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Eurasia
February 16, 2018 www.intellinews.com I Page 22
“Those who are investing their resources in for- eign exchange will suffer losses in the end,” he said, adding that rising oil prices were giving Iran more resources to support its currency.
“Since the price of oil has reached $70 a barrel, there is no reason to see long-term fluctuations in the foreign exchange rates,” Seif noted at the time.
Iran currently holds more than $132bn in foreign
Kazakhstan to invest $60mn in Astana International Financial Centre
bne IntelliNews
Kazakhstan will allocate around $60mn for the development of the recently launched Astana International Financial Centre (AIFC) over the next three years, Astana Times reported on February 12, citing AIFC Governor Kairat Kelimbetov.
The AIFC is a financial services hub to be run as a free economic zone modelled on Dubai’s Inter- national Financial Centre. The AIFC's big selling point is its legal regime based on English com- mon law. That has stirred some interest among international investors who will also be awarded special economic perks designed to attract legal and financial services companies, international banks and traders. The AIFC court is headed by Lord Harry Kenneth Woolf, who took an oath as the presiding judge of the AIFC in December. However, the financial services hub is seen by some as a potential tax haven that aims to take
cash reserves and $600mn in gold, local media reported on January 23. With ample reserves of foreign currency in the CBI’s vault, the implica- tion is that people should have nothing to worry about regarding the rial’s stability. Indeed, data in the Central Intelligence Agency’s (CIA) Decem- ber 2017 Factbook edition can be said to back up that point. Iran has higher currency reserves than more than 156 other countries around the world including Norway, Australia and Turkey.
The AIFC planned to launch a new stock exchange in January.
advantage of shrinking options for investors to keep finances hidden away from tax authorities.
“[Similarly to] the world’s leading financial centres created recently in such cities as Dubai and Abu Dhabi, we plan to not depend on budget financing in three to five years, but to use the opportunities of private investments,” Kelimbetov said.
Kazakh authorities previously said they hope to attract $40bn in investments into the country within the next 10 years.
The AIFC, Bloomberg and Atameken Business Channel (ABCTV) have signed a tripartite partner- ship agreement, ABCTV said in a statement on January 18. Bloomberg will also open an office in Astana. While Bloomberg is set to be AIFC’s foreign media partner, ABCTV will stand as its local coun-