my transactions are at the disposal of the central bank and we must meet our requirements in this regard. article 6 of the banking monetary law explicitly states this, and article 10 of the implementation of monetary policies incidentally states that the same tools must be used, and now in clause a and clause d of the publication of supervision it is on gold transactions that the central bank's supervision of gold transactions has been placed. as a result, if i was going to take this issue forward in the commodity exchange , it would definitely have to be done under the supervision of the central bank. i don't think that the private company of iran commodity exchange has the capacity to do it in reality accept the policy of the central bank. in fact , it wants to exchange gold. one more thing to say about the two-rate exchange. see my discussion on the two-rate exchange . now, this is just the beginning of this center, and i think that if it is too early now, we want to talk about its results. this is because there will definitely be two rates. it means that the auction

can now be offered from the highest order price, and now with an average price that actually happens in the winners , they will pay that money at a very different rate from the price that the applicants are asking for . from this point of view, we can say that worry about what we want is actually a double rate. let's face it, no, the volume of supply is low now, well, finally , it will reach its maturity in this market, well , it will definitely take some time, well, there is a market that has been active for two years , one year, and there is one that has been active in this short period of time, and it has had successful auctions. now, we had less complaints about auctions and the infrastructure of hashem mahia, that is, meshkar, yes, mr. shahbazi, well, a few discussions were raised. you said that

there is no stock market and the width is not clear from the so-called supply side. the central bank has mandated the import of gold to the gold exchange center. it used to be that the gold that was produced inside was sold on the commodity exchange, and this boosted your service. now the country's gold industry has become a part of it. then, over time, the same thing happened with the imported gold, thanks to the central bank's good action. this should be done. it used to happen, but the same thing happened in the stock market. import of gold used to go into the so-called commodity exchange , where it was placed in the supply stream. now, the central bank has come to this issue and placed this obligation on me . importance in fact, there is no contradiction with the issue of the importer. well , you are not saying that the supplier is not clear. well , this is what we are talking about. please note that i should mention the legal issues . i have already mentioned the issue of article 141 and the issue of the central bank employees in the discussion of the board of directors. a woman who herself believes

that she is present on the supply and demand side for the purpose of management and has placed her as the board of directors . this is in conflict with article 141. apart from this , there are several other cases of the anti-trafficking law. we have that according to note four of article 18, it must be clear in order to deal with smuggling of goods and currency, which is the form of gold transactions , means we need to know this gold that is being sold, now even in the primary market , it is more about the primary market, but whether it is the sanovi market, yes, this. let's see what will happen to him for that gold and that coin, but this is not clear. in the last transactions that were presented in the exchange center this past year, this is not clear, not only is it not clear to me, apparently this has not been brought up in the trading community, see this violation. the system , well, the system of the business community now has many issues, in its place, it should be discussed now, of course, but the fact that now gold transactions in iran should be reported there, well, it will go a long way to become a platform for this. to get the information

, from this point of view, we can't really say that there is a legal reason to say that, in fact, we or the central bank has actually come to disrupt the market, not that it has put special requirements for this issue in the discussion of importers. and this, well, it must be a legal duty. i mentioned from the old law that , in fact, monitoring the gold transactions of the central bank is to follow up its instruments with the central bank. it's in your hands with the central bank in the new law , which from june this year is in fact the burden of the central bank, and the duties of the central bank have been set again . if he actually wants to take action on these issues, that is, if he wants to publish papers, the first thing he has to do is to implement the central act, so this shows the last will of the legislator, that now this new law of the central bank is also right, which means the issue of supervision. on

the market and the executive discussion of gold transactions in the market in fact, it has been given to the central bank, and as a result, we want to say that we will have legal disputes in this matter. no, if this matter was supposed to be solely the responsibility of the stock exchange organization and the stock exchange wants to do this, i, of course , do not know the side of the stock exchange organization. here i have 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. my answer is this. an executive that is a stock market, like the chicago stock market, like this stock market golden they have a financial stability board, where the monetary supervisor, the monetary policy authority, and the capital market authority coordinate there. we

currently do not have a financial stability board, that is , the supreme council of the stock exchange, of which the central bank is also a member, has its own activities and missions. the position of monetary supervisor and monetary policy maker also has duties , and now there should actually be a financial stability board at 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 there or federal if you want to do the reservation there, it will be done at that level in reality, but now the question is whether the iran commodity exchange should monitor these exchanges in reality . regarding the monetary policies of the central bank, he accepts to take action. the answer is definitely yes, because that person who believes in interfering in the market has reservations in this field that the central bank should not have in this matter

