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Restaurants, buffet outlets, banquet halls and cafes were among the types of businesses mentioned by the council as eligible for the grace period. Hotels, hotel apartments, bed and breakfast businesses, guesthouses, and residential centres were others.
Loan repayment deferrals from March 20 will also be available to urban and suburban travel operators, including air, road and rail enterprises. In addition, seaports will be exempt from loan repayments for the awarded three months.
8.3 ​Stock market
Tehran stock plunge on pandemic fears
Tehran stocks took a drubbing Saturday unseen in recent history after the main gauge of Tehran Stock Exchange, TEDPIX, shed more than 18,000 points, according to the Financial Tribune on March 18.
The market cap-weighted TEDPIX lost 3.44% and retreated back to 505,818 points. This is while the equal-weighted index closed 2.13%, indicating smaller losses for small-cap companies. The latter index gives the same weight to all shares irrespective of their market cap.
Stocks took a historic drubbing in volume while in percentage terms the loss was at its highest since January 4.
The sell-off particularly hit giant commodity companies after global commodity prices fell in recent days, according to stock market analytical website Donyaye Bourse.
Iran - Financial market as of Jan 2020 as of Jun 2019 as of Jun 2018 as of Dec 2017
Equity market index: Tehran Stock Exchange (TEDPIX)
427,139 248,533 111,528.2 95,561.5
Market capitalisation: % of GDP
23.9% (2017) 23.9% (2017) 25.7% (2016) 22.7% (2015)
Market cap: Tehran Stock Exchange 327.20 (Dec 224.85 100.66 105.98 (TSE) (USD bn) 2019)
PE ratio: TSE 8.60 8.41 6.76 7.01 Source: CEIC
8.4 ​Fixed income
8.4.1​ Fixed income - bond news
Four Iranian banks to support central bank-backed bonds
Iran has launched a domestic Sharia-compliant bond to support Iranian manufacturers and non-oil sectors. Named the “Gam” (“Step”) bond, it was this week announced by Central Bank of Iran (CBI) governor Abdolnasser Hemmati.
Domestic manufacturers are enduring a massive downturn in production as Washington’s sanctions and “maximum pressure” campaign hammer Iran’s economy.
Hemmati said he expected the bond to raise 50,000 trillian rials ($3.6bn at the street market rate, $11.9bn at the official fixed rate). It will be issued by four
33​ IRAN Country Report April 2020 www.intellinews.com