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TSE ranks 1st among WFE member exchanges, Minister says

(SHADA: TEHRAN) – Iran’s Minister of Economic Affairs and Finance Shamseddin Hosseini said on Monday that according to the figures recently released by World Federation of Exchanges (WFE), Tehran Stock Exchange (TSE)’s main index (TEPIX) experienced in the past year the highest growth rate among WFE member exchanges. He also expressed satisfaction over his visit to West Azarbaijan Province where he met with provincial manufacturers and businessmen.

During Hosseini’s visit to the North-western town of Miyandoab, located in West Azarbaijan Province, two manufacturing plants, namely “Ravan Khodro Manufacturing Company” and “West Foam Star Company”, were inaugurated and started operating.

Ravan Khodro Manufacturing Company has the capacity to produce 14 hundred tons of auto parts per year.

Hosseini also dismissed rumours about the Iranian government’s decision to discontinue the cash subsidy payments and added. “The Targeted Subsidy Reform is a fixed and permanent act, so the Government has to abide by the act and continue the cash subsidy payments with no change in the amount.”

The Government Spokesman for Economic Affairs went on to underscore the growing trend in attraction of foreign investments into Iran’s economy in recent years.

“Foreign investments in Iran amounted to 3 billion dollars in the Iranian calendar year 1388 (ending on March 20, 2010) and surpassed 3.6 billion dollars in the following year,” Hosseini said.

The Economy Minister also called the national currency reform an essential measure to be taken by the Government as part of its Economic Reform Plan.

“The Iranian national currency has devalued during the past decades due to soaring inflation, so the currency reform and redenomination now seem necessary for our economy,” Hosseini noted.

Implementing the currency reform, the Government aims to reduce the production costs of banknotes, remove the difficulties regarding the money transportation, and enhance the public’s confidence in the national currency, he added.

“Slashing 4 zeros off the Iranian Rial as well as other general aspects of the currency reform have been approved by the Government and the National Currency Reform Bill will soon be proposed to the Parliament for final approval,” the Economy Minister added.

Hosseini also underlined the fact that 400 state-own enterprises, valued at IRR 26.8 trillion (USD 2.68 billion aprx.), have been divested in recent years with 30 government-owned firms being divested in the first quarter (ending on June 21).