, if it is a legal duty, an inherent duty of the central bank. there is someone who can actually enter this issue and manage, you know, land reserves and the country's gold reserves should be at the disposal of the central bank. if the importer is required to take actions , it is still in line with the legal duties, which is again the discussion of the coordinated discussion. mr. procreation is an institution of the central bank, it is happening in the field of coins . it is only the central bank. yes

, the initial coin supply. regarding your considerations, you are saying that in the loan and gold exchange center, it is definitely growing , and because it will continue to grow, in fact , it will be comparable to the requirements and structures that are happening in the iranian commodity exchange. this progress has been achieved that

we don't have gold as a currency in the center, while we have capital in the market, so in the definition of the market, in this place, we are actually different from each other . this is the issue that if gold is imported, the central bank has made it mandatory that this saying in the system of the gold exchange center and supply width, they say because there is no secondary market, it will not be a stock market again, no more. who said that the definition of a stock market is simply to have a secondary market? your definition and mine is this. now, you players

, we must define tools and trading conditions for all these things in the market so that we can say we have a real stock market. in the capital market for stocks, you can use these examples, that is, when the initial offering happens, capital increase happens, financing for companies happens, for discussion, secondary transactions are happening for registration of losers, for discussion. deregulation of stock option contracts that is happening in reality stocks are being issued. it is happening . this is not a disadvantage. well, you have created a situation . the exchange center has no intention. the exchange center is planning to issue a certificate of deposit in the future . it has already been explained in detail whether or not it needs the tools you mentioned. if he wants to develop, the supreme council of the stock exchange should publish the license, and here you will face a problem. if

you want to develop this market, that is, the issue of the iranian currency exchange center. if you want to develop, you need these tools. i want to offer it now first of all, the inconsistencies with the anti-trafficking law, what happened to the supply, what do you want to manage, are you really going to implement it, what happened in the past with the policy of the administration, and then there is another issue that i wanted to discuss. there was a discussion for a few minutes. i wanted to say something about the criticism of the policy of engabazi, which is for this reason . you see, last year we imported gold bullion, and the central bank allowed this to those who are exporters, instead of uploading their cross remittances to the nima system. they offer to buy gold and offer it in the transaction center. well, we we are seeing the results. the statistics published by the customs are something like 19 billion dollars. we brought a lot of commercial goods, which if it was not for the goods, this figure would have been lower. this figure was less than nearly 2 billion dollars. is it possible to demand that in a situation where the central bank's main goal is to control inflation

? the government should move in the direction of reducing the budget deficit and we hope it will also move beyond the budget . we want to create a currency imbalance in the so-called imbalance, which will hit inflation like this, from a so -called back. the second path is the long way, let 's choose it in order to reduce interest rate. it is clear that the effect of exchange rate on interest rate is more than the effect of gold price because the price of gold itself is affected by the price of exchange rate. take it in order to import gold, come and sell it in the exchange center , come reduce it for the sake of this person , consider this side of the imported materials well, the main part is for discussion. the main goods and essential needs and raw materials are imported. in this way , the buyer of gold is mostly investment demand. we

cannot compare key consumption demand with investment demand. i have not run out of supply. the producers in the commodity exchange should value it. the central bank says that the suppliers in the exchange center should be those who import gold . this is certain, and therefore these are the issues . therefore, the policy of tightening will not be accurate and correct. see on the right. the central bank offers it itself, look at that policy, that is the issue of monetary policy that i am

referring to. excuse me, it is the sale of coins. the sale of coins by the central bank is basically collecting money from the society. collected if mr. doctor since 1984 until now constant net ratio. foreign assets are decreasing in terms of money, which is the best and most high-quality center, except for the year 9 , there is the issue of cross-border exchange rates, this figure is constantly decreasing. if we want to ask for something else, we should not include this in the discussion of policies with supply to cover the issue. let's boost the demand for goods like

gold . now, if there is a fluctuation in those prices, well, it plays its own role, right now , maybe now, maybe it's not appropriate to say, let's say, i'm going to collect the gold of the market, how much, because in reality. there is a point about liquidity, you should see , in general, the price of land is a handicap, the reason is open liquidity , that is, if you see it in the last one year. bank. the aspect of money creation or banks' liquidity is happening, which is part of the control policies of some of the banks' balance sheets, this is in line with the reduction of liquidity, but we can see the effect, it has been successful , that is, we have reached a rate of 42% to 25 % in the 25% corridor. next, it

means that you say that we do not accept the inflation rate itself, and in the short term, it is the same

