Capital market realizes over $119b of financing in 10 months

Iranian Minister of Finance and Economic Affairs Farhad Dejpasand has said that the capital market has realized five quadrillion rials (over $119 billion) of financing in the first 10 months of the current Iranian calendar year (March 20, 2020-January 19, 2021).

The figure can reach 14 quadrillion rials (about $333.3 billion) in the next [Iranian calendar] year (begins on March 21),” Dejpasand said in the 102nd dialogue council of the government and the private sector on Monday.

According to the official, in order to realize the government programs for the capital market, it is necessary to plan in such a way that the currency market and the capital market go forward side by side and act in harmony.

Dejpasand further described the private sector as an independent sector that easily expresses its views by attending various forums and meetings, adding: "We have achieved good results in this field, which is undeniable.”

“Today, Iran is free from absolute dependence on oil, and the volume of non-oil exports is more than the oil exports. The share of non-oil exports in total exports has increased significantly and this trend is expected to continue after the sanctions are removed,” he stressed.

Speaking in the meeting, Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Gholam-Hossein Shafeie also pointed to the focus on regional development as one of the council's priorities in the upcoming Iranian calendar year 1400, and said that it was necessary to identify provincial capacities through constructive interaction between the private sector and government.

“Although there is much emphasis on the role of the private sector in the economy, there is still no belief that the government cannot achieve economic development without the private sector,” he regretted.

The Iranian government has started implementing a strategy to cut reliance on oil and promote domestic production using internal capacities over the past few years and especially since the re-imposition of the U.S. sanctions.

The capital market was one of the major areas in which this new strategy manifested. As part of the mentioned strategy, the government defined a holistic program to encourage the country’s production sector to enter the capital market and use its huge capacities for funding development projects and boost production.

source: TehranTimes