Iran’s economy is in a situation where it desperately needs the government to enter and inject money into the markets and improve the power of buyers and people. But no signs of these decisions are made. Part of this is due to the policies of Dejpasand the Ministry of Economy and Finance. That is why some financial market shocks are examined from the perspective of the Ministry of Economy. In today’s analysis, we will review the performance of the Ministry of Economy in the last two years. Please be with Artan Press.
*** Parliament enters to evaluate the performance of the Ministry of Economy
The first reaction to the economic performance of the government was keyed by the parliament. The issue of transferring the shares of Haft Tappeh Company is one of the most basic challenges in showcasing the economic performance of the twelfth government. Of course, society and the micro level have well understood the economic challenges in recent months.
*** The subject of the seven hills; The question of the representatives of Dejpasand
In yesterday’s open session of the Islamic Consultative Assembly, a joint question from Ahmad Naderi and Seyyed Nizamuddin Mousavi to the Minister of Economic Affairs and Finance about the problems that arose in the transfer of Haft Tappeh Company was on the agenda. Finally, the questioning representatives were not satisfied with Dejpsand’s explanations, and the answers of the Minister of Economic Affairs and Finance were put to the vote of the nation’s lawyers.
*** Dejpsand did not convince the parliamentarians
With 61 votes in favor, 173 votes against and 11 abstentions from a total of 252 deputies present at the public session, the MPs did not find the answers of the Minister of Economic Affairs and Finance convincing and gave him a yellow card. Farhad Dejpsand yesterday in the meeting of the Economic Commission of the Parliament, which was held in the presence of the Speaker of the Parliament to review the developments in the capital market, acknowledged that the government’s job is to build railways and institutionalize and facilitate entry and exit to the market
*** The view of the Minister of Economy on the role of the government
Of course, the view of the Minister of Economy on the issue of the role of the government in the financial markets and the balance of the monetary system is very correct. But the problem is that in the positive days of the capital market, why this hypothesis was not raised? In the days when the index had crossed the two million mark, why was the government one foot in selling government shares to the people and often the newcomers to the stock market? The local stock market is for price discovery, and the government must make sure that this operation is carried out efficiently, which has been done in the last two months as much as 10 years, and all companies have a market.
*** New government tool to control the stock market
The Minister of Economy in the meeting of the Economic Commission of the Parliament, which was held in the presence of the Speaker of the Parliament to study the developments in the capital market, believed that the government has used new tools such as bonds to reduce fluctuations and companies that want to be listed on the stock exchange This is done within a month. The Minister of Economy referred to the issue of reducing organizational bureaucracies in the stock market, but at present the problem is the behavior of legal entities and their lack of support for the market.
*** Irrational expectations from stock market actors
To expect that legal entities and market participants will change the trend of the stock market in favor of the real ones and become a factor for market growth is an expectation that is impossible, at least at this level of maturity of the Iranian stock market. In the months when demand was high, law firms had to supply to prevent artificially rising prices, and that was why the decision to increase stock float was for this reason. Unfortunately, the offers peaked and then there was no purchase for real stocks and all support levels were broken in less than a month.
*** Illegal entry into the capital market
At the time of the stock market crash, demand must be formed, for which purpose legal entities entered and began to buy shares. Unfortunately, the entry of legal entities took place at the lowest possible prices, and this precisely called into question the role of the government as a watchdog and tragically questioned the performance of the Ministry of Economy.
Mr. Dejpsand, Minister of Economy and Finance, referring to the growth of the stock market index last month, has reached the level of one and a half million units. One of the MPs asked us to start offering companies, but we saw that the market reacted negatively with the offering of shares. Dad. However, the market continued its negative trend and no power took action to control the situation.
*** Mistake of the Ministry of Finance in grammatical pricing
In principle, the market does not have a good relationship with the pricing of goods, and therefore reacted to the remarks of the Minister of Industry on the issue of steel, and among market participants there was a concern that this issue may be a start for other goods. By acting on market prices, the trading process in all markets fluctuated with excitement. This issue was another weakness of Dejpsand performance in the Ministry of Economy, which did not go unnoticed by the deputies.
*** Inconsistency in providing financial subsidies
Another issue that has challenged the performance of the Ministry of Economy in the current situation was forcing refineries to distribute bitumen at the government rate or abolishing tax exemptions for mining companies, which has a negative impact on the market because it hurts their profitability. The Minister of Economy, stating that he is in charge of the banking industry of the Ministry of Economy and not the Central Bank, believes that the appropriate tools in this field should be in the hands of the Ministry of Economy and when the interbank interest rate suddenly reaches above 20% overnight, this issue affects the market.
*** Performance evaluation of the Ministry of Economy under review
The special conditions of the capital market, the fall of the index and the lack of appropriate decisions by senior market managers in the current situation led to extraordinary meetings in the Economic Commission tomorrow with the presence of the Minister of Economic Affairs and Finance, Chairman of the Exchange Organization and senior managers. To be. It is likely that the meeting will re-evaluate the performance of the Ministry of Economy. We have to wait for the issues that have been endangering the situation of Iran’s financial markets for about a year, such as sanctions.
*** Parliamentary request from the Ministry of Economy
MPs are asking the Ministry of Economy to follow up more on the stock market situation. The representative of the people of Kerman and Ravar, stating that the current situation requires special follow-up by the Ministry of Economic Affairs and Finance to organize the stock market situation, announced in front of the parliament that special decisions are expected to be made in this meeting. The Chelsea are likely to point to bottlenecks created by government systems in the stock market.
*** Follow the terms of the stock exchange is emergency
The Chairman of the Economic Commission of the Majles, in order to follow the conditions of the stock market exit from the mire, said that although issues such as reviewing the bill amending Article 8 of the Compulsory Third Party Insurance Law were among the agendas of the Economic Commission today, the stock market situation caused Capital market issues will be addressed at today’s meeting of the Capital Market Committee of the Economic Commission.
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