[000:00:15;00] thank you very much for your attention and companionship with this news section, dear and respected compatriots. good day , god bless you. the iranian coach, sharaf iran, has a telegram , he is playing with the whole country, why

are you pricing in these six months? we do not agree with the treatment. above, higher than servia, higher today, wherever we are, we are in the name of god . greetings, politeness, respect, service to each one of you , dear and respected viewers of the program . we are at your service with another debate. the exchange center is done first more than this, this route was taken through the commodity exchange and it was done. the topic of the debate in this part of the program is higher, to see which route is more ideal and which route can provide a better id for the people and policymakers. commodity exchange

also faces criticism. although, if you remember 1401, which was the beginning of the supply, in a period, i think it was a coin profit, which had a decrease of one or two million in price , but then, for example, the prices changed a little, even a series of orders, for example, were placed up to 15, 16 million with the same price was traded for them there was this form, the central bank came and did this work through the exchange center, criticizing it because of the way it is doing things , saying that it should be at the disposal of the commodity exchange, which is also being done in other countries. in your presence, i informed the central bank and i would like to thank you that in any case, both methods that i have presented to you have pros and cons, and in this program, we want to discuss with two experts in this field and examine these paths together. let's see where the problems came from. thank you, see below

be us please. yes, mr. farzani, a banking expert, is present here in our studio. also, mr. shahbazi, an economic expert of the program, mr. shahbazi is in favor of offering gold and coins in the commodity exchange. mr. farzani is in favor of offering them in the exchange center . i would like to start with mr. shahbazi and ask you this question, basically, the reason for your opposition to the supply of gold in the width and gold exchange center is where it comes from and what is the reason, in the name of god and the viewers. well, the reality is that tenure and politics investment in the field of gold and the thing that is clear and clear about coins and scraps

is that it is the central bank's scrap and... and the reason is that gold is a strategic commodity, and in terms of behavior, its behavior is similar to value, and it is related to the discussion of the value of the national currency. policy making in the field of gold is the responsibility of the central bank, this is clear, not only here in other countries, such as the united states, where at least the federal reserve, in the time frames now, the contracts it concludes are for 5 years, but the second issue is that, well well, the central bank is responsible for the implementation of policies in the field of gold yes, but what will be the executive arm of these executive policies? this is the point of contention. well, what i have said is in other countries, and it has been in our country until now. well, there has been

a stock exchange in our country. in other countries, we have the chicago commodity exchange, the dubai gold exchange, and many other countries that exist now . what is the matter? the causes are that, well, now there is the issue of transparency, which is relevant for the stock market , and the issue of efficiency, which is relevant for the stock market. this has led to the stock exchange interfering in iran. there is another problem in iran. well , unfortunately, the gold policy is completely passive by the central bank . it has been managed since 2007. the question is , what is the policy of our central bank in this area? he has made it clear to us what he has done, and now he has brought the past year to the position of taking charge of this matter, not that we want to take the policy of gold bank from the central bank, which is definitely their duty, but the question arises that

why the executive arm of the policies adopted by the central bank should be an institution, now under the title of the gold and coin exchange center and the reality of the benefits of the stock market. as experience has shown that the commodity is traded in the stock exchange, not in the center of the exchange center , which is a political institution. what is the reason ? there is transparency. the thing that is clear is that in the stock exchange, well, we are transparent. now, the codes at least we can see the real thing, if we don't see the name , we can see the codes, supply volume, demand volume and price it's kind of obvious there, and even in 87 , the producers are taking it there, and it caused the prosperity of the country's gold industry. apart from this, we are talking about tools, tools that are in the stock market to reduce the risk of future tools, such as option tools . is it possible for

these to be applied in the central bank, are they not licensed by the supreme council of the stock exchange, so the tools that you the secondary market is proposed for these gold and coin transactions in the stock market, and now it is the commodity market. it has already been experienced since 1987, and now this information is fully available to the institutions in a transparent manner the regulatory body of the so-called tax organization has been placed so that they can easily do business and it has been clear, and i say that the principle was the same in other countries of the world. to help the central bank in achieving its political goals , the stock exchange organization can provide everything. and the reason why i am against it, now we were invited as the opposition, here is the reason why i am discussing now, we can say that it is not informed, one is that this discussion of the stock market itself , i will present a series of basic requirements for your service.