. it means that we, our exporters, in fact , are in line with the import of the currency that cannot easily enter the country, converted and brought into the country. this is the need for liquidity he is selling and supplying through this center , so i happen to be providing liquidity to that exporter, that is, i did something

to make it easier, instead of trying to destroy exports altogether, i happened to open a way for my exporter to get materials. the production of gold textiles should come, give demand and take the bullion, so this is beautiful. yes, the demand is not like this. now, in the year of the bullion , this is what they call the coin. this is what happened . i have coins, in

fact, i have a continuous supply process that goes on the excitement of the rate. in fact, controlling the coin at the gate has a part of the effect of collecting liquidity, a part of it is stability in this process, if it happens continuously , we will see its own effect on the supply of coins and on the physical price reduction in the market. now the number is not such that i can i can say that it has not affected right now, but with the continuous process that the central bank has seen for auctions, you will definitely continue without another season or two. shabji, do you also have an opinion on the coin? until then, you would see real persons, if it is due, when they give 5 so-called coins, this is a capital expenditure. what does this coin want to do ? it wants to go into the pockets of people like you and stay there, to be stored at home. no, i see this as a capital expenditure, like the supply

of something that foreign sources the central bank is not increasing, i will spend capital, if it really has foreign exchange resources , we should not touch the external resources of the central bank for the necessary needs, not to cover the second issue, where now your experts will talk about the rate , excuse me for this second issue as well that is, the sources now, please forget about the rate discussion, there was also a criticism that in the exchange center , the stock is being exchanged at a high rate . what is your opinion

? in short, the central bank intends to enter, if it really intends to enter, it can do the same transaction through the commodity exchange. coordination between the commodity exchange. my proposal is this. what is the solution? the solution is that, well, with paying attention to the fact that the policy of this department is related to the central bank all due respect to the central bank, but it can coordinate with the stock exchange organization, the same supreme council of the stock exchange that you say that the central bank should

also be there. there are many other cases . i said, if you want to develop, how do you intend to obtain a license when the supreme council of the stock exchange is the body that comes to issue bonds, when the supreme council of the stock exchange is the body that licenses the use of futures and option tools , how do you intend to proceed? so we are an institution that exists in my opinion, the solution is coordination, coordination between the two. look, we

have a problem with the central bank and the governance duties of the central bank with the iran commodity exchange as a private company, because you know that its symbol is being traded. it has a separate board of directors. his character is independent from the stock exchange organization, so we cannot say that he wants to act in harmony with an institution like the stock exchange organization. one point

is that the applicant has the right to set the price. i will tell you what the difference is i am an applicant who has two goals, one is that i want to pretend to play physics, that is to buy coins from the central bank, and then i expect the price to go up and sell, or in fact, i want to preserve my assets and turn my money into a valuable asset.

now, what the central bank has done is legally open to you, because you emphasized in your orders, but lastly, since

it is a summary , please tell me that it has now been transferred from the commodity exchange to the gold exchange center. what was it for the country and the people? the point is that it is a duty it is inherent to the central bank, that is, the last will of the legislator of the central bank law last year also gives this authority to the central bank. as a result of the action of the central bank, in terms of legal contradictions, we can say that this is a solution to the benefit of why the central bank did this. dad, well, definitely, considering the golden backing that he has. there is a support for the currency that is available to it. now, since we have left the full width aside from the benefits of this discussion , we did not mention the gold and gold exchange center. it is really managing the currency part , and because of the sensitivities that exist there , this issue is happening, now the gold part too. in fact, it has different goals. the central bank , as the one who actually signals to the market, and its actions are actually effective in inflation expectations, it is doing this signal , so i think it is better.

the past trend does not show a high impact of gold supply in order to reduce the abab rate. in my opinion, this could have been better managed by other methods. what is this transfer and if it was in the commodity exchange, its negative benefits for the country and my country what was better in the presence of you people ? yes, i would like to say that i believe that the central bank should supervise the transactions, this is certain , but it could have been supervised by the commodity exchange. we were seeing the devaluation, of course , in terms of width, we agree with mubadara center , but from the point of view of gold, it was another institution that was doing its job due to the

consequences that we are having due to devaluation. in terms of efficiency discussions and these things that i mentioned, in the future, if he wants to go for transparency, which from the point of view of the stock market, well, it is characteristic everywhere. the world is transparent for the stock market. in short, i want to say once again, the end of the discussion means the last sentence. in my opinion, policymaking should definitely be the central bank, something that is clear, but it can be done with a continuous and coordinated society , not only in there are other institutions between the stock exchange organization and the central bank. the ministry of economy is the same ministry on the side of the trade community system discussion. if the coordination is better, the ministry of economy, the tax affairs organization , all of this will be the right path.

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in the name of allah, the most merciful, the most merciful, greetings to you , dear viewers, at 2:00 am, ghassam ghats announced that it had set fire to a merkaba tank of the occupiers in the east of rifa. also the sources of phil. lebanon's hezbollah also announced military officers in a combined operation with anti-aircraft drones and guided missiles.