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February 05 2018
As the 50th anniversary of Iran’s capital market was being celebrated with much fanfare at the Iran International Conference Center on Sunday January 28, 2018. Shapour Mohammadi, the head of SEO, elaborated on the stock market progress over half a century in Iran. Saying that in 1997, there were only 263 firms active in the stock market, he said the number has increased to 585 as of 2017. Mohammadi also pointed to the development of the nascent bond market, saying its value has now reached 1.6 quadrillion rials ($35.5 billion) – a market whose beneficiaries include banks, companies and the government itself. On the same wavelength, Economy Minister Massoud Karbasian said financing by the stock market had registered a twelve-point increase over 11 years. “While the financing capacity of the stock market was 42 trillion rials ($933.3 million) in 2007, that figure last March reached 522 trillion rials ($11.6 billion),” he said. While the government is struggling to develop the stock market, Iran’s bank-based economy has proved to be a hurdle to this goal with banks still accounting for about 90% of the county’s financing.