gold and coins are the second problem, and the second problem is that if we want to get out of this , we will face a series of legal situations, which is a pain now, mr. farzani, why do you agree that that it should be offered in the market of the exchange center, not in the commodity exchange, where does your opposition to the commodity exchange come from , in the name of allah, the most merciful, at the beginning , i offer my greetings and respect to you, a capable presenter, dear guest of your program and respected viewers, i must ask you to see that the market is now the exchange center currency and gold, well, the width part, well, the characteristic is very high in fact it is no secret that the central bank as a territorial policy maker. now, both the legal rules that govern the country, and as the custodian of accounts and foreign exchange reserves, and the relations of the country, now we , which are somewhat special in the field of foreign exchange, usually

no one has the ability to regulate the market, but in the field of gold, well, we are different from several aspects. we can rightfully give this issue to the central bank. from the first aspect , it is a question of legal powers, legal powers, what is in the monetary law. the new law of the central bank, which was passed by the islamic council in november of last year , has given this authority and even in fact the central bank is entrusted with the writing of executive orders, which we will discuss in its own section . as a rule , it is the executive arm of the central bank's monetary policies, that is, when the central bank starts to issue bonds based on this issue or, in fact, the cash market, in

fact, gold, it is actually discussing an expansionary policy, what does it mean, one of the its goals can be that, in fact, we collect money from the market, collect it from the society, considering the large amount of liquidity in the society, it can be a monetary policy. in this aspect , it could not be done through the stock exchange route. considering that the coordination policy and... its powers are in the central bank, therefore it could be realized faster and easier through the central bank route. in response to the discussion of transparency, it should be mentioned that according to the discussion of transparency in the field of foreign exchange, due to the special conditions that exist for the discussion of horizontal reserves and currency management in the country and the fact that information is not disclosed properly , it is necessary that definitely, the central bank will now

carry out this work confidentially, you should know the information it will be the country's series, and as a result, this issue is justified, that is, the point that mr. shahbazi mentioned in the transparent area that was transparent in the commodity exchange , we could see at least a series of information that you are saying, which we are talking about in the field of gold, especially gold. we should mention that considering that it is cash transactions. the supplier is only the central bank, as a result , basically, the definition of the market or basically the definition of the stock market is not defined for the defined mechanism of the commodity exchange, that is, the basic definition is the simplest definition that we have to say is the place where the supply many and informed buyers and many and informed buyers should be present in reality. now we don't have the supply side and the private sector is not offering this issue either. and only the central bank

is supplying, as a result of this issue that the supplier now has at his disposal what amount he wants to supply, in what order he wants to supply , how to decide this matter, well, the central bank is definitely much faster if you can do this , you can coordinate more easily when you have the means of implementation, so this is actually a matter of us saying that, well, we are the stock market. we have it and want it to be done from that place, so we can say that this matter is true. the supply of gold and the cash market practically does not have the definition of the market and the impact of the definition of the stock market. another point that we have in fact and must address is that the central bank believes that in the literature, we also have investment in this issue. we have the fact that the maturity of more than one year in the capital market, if the central bank is doing the actions it is taking

, there are bonds with a maturity of less than one year, so it means that it is a monetary instrument. the announcement of the success of the auction will take place in two weeks now, when will there be a calendar that shows that there is a definable short-term maturity instrument in the money market that is happening, and from this point of view , we can say that the central bank is scientifically right to take such an action, mr. shabazi. this as you mentioned mr. farzand, would you see the central bank if we take this supply route from the commodity exchange to the exchange center or not? you see, in the whole world, the monetary policy of the central bank is the monetary policy maker, which means stabilizing the ax. he should make policy because he wants to preserve the value of the national currency and fix inflation , but the problem here is whether because he has the right to do so and... he is a politician, should

