Iran plans to open up equity market-cen bank governor
LONDON, Sept 29 (Reuters) - Iran is about to welcome foreign investorsback
to its stock market for the first time since the the 1979 Islamicrevolution,
a senior Iranian government official said on Friday.
``We are working on the criteria for foreign investment (in the stockmarket)
and I hope within a month and a half we will announce them,''Iranian central
bank governor Mohsen Nourbakhsh told Reuters in aninterview.
``I have already asked the people in charge to prepare the documents
andthey are working on that,'' he added. Foreign investors could put their
money into the Tehran stock marketimmediately following the release of
the investment criteria, he said.
Nourbakhsh said the central bank has carefully studied the damagingeffects
from the outflow of capital from the Asian market during thefinancial crisis
in the region.
To avoid that situation he said Iran'sframework would stipulate a minimum
time requirement for investment. He gave no further details on the bank's
plans for the move.