IME on Course to Become Biggest Commodity Market in Region
IRAN NEWS ECONOMIC DESK
TEHRAN – The CEO of Iran Mercantile Exchange (IME) Mr. Hamed Soltaninejad says the company is on the course to become the biggest commodity market in the region.
Speaking at the annual general meeting of the company, Soltaninejad briefed the share-holders of the performance of the IME and elaborated major achievements of the company in the past Iranian calendar year and pointed to some of programs of the IME in the current year.
To begin with, he pointed to the message of board of directors addressing the shareholders, adding that IME, in line with materializing the Supreme Leader’s last year recommendations that he called it year of pick-up in production, as the biggest market of commodity and bonds enjoyed trade worth 170,000b tomans last year and it has done its best in collaboration with all economic activists to facilitate boom in production and offering products on the IME through adopting several hardware and software tools.
Soltaninejad reiterated that IME is trying to become the biggest mixed commodity market in the region and a sustainable reference for commodity price, adding that the company could create a common understanding between capabilities and existing capacities and economic activists in line with materializing the slogan of pick-up in production last year.
He added that IME ranked first among the capital markets in the country in the preceding year in terms of value of trade, and it enjoyed 56 percent growth in value of the total trade last year and it indicates the growth in the capital market.
Soltaninejad further said IME in its thirteenth year of activities has been able to act as one of the capital market pillars and it has had more colorful and effective impact on the national economy especially in meeting the demands of different sectors of economy especially metal , petrochemical and chemical industries.
He added that discovery of the price is done based on the demand and supply, reduction in the costs of exchanges in order to ease access to the information of the market, boosting the cashability based on creating the secondary market for transactions, creating mechanism for finance and directing it towards the justifiable industries and creating the hedge have been of the major functions of the IME in line with pick-up in economy and surge into production.
Soltaninejad added that IME is determined to employ capacities and capabilities in the capital market this year which has been named surge in the production and to play more efficiency in creating transparency and health in the market.
He then pointed to major achievements of the IME in the past Iranian calendar year. He said the value of trades last year stood at more than 169,000b tomans and in the physical market, over 26.3m tons of commodities worth 137,000b tomans were traded.
On the mineral and industrial floor, some 9.7m tons of commodities worth 61,000b tomans were traded.
Soltaninejad further said on the petrochemical products floor, 4.6m tons of commodities worth 42,000b tomans and the figure on the oil products was 11.9m tons of commodities worth 33,000b tomans.