Iran banks urged to help stock market

Iran’s minister of economy and finance has urged the Iranian banks to render “immediate assistance” to the country’s troubled stock market.

Ali Tayebnia held an emergency meeting with the directors of Iranian banks and capital market authorities after the main index of Tehran Stock Exchange (TSE) plunged for six consecutive days, the Tasnim News Agency reported on Monday.

During the meeting Tayebnia called on the bank directors to inject cash into the troubled stock exchange market.

The TSE Index, TEPIX closed at 63,069 on Monday, 183 units up from Sunday following sharp declines since last week.

The meeting came following a protest by a number of stock holders who blamed TSE managers’ policies for the recent losses.

Tehran Stock Exchange has recently been on a downward spiral over a number of issues including the oil slump, low liquidity, budget ambiguities and the country’s lingering nuclear negotiations with the P5+1 group.

Despite the recent stock plunges, the outlook for Iran’s economic growth remains bright with growing expectations for a comprehensive nuclear deal between Iran and the P 5+1 group (including the US, UK, France, Russia, China and Germany).