he create another institution that deals with corporate governance? the problem is, should we give this right to the central bank , what was the need for this to be realized, since more than 6 tons of so-called gold bullion has been offered in our commodity exchange since 2007. we had a problem in the direction of transparency and therefore i cannot accept it as a reason convincing your order to come to the third institution. let's get it right, the problem of the central bank is that it exists both on the supply side and on the demand side, and this central bank wants to make policies, this is neither logical nor rational. from the central bank of gold supply , this was done in 1991, 1996, 1997, how effective was it as a monetary policy, how

effective was it in the short-term and long-term process. i don't think it is a high percentage and the problem is that the central bank made it mandatory importers and importers, i.e. gold importers, who say that they offer their own gold in the currency exchange center, that is, in terms of supply , he wanted to follow and collect it, but this problem in the so-called exchange system of the gold and currency exchange center prevented him from doing so. they should state this , you are probably aware of it, you mentioned it on time. first of all , this position defined for gold and currency exchange centers is in violation of articles 2 and 20 of the securities market law. how can you see that according to these articles, the establishment of an exchange should only be with the permission of the stock exchange organization? we cannot establish another exchange. to establish it without the permission of the stock exchange organization, and therefore we have a ban on transactions there as well

. firstly, secondly, let me tell you that an institution has been formed . article 36 of the law on permanent decrees

on development programs of the country. the supreme council of the stock exchange does not determine, do not approve, this is a violation, so these legal situations are at least these three cases, except for the one that i mentioned, in the whole world, although the central bank is a policymaker in the field of gold, it is trying to create an arm. the implementation of this issue has not been updated. the point of mr. azranani is that the policy of expansion that you said was not effective. they also pointed out that the maturity date in the exchange center is now the short-term maturity in the stock market, and now the long-term maturity has become very effective. now , i don't think this is much of a point of discussion , it's not very important in my opinion, but one of the situations that we want to raise if we want to raise the currency exchange center is whether it is important or not if this exchange center wants to continue, well, we have consequences like we are never benefited from two rates we didn't see that the price that

is mentioned for gold in the so-called commodity exchange is lower than the price that is extracted in the gold and currency exchange center and is traded there . it becomes one of the discussion of legal situations, the discussion of monetary policy, which i will explain in detail , whether it was necessary for the central bank to enter now in this way, which i will explain in detail, and that we are an innovation. we have done nothing like this in the world, while the central bank is the custodian all over the world politics thank you, mr. farziani, these are some points that you mentioned in the discussion of why you are sorry, start from the last one. that this due date is an unimportant issue from your point of view, as sir , i said, i would like to ask you to see if you are talking about due date. the capital market should be exchanged and the instruments that have a maturity of less than one year in

the money market should be defined in reality . we are talking about criticism. basically, it is a physical market and there are cash transactions , both in the form of cash settlement and physical settlement, and in fact, according to that, now that transaction , especially gold or coins, is happening and being delivered, so we want to say that this deadline is not important because it happens to be important and because the money market is defined, the central bank as the policymaker of the money market should definitely be included. to be involved and in fact directly responsible for this area, it is therefore necessary that the central bank, especially an institution that is independent from governments in the world. and this degree of independence gives him the permission to make any kind of policy in the money market, including the fact of creating

an exchange center, which is actually the legal answer that you have regarding articles 2 and 20 of the law now with securities. as a rule, the stock market should be defined as suppliers and buyers, who can now be policymakers with specific goals, traders, speculators, arbitrators , and those who are now called stones or those who protect these goals in reality. they trade with these goals in the market in the capital market, we now have a little bit of this in this field, in fact, we have the actors in the discussion of the exchange center, as a result, we cannot say that it meets the requirements of the stock exchange, no, it cannot be like this. so this is legally, but the answer i can legally give to

what material can the central bank actually use for gold reserves? the origin of the work and the central bank's actions are also related to the year 141 at. as a result, if i were to take this issue forward in the commodity exchange, i would definitely have to do it under the supervision of the central bank. i don't think that the private company of the iran commodity exchange has the capacity to actually accept

