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Merged Banks Offer Shares in the Stock Exchange Iranian Bank Merged Banks Offer Shares in the Stock Exchange As part of the process of merging five banks and credit institutions affiliated to the armed forces with Bank Sepah, the shares of the lenders are sold on Sun- day. The share offer will last for FATF Crucial 30 days to end on May 7. Each merged bank will offer for Economic its shares at different prices, state TV reported. Betterment Central Bank of Iran official- Foreign Minister Moham- ly announced on its website the symbol ticker of the five trading at maximum nomi- med Javad Zarif has once on March 2 that five mili- banks will re-open in the nal price or at prices quoted again reiterated the cru- tary-associated banks and stock market in April. at the time symbols were cial role of implementing credit institutions, namely Banking Reforms frozen, whichever is higher. standards set by the glob- Ansar Bank, Bank Heka- The governor pointed that Mohammadi said it is up to al anti-money laundering mat Iranian, Mehr Eqtesad merging five banks and shareholders to sell their watchdog in resolving Bank, Ghavamin Bank, and credit institutions owned by shares to authorized entities economic challenges fac- Kosar Credit Institution are the armed forces with Bank for the time being or wait for ing the country, a lawmaker to be merged into the state- Sepah is part of the regula- judiciary auditors to assess said. owned Bank Sepah. tor’s attempt to overhaul the the merged banks’ balance “Mr. Zarif … underlined the After selling their shares, the banking sector. sheets and decide on share- importance of joining FATF merged entities are sched- The CEO of Securities and holders’ rights. and expressed hope that uled to officially merge in Exchange Organization “There is a special court of the Expediency Council Bank Sepah on May 19. Shapour Mohammadi said law to address the objec- would approve [the related CBI chief Abdolnaser Ham- shareholders can offer their tions of beneficiaries”, he bills] to help resolve eco- mati said last month that shares in the after-hours said. nomic problems,” Mehrdad Lahouti quoted the chief diplomat as saying during Iranian bank dismisses new ‘desperate’ US sanctions a meeting with members of a parliamentary faction The US government has had targeted 25 people funneling money to the Is- on Sunday, ISNA reported. imposed new sanctions and firms for allegedly lamic Revolution Guards The legislation has long on an Iranian bank and helping Iran’s Ansar Bank Corps (IRGC) and related been demanded by the Par- its subsidiaries, accusing evade unilateral American groups. is-based Financial Action them of using front com- sanctions on the Islamic The targeted institutions Task Force, which wants panies in three countries Republic. include banks and oth- Iran to strengthen its le- to evade the previous The action identified four er financial institutions gal framework to guard sanctions -- allegations firms in Iran, Turkey and such as Ansar Bank, Atlas against money laundering which the lender has dis- the United Arab Emirates Exchange, Iranian Atlas and financing terrorism. missed as “sheer lies.” as front companies for the Company, the US Treasury In its meeting on March 2, The US Treasury said it bank, which it accused of said in a statement. the Expediency Council, In a statement on Wednes- which can rule in disputes day, the Iranian bank hit between parliament and back at the “desperate the Guardians Council, did move,” saying it was a tes- not make a decision about timony to the failure of US the bills approved by the sanctions which would parliament but rejected by fail to affect its opera- the Guardians Council. tions. This was the council’s last “The excuses mentioned, meeting until after the Irani- including Ansar Bank’s an New Year on March 21. connection with overseas Its next meeting will not be networks in Turkey and held before April. the UAE. 40 April 2019 | No. 19 Preview Issue Hemmati Outlines Iran-Iraq Financial Agreements Governor of the Central Bank of Iran says Iraq has paid a large part of its debt to Iran. The debts are main- ly related to Iranian gas and electricity export to the neighboring country. The announcement comes following banking agree- Capital Market ments between the gov- ernors of the two central to Beat Currency banks signed last February. “President Hassan Rouhani and Gold Markets and Iraq’s Prime Minister Iraq will exceed $4 billion monetary channel for facil- Managing director of Adel Abdul Mahdi were par- in the current fiscal that itating bilateral payments. Omid investment fund is ticularly anxious about put- started on March 21. This is The agreement was signed of opinion that given the ting into effect the banking different from more than $8 by Hemmati and his Iraqi immense risks associated and financial agreements billion worth of private sec- counterpart, Ali Al-Allaq, in with investment in curren- signed by the two sides,” Ab- tor exports to the country. Baghdad. cies or gold, now investors dolnaser Hemmati wrote in “Given the increase in our As per the agreement, Iraqi are inclined to explore saf- an Instagram post. export to the neighboring companies can open bank er and yet more lucrative The Iraqi leader arrived in country, making informed accounts in Iranian banks capital market for their Tehran on Saturday for a decisions about building and use the Iraqi dinar in investments. two-day visit, heading a and sustaining financial their transactions. Addi- In an interview with Secu- high-ranking delegation to ties is indeed crucial,” he tionally, the CBI will open rities and Exchange Or- discuss bilateral ties and wrote. euro and dinar bank ac- ganization News Agency, regional developments. During Hemmati’s trip to counts in Iraq to be used for Habib Reza Hadadi said: Hemmati said Iran’s [gas Iraq in February, an agree- settling oil and gas export although Iranian capital and electricity] export to ment was signed to set up a payments. market is thriving but as a matter of fact major in- dustries enlisted in stock Regulated Forex Market to Open in Mid-April in Iran exchange are in need of support from public sector T he governor of the Central cial decision-making body cash through an electronic so that they can increase Bank of Iran said Sunday headed by the CBI boss Ab- platform in the framework their export and enhance that the long-awaited Reg- dolnaser Hemmati. of MCC regulations. their profitability for the ulated Foreign Exchange The move is seen as anoth- Hemmati, who was ad- sake of greater good of Market will be launched by er CBI measure to regulate dressing reporters, said the national economy and mid-April. the chaotic forex market the members of the board shareholders as well. Rules for launching the dominated by informal of directors of the new mar- As to new European finan- first-ever forex market traders. It seeks to create ket have been appointed, cial system for doing busi- in Iran were approved in and organize a transpar- IBENA, the banking newes ness with Iranian compa- January by the Money and ent market where foreign agency, reported. nies, I should say that any Credit Council - a top finan- currency will be traded in The board comprises five positive step toward mak- legal entities, including a ing business smoother subsidiary of the Informat- and more flawless will en- ics Services Corporation tail constrictive reaction of (owned by the CBI since the market, he added. the bank cannot directly At the time being gold and sit on the board), Iran Fara currency markets have Bourse (a junior stock become less attractive to market), the Association absorb floating liquidities of Bureaux de Change Op- due to their immense fluc- erators of Iran, the Associ- tuations and that in my ation of Private Banks and view is a good sign to infer the Association of Public upcoming boom of the cap- Banks. ital market, he concluded. Monthly Economic Magazine April 2019 | No. 19 Preview Issue 41.
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