and it is may 8th, the noon call to prayer in tehran will be at 12:00 and the maghrib call to prayer will be at 19:00. we are very grateful for your attention and companionship with this news series, dear fellow countrymen. good day. in the name of allah, the most merciful, the most merciful. good morning . welcome to the news of the capital market. the director of primary market supervision of the stock exchange organization announced the facilitation of the financing process of stock companies. mr. roshan qalb

said that the stock exchange organization has given proposals to the parliament to facilitate the financing of stock companies with capital instruments for increasing the company's capital and establishing public joint-stock companies. clear heart to incentives the taxman of this plan pointed out and said that there is a tax exemption for the establishment of joint stock companies of the project and general funds of the project for the transfer of assets to the company. he also said that with the implementation of the law on facilitating the financing of companies with debt securities , it will be possible to issue bonds privately in the capital market so that companies can more easily take action on the private currency of bonds. the indicators of the glass hall decreased in tuesday's trading. the real money outflow from stocks continued for the seventh day in a row and 65% of the market symbols were negative.

tehran stock exchange fell for the seventh day in a row indicators were in a downward slope from the beginning of trading and took a step at the negative level of the fluctuation range . on this day , the total index dropped by 7648 units, equivalent to minus 34 hundred percent, and reached the level of 2 million 23149 units. 2,760 units were placed at the level of 74,134 units . on this day, the glass hall witnessed more than 6 billion 630 million stocks and bonds changing hands in 302 thousand transactions with a value of 396 billion tomans. the value of its transactions decreased on this day. it reached 2958 billion tomans. the symbols of fars, shabandar, shatran and ghadir are the most they had a negative effect on the red of the total index, and in front of the symbols of hope, nation, and kharez, etc.

, they prevented further reduction of the total index. tuesday saw the withdrawal of 147 billion tomans of real money from stocks and preemptive rights. during tuesday's trading , the largest outflow of real money was made from the groups of chemical products, cement and banks. it had the status of hall symbols. also tell about it there were 271 positive symbols and 502 negative symbols, so that the market witnessed 65% of its symbols becoming negative . also, 50 symbols faced buying queues and 53 symbols faced selling queues. the total value of the buying queues is 100 billion tomans . it was announced by ghazal arab gol of sed and sima news agency that the volume of gold bullion certificate

of deposit transactions in the commodity exchange has been launched since the end of 1401 in the one-piece systems of the iran commodity exchange. more than 520 thousand tons of goods. on tuesday, it was traded in the commodity exchange. the value of these transactions reached more than 8800 billion tomans. at hall of industrial and mineral products sold 171 thousand tons of steel sections. 196 thousand tons of all kinds of goods were traded in the export hall. the petrochemical and petroleum products hall also experienced the transaction of 100,000 tons of chemicals and polymers. the volume of transactions in the open auction hall is 30 thousand tons and also in the cement hall. it was 1,800 tons, and today it is more than 320,000 tons

of hydrocarbon products and on the width board. the iran energy exchange is going. the largest volumes of supplies are for liquefied gas products, kerosene, methanol, raffinate, light and heavy oils, and fulrange oils. internal forum hosts supply more than 4670 types of products, including halal, light and heavy oils, and kerosene. in the international hall , more than 2750 tons of products such as gas, raffinate, naphtha, methanol and various solvents are offered. yesterday, all kinds of products worth more than 477 billion tomans were sold in the energy exchange. end of capital market news, god guard.

the iranian coach, sharaf iran, is playing with the country . in the name of god, greetings, courtesy, respect and service to each one of you dear and respected viewers of the higher program

, we are at your service with another debate. you know how long the gold and coin auction has been conducted through the exchange center, before this. that now this path was taken and was done, the same issue is the subject of the debate in this part of the program , to see which path is more ideal and which path can provide a better id for the people and policymakers, the supply of gold, which has been criticized in the commodity exchange. although, if you remember 1401, which was the beginning of the supply, in a period , i think it was a coin interest, which decreased one or two times. it was worth a million, but then, for example, the prices change a little.

