TEHRAN – The deputy governor of the Central Bank of Iran (CBI) has stressed the need for diverse financing tools in the country, noting that such tools are currently being provided by the stock market, Mehr News Agency reported.

“To reduce the speculative and profit-seeking activities of dealers in the country, financing tools should be diversified,” Mohammad Shirijian said.

“The capital market is an institution that directs capital to production in an efficient manner. Now, to accelerate the process of resource transfer and high productivity, the financing should be directed to the enterprises,” the official explained.

Shirijian called on the government and the parliament to pay more attention to the stock market, saying: “If the government and parliament pay more attention to the capital market, we will see the withdrawal of resources from non-productive markets and the reduction of the bubble in other parallel markets (such as currency, coins, gold, housing, and cars).”

Regarding the important ways to secure financial resources in the stock market, Shirijian said: “Sukuk bonds and investment funds are among the most important financing tools of the capital market because they are designed based on the needs and risk-taking levels of enterprises and individuals.”

According to the official, the capital market could be very suitable for long-term financing of construction projects and with proper implementation; such funding will lead to sustainable economic growth and development.

EF/MA