzing companies\u2019 profit in the long term, which intensified by concerns over the JCPOA fate late in the current month, dragged the prices and volume of trades down.<\/p>\n

Influenced by the decline in copper and zinc prices, the related names in the\u00a0Metals<\/strong>\u00a0and\u00a0Iron Ore<\/strong>\u00a0groups went under sales pressure. Statistics show that 6.8 mn tons of crude steel have been produced in the country over the first quarter of 2018, which registers a 47% rise compared to the same period last year.<\/p>\n

The\u00a0Automotive<\/strong>\u00a0industry also witnessed negative trades such that only Motorsazan-e Iran Tractor (+4.3%) kept its head above the flat line.<\/p>\n

With global methanol price approaching $400, Zagros Petrochemical in the\u00a0Chemicals<\/strong>\u00a0group saw positive trades. Fars Chemical Industries managed to experienced 4.5% growth while nearly the rest ended in the green.<\/p>\n

In the\u00a0Banking<\/strong>\u00a0space, Bank Tejarat led the sector in terms of the trading volume by 1.7mn shares while lower volume of Bank Saderat shares changed hands. Bank Hekmat-e Iranian ticker was halted after announcing a -73% EPS adjustment; the company failed to sell its excess assets and its costs rose as the CBI obliged them to offer 20% return certificates of deposits; the ticker returned to the market 3% lower at IRR 900.<\/p>\n

Unlike the previous sessions, low volume and negative trades we conducted in the\u00a0Oil Products<\/strong>\u00a0space; the majority of purchases are done by institutional clients.<\/p>\n

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Source:<\/p>\n

2018, Iranian banks to reduce branches!, Saturday, April 28, p.1,<https:\/\/agahgroup.com<\/a><\/em>><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Market News \u2013 Aiming at improving their financial status by getting rid of their excess assets and cutting their costs, the\u00a0Central Bank of Iran\u2019s latest report proves a 0.3% decline in\u00a0Iranian banks\u2019 branches (to stand at 20,723) at the end of previous year (March 21st) in comparison with the prior year. \u2013 Announcing the maximum […]<\/p>\n","protected":false},"author":1,"featured_media":5125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,28,31,1],"tags":[],"class_list":["post-5123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-news","category-news-events","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/5123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5123"}],"version-history":[{"count":3,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/5123\/revisions"}],"predecessor-version":[{"id":5127,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/5123\/revisions\/5127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/media\/5125"}],"wp:attachment":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}