IME Step in Implementation of Government Plans to Step Out of Recession

Young journalists club

News ID: 5300
Iran » Iran
Publish Date: 17:56 - 17 October 2014
Baku, YJC. IME Supervision and operation deputy said: “Base price reform prevents the price jumps and returns the balance to the market.”
According to the report from IME international affairs and PR, based on the Rouhani government economic plan for a non-inflationary egress from recession, IME has took its major role in market regulatory, reform of price system in the first step during last month, this pricing system reform not only has led to a true price discovery and cut the false demands, but also has balanced the trade of different listed commodities of the exchange.

Mehrzad Namdari the deputy of IME has uttered that, based on the current government development plan in order to non-inflationary egress from recession; it has focused on shift of the regulatory role of governmental entities and institutions from range price setting to market monitor, supervise, decision making and determination of policies in competitive conditions as well as just, true, transparent fair and price discovery through IME trades.

He added that, by reform of base prices and price limits for oil and petrochemical, metals and minerals products, practical result did not cause price jump and for example, during last week, in the oil and petrochemical trading floor, 62 percent of total volume of traded products based on the base prices and 11 percent were remained without demand, so even with the potential price change up to 10 percent, 73 percent of total volume did not experienced the price growth.

Major Price difference was detected comparing of free market and exchange price because of some commodities which have high demand comparing to their related offers and private sector had not offered them in IME yet.

The deputy has said: balancing in the exchange prices and minimizing the price gap by continuing offerings during upcoming weeks and continuance of price discovery process based on the government plan for the non-inflationary egress and private sector strongly highlights the government role.

Financing the suppliers by offering of SALAM contracts in IME, magnified and focused to the role of Exchange in achieving of government goals for the country’s Macroeconomic.

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