the policy of the central bank, in fact , it wants to exchange gold for this matter. i would also like to say something about the two -rate system. see my discussion on the two-rate system. the issue now is that this center is just the beginning and i think that if we want to say that it is too early now , its results are definitely going to be double rate. because the auction mechanism is happening, the average is actually the price it is being determined, that is, the auction that can now be offered from the highest order price, and now with an average price that happens in reality, the winners will pay that money at a rate that is very different from the price that the applicants are asking for. let's say, well, then

worry that we want to, in fact. it was brought up and you said that there is no exchange and the supply is not clear from the so-called supply side. the central bank has mandated the import of gold to the gold exchange center. it is the duty of the law. in the past, the gold that was produced internally was sold on the commodity exchange side. and this will make your service prosper. now , the country's gold industry has become too. later , the same thing happened with the imported gold. during the central bank's time , this should have happened, but

that's it in the commodity exchange. an institution that he builds himself is present on the supply and demand side for the purpose of management and he has been appointed as the board of directors. this is in conflict with article 141. apart from this , there are several other cases. according to note four of article 18, it should be clear in order to deal with the smuggling of goods and currency , which means we should know what gold transactions are like. this gold that is being sold now, whether in the primary market or in the market , it is mostly about the primary market, but also the secondary market. let's see what will happen to that gold and that coin, but this is not clear in the last transactions that were made in the center this past year, this

is not clear, not only to the public, apparently this has not been brought up in the business community system either. look at the violation. well, the order of the business community now has many issues , it should be discussed now, of course, but now the gold transactions in iran should be done there. let the truth be reported, well, it goes a long way . there is a legal reason to say that in fact, this will cause us or the central bank to disrupt the market, not that it has put special requirements for this issue in the discussion of importers, and this must be done , it is my legal duty to follow the law. in the past, i mentioned that , in fact, the monitoring of gold transactions is done by the central bank . in the new law, from june this year, the central bank is actually burdened and the duties of the central bank have been set again.

this issue has been repeated, which means that it has been clearly stated that even before the establishment, that is, the supreme council of the stock exchange , before it actually wants to take action on these issues, that is, if it wants to issue bonds , the first thing it should do is to implement the central bank's handbook, so this shows the last the will of the legislator that this new law of the central bank is now also the right, that is, the issue of monitoring the market and the implementation of gold transactions in the market, has in fact been given to the central bank. eat no if this was supposed to be the case it should only be under the authority of the stock exchange organization and the stock exchange wants to do this. of course , i don't know the stock exchange organization here. i own the private company of the iran commodity exchange. in fact, i say that it is not the right place. well, from a legal point of view , the central bank will be right. yes, we didn't have any legal issues, i said that in terms of policy making

in the field of supervision, the same thing is done in the field of capital regulation. we currently do not have a financial stability board, that is , the supreme council of the stock exchange, which the central bank is also a member of, is an activity. it has positions and missions the monetary supervisor and the monetary policy maker also have a duty, and now there should be a financial stability board in a higher position , we don't have one at the moment, as a result of wanting to say that this is happening there, it is not happening here, the difference

is the coordination that the central bank the central bank should not be involved in this issue , if it is a legal duty , it is the inherent duty of the central bank to actually enter and manage this issue. they oblige the importer take actions, again , it is in line with the legal obligations, which is again the discussion of the coordinated discussion, i say the coordination of the legal requirements, you are satisfied with the legal issues that were discussed, the violation that was not announced at the moment, the law is still in place , article 14 is still valid , mr. the central bank of coins , it will happen only the central bank, yes, the initial coin supply, yes , that too, i am against it, now i come to the area of ​​monetary policy. it didn't take to say where are the gold renovators on the stock exchange ? they are not required to go to the material center

to make an offer. the requirements and infrastructure and the things related to the considerations that you are saying in the loan and gold exchange center are definitely growing, and because this growth will actually continue, it can be compared with the requirements and structures that are currently in the iran commodity exchange. it happens. well, i'm sorry if this was done. for example, this progress was achieved . the number of suppliers increased, but now it was not central. this infrastructure was provided at that time. the suppliers are also increasing, a new market is being formed, which is a special market, the definition of the supplier here