EghtesadOnline: Head of the Supreme Council of Iran’s Free Trade Zones said Monday the rules and regulations for launching an international bourse have been written and sent to economic commission of the government.
Morteza Bank said the initial bylaw was first drafted in coordination with the Securities and Exchange Organization and approved by the High Council of Securities and Exchange. Afterwards, the Central Bank of Iran approved the bylaw after modifications.
Bank said the international bourse will have the ability and capacity to attract non-rial financial resources within framework provided by the SEO.
Economic projects will be financed by trading in shares, according to Financial Tribune.
He said both domestic and foreign investors can operate in the international exchange.
“Communications in this market will take place in an international language and transactions will be handled by a well-known international bank.”
Bank added that an international supervisory body will oversee the affairs, adding that all mechanisms are enshrined in the relevant bylaw, IRNA reported.
The new exchange will be based in Kish Island (a free trade zone) and will be Iran’s fifth exchange market after the Tehran Stock Exchange, Iran Fara Bourse (over-the-counter market), Energy Exchange and Iran Mercantile Exchange.
Experts cast doubt on the feasibility of the plan while Tehran faces restrictions in banking relations due to the new US sanctions.