TEHRAN- The recently appointed Head of Tehran Stock Exchange (TSE) Ali Sahraie revealed the state-run body’s new plans to develop Iranian capital market, Tasnim news agency reported on Sunday.

“Improvement of listing procedures as well as IT environment besides adopting an international approach stand among the main future programs of TSE,” he said, “We have also reinforcement of executive and technical infrastructure, development of taskforce ability, systematic and intellectual monitoring over the market and the trades on the agenda.”

Sahraie underlined that creating an environment for economic firms to increase their earned profit is the best way for increasing profitability and having access to cheap financial resources and the capital market plays a key role in financing at the lowest cost.

Sahraie replaced Hassan Qalibaf Asl, who held the position for almost a decade, in mid-September and will run TSE for two years.

Capital market indices in Iran have generally experienced a positive trend since mid-June under the conditions that domestic markets are awaiting the new wave of U.S.-led sanctions in November, following being hit by the first round of sanctions posed in early August.

Although Iran’s economy is experiencing a series of problems including stagnation, high inflation and unemployment rates, but capital market indices open in green and hit record high.

The growth can be explained regarding the dominant recession on other domestic markets, which has guided a big sum of liquidity from other markets such as auto, foreign currency, housing and coin to the capital market.

The government’s recent focus on supporting and expanding the capital market, can also explain the recent jump in indices.

The low tax rate, liquidity transparency, and other provided instruments by the government has presently given the investors in the capital market the confidence about low liquidity risk in the stock market and has led to attraction of a large volume of capital and expansion of trade and cooperation among private companies.

HJ/MA