Tehran, YJC. Iran’s ME has grown by 28 pct. in the current year as told by the CEO who was talking about the organization’s role in national economy at a press conference.
CEO of the Mercantile Exchange Hossein Panahian speaking in a press
conference in Kish provided comments on the prominent measures taken to expand
the scope of Iran’s Mercantile Exchange.
"Through effective organizational system, the application of modern
financial technology and tools, and risk management, the IME tries to increase
the diversity in goods as well as in markets and to facilitate transactions,”
stated Panahian.
Calling attention to procedures adopted by the Iran Mercantile Exchange
including rate discovery, price oscillation risk management, creating
investment opportunities, facilitating physical trade, and financial support,
he maintained that through such methods, it is hoped that the business market
grows more reliable, financial market develops, banks are lead to production
sources, export is strengthened, and tax and customs capacities are boosted.
He further said "The Mercantile Exchange transactions in the physical
and derivatives spheres in the past 11 months and 12 days of the current years
have amounted to Rls591 trillion. The physical market’s share of the total
value has been Rls402 trillion and the derivatives 189 trillion. This comes while
last year’s transactions were worth Rls315 trillion. So there has been some
growth there. But in the derivatives market coins worth Rls363 trillion had
been contracted where we were to see a drastic reduction due to big oscillations
in the international currency and gold markets.”
"In the past 11 months, 12.8 million tons of goods worth more than
Rls212 trillion were dealt in the industrial and mine products on the
mercantile exchange, showing 7 percent growth in value and 3 percent drop in
the volume of the transactions. In the oil and petrochemicals hall also more
than 10 million tons of goods worth Rls187 trillion were sold in the same
period, showing 61 percent growth in value and 25 percent in volume. Also in
the agricultural section, we had to see 265 thousand tons of goods exchanged
worth Rls2,738 trillion, which showed 103 percent growth in value and 44
percent in the volume,” the IME CEO asserted,” Panahian stated.
Pointing to transactions conducted in the export hall he said "In the
same period over 5 million tons of goods worth Rls43 trillion were dealt in the
exports hall. Here also we had 59 percent growth in value and 35 percent growth
in the transactions.”
He also provided comments on measures taken to renovate the organization’s
IT standards and said "The infrastructure for communications with the brokerage
companies through WAN and two-sided communications between the exchange and the
brokerage companies via radio channel, MPLS and WIMAX, were created. Also expanding
the long-distance transaction systems, necessary steps have been taken to
operate online and secondary market transactions, standard parallel futures,
and the customers’ transactions system.”