Cabinet support approvals for capital market / reduction of fuel and feed rates and exchange rate reform + document

According to Fars News Agency, quoting the base Capital Market News (Senate) Minister of Economic Affairs and Finance Ehsan Khandouzi tweeted last night: “Tomorrow will be another day in the implementation of economic approvals; “Insha’Allah.” The good news of the Minister of Economy regarding the implementation of the 10 approvals of the capital market follows the words of the President last night in a televised speech emphasizing the need for the stock market to get out of the current problems and to support this market.

Afterwards, the Cabinet held a meeting with the Minister of Economy, the Minister of Silence, the Minister of Oil, the Head of the Program Organization, the First Vice President, the Vice President for Economic Affairs and the Chairman of the Exchange Organization.

Khandouzi explained the details of the approvals of the government’s stock exchange and stated: In order to implement the approvals that were previously adopted by the government’s economic headquarters in support of the stock exchange industries, two steps were taken today. The first is a resolution passed by the Cabinet as an amendment to the 1401 budget bill, which will be formally sent to the Islamic Consultative Assembly. And related budgets and devices were announced.

Explaining the details of the communiqué, the Minister of Economy acknowledged that the government’s communiqué includes a cap on food and fuel prices. This rate has recently risen far beyond normal for the country’s petrochemicals and refineries, as international relations have caused global hub prices to fluctuate.

He continued: The government, in order to show that the issue of industry profitability and the predictability of the economy and economic policies is of great importance, approved a ceiling of 5,000 Tomans for the feed rate and a ceiling of 2,000 Tomans for the fuel rate. At no time will the prices exceed 5,000 tomans for food and 2,000 tomans for fuel.

Referring to the price ratio of about 7-8 thousand Tomans that has been calculated for industries in recent weeks, Khandouzi stated: Government pricing in the mentioned decree has decreased sharply and has good consequences for the profitability of these industries in the capital market and in various economic sectors. Will follow.

He said that this decision will be implemented not only from 1401, but also from the beginning of February of this year, noting that this decision contains a clear and strong message that the profitability of economic sectors and prosperity of manufacturing sectors and industries for the government Is of paramount importance. Part of the government’s revenue is also reduced due to the reduction and ceiling on food and fuel prices, which proves the importance of economic prosperity in terms of government budget and revenue considerations.

The Minister of Economy added: “This resolution will be sent to the Islamic Consultative Assembly in a letter from the Council of Ministers today. It will be stated in this letter that the equivalent of 40,000 billion Tomans will be reduced from Note 14, but we hope that a message of support Be serious for industries and economic actors.

Khandouzi mentioned the second point about the exchange rate announced by the Central Bank for foreign assets as well as foreign currency assets of banks and said: The Central Bank was obliged to base the rate of the Nima system in the last 6 months and 90% of it for the exchange rate Consider.

Khandouzi continued: “This issue will also help strengthen the final quarterly report of banks and financial institutions, as well as their report next year in terms of showing real figures and profitability.” Also, the central bank should be obliged to actively intervene to regulate the interest rate of the interbank market so that the ceiling of this rate is 20% and this figure will not exceed 20%.

According to the Minister of Economy, in the decision of the Cabinet in amending the 1401 budget bill, it is allowed to place a part of justice shares in state-owned companies as collateral with the Market Stabilization Fund so that the Stabilization Fund can support more serious intervention and wider support. do it.

Referring to the figures that had been announced earlier, he noted: “Previously, some figures were in the range of 20,000 or 30,000 billion tomans. According to today’s decision of the government board, the market stabilization fund had the opportunity to Use government-backed shares in state-owned and subsidiaries.

Khandouzi added: “Also, 10% of the initial public offering of state-owned companies should be considered for marketing the same shares, so that the publisher is obliged to support its shares;” Therefore, we will see a better profitability outlook for capital market participants.

In the end, the Minister of Economy expressed his hope: the collection of these approvals, which will be implemented from the beginning of February and is not postponed to 1401. This is a set of measures that will be included even before the date of government approval. Therefore, these approvals carry a serious message of government support for industry, with stable economic activity, predictability of variables, and ultimately a positive outlook for the economy in the coming months.

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