Page 38 - bne IntelliNews Country Report: Iran Dec17

The lowering of interest rates is also set to come into direct conflict with the upgraded capital adequacy ratio lately outlined by the CBI. Banks that do not meet the ratio are at risk of losing their licence, the central bank says.
8.3 Stock market
Angry investors invade TSE after heavy losses on one firm
Groups of angry investors descended on the Tehran Stock Exchange (TSE) on July 1 after suffering heavy losses on the shares of a firm which saw its share price triple in the past month, T asnim News Agency reported .
Protesters hoisted banners against the company, Kontor Sazi, which makes electricity meters, chanted slogans and threw paper from the visitors' gallery down onto the main trading floor. An Iran Student News Agency (ISNA) report said TSE employees locked down the exchange as more angry investors attempted to enter it from Hafez Street. Reportedly, when police finally arrived on the scene after being called several times by TSE staff, many of the protesters fled.
Iranian stock market investors have become increasingly skittish in recent months with many of the leading TSE indices suffering suspensions for unknown reasons.
This latest outbreak of investor anger follows several protests mounted outside failing credit intuitions across the Iranian capital in recent weeks.
On May 17, the Caspian Credit Institution – which drew a protest of more than 1,500 people in Tehran in January – was given a licence to open 20 new branches as part of an effort to restore its brand and grow overall capital.
Unlicensed financial institutions grew under the 2005-2013 Ahmadinejad presidency, with the central bank struggling to shut them down. Customers began using them as they offered short-term savings accounts with interest rates of more than 26%, often 5% more than was offered by banks.
8.4 International ratings
8.5 Fixed income
8.5.1 Fixed income - bond news
Iran is in talks to get its first credit rating with some of the major rating agencies (ie. Standard and Poor’s, Moody’s Investors Service and/or Fitch Ratings) as the country emerges from years of international sanctions, according to the Financial Tribune Daily . The rating agencies only report market updates. Iran was rated about a decade ago by Moody’s in ‘junk’ territory ‘B2’ and by Fitch with a comparable ‘B’, while S&P never rated it due to legal and political complications.
Largest Iranian automaker IKCO set
Largest Iranian vehicle maker Iran Khodro (IKCO) is set to offer IRR7tn ($180mn) in Sharia-compliant Sukuk bonds to raise funding in the next
38 IRAN Country Report November 2017 www.intellinews.com