in this program, we want to have a discussion with two experts in this field and examine these paths together to see where the problem and confusion came from. thank you , stay with us until the end. banking expert farzani is present, as well as mr. shahbazi, the economic expert of mr. shahbazi's program. mr. farzani is in favor of offering coins and coins in the commodity exchange. he is in favor of offering them in the exchange center. shahbazi, let me start with this question, which is basically the reason for your opposition to the supply of gold and silver in the gold exchange center, where does it come from and what is the reason, in the name of allah

, the most merciful, the most merciful. greetings and courtesy to you and dear guest mr. farzani, dear guests and dear viewers. . i would like to tell you that the reality is that the management and policy making in the field of gold, coins, and securities, what is clear and obvious is that it is the central bank, and the reason is that gold is a strategic commodity and in terms of his behavior is similar and related to the discussion. the value of the national currency is therefore policy-making the gold field is under 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, the contracts it concludes for 5 years, supply, for example

, determines a certain amount already. i am going to supply a certain amount, for example, so many tons of gold in the next 5 years and it will work, but the second issue is that, well, very well. executive policies policy making in the field of gold is the responsibility of the central bank, but what will be the executive arm of these executive policies , this is the point of dispute. there are the same other countries that i have mentioned, and in our country it has been until now, well, there has been a stock exchange in our country, in other countries we also have the chicago commodity exchange, the dubai gold exchange, and many other countries that exist now, we have many stock exchanges and the reasons for this. it is also clear that what is the reason for trading there, the causes are that, well, now the issue of transparency that is raised for the stock exchange, the issue of efficiency that is raised for the stock exchange , which i will explain in detail now if you want, and some of the previous ones. . it has led to the stock exchange interfering in iran , there is another problem in iran, well, unfortunately

gold policy has been completely passively managed by the central bank since 1987, and the iran stock exchange company is somehow conducting gold bullion transactions, but the question is what policy has our central bank made in this area, let it be clear what it has done now. he brought the last year to this position to take charge of this case as well , not that we want to make the policy of tala bank. we can take it from the central bank, which is definitely their duty , but the question arises why the executive arm of the policies assigned by the central bank should be an institution, now under the title of gold exchange center and coins and gold and the reality of the advantages of the stock exchange , i say from this point of view, what is happening in the world and what has happened has shown as experience that the commodity is traded in the stock exchange, not the center of the exchange centers, which is the source of politics. okay, transition, what is the reason, there is transparency, the thing that is clear is that in the stock market, well, we

can see the real codes transparently, at least if we don't see the names, we can see the codes, the volume of supply, the volume of demand, and the price is somehow determined there. and since 1987 until now, the producers have been going there, which had led to the prosperity of the country's gold industry apart from this, we are talking about tools. the tools that are in the stock market are tools to reduce risk. in the future , like option instruments, are these also possible to be applied in the central bank, are they not licensed by the supreme council of the stock exchange, so the instruments that are proposed in the secondary market for these gold and coin transactions are in the stock market and now the commodity exchange. it has already been experienced since 2007 , and now this information has been fully provided to the regulatory bodies, the so-called tax organization, so that they can easily do this and it has been clear, and i say in other countries of the world as well. at all, this is not something that is unique

, it is the stock market itself, it is a series of drugs, the main requirements for your service, it has gold transactions, gold and coins are the second issue, and the second issue, i will say , is at your service if we want to get out of this. we are faced with a series of legal situations, which i will explain in the next section. well, mr. farzani , why do you agree that the exchange center should be offered in the market? it is not that the central bank as a horizontal policy maker is now the legal rules that govern. it is and as a custodian of the account and currency reserves, as a rule, the relations of the country, now we are the same

there is also a special amount in the field of foreign exchange, as a rule , no one has the ability to regulate the market, but in the field of gold, well, we can give this issue to the central bank in several aspects, from the first aspect, it is a question of legal powers, what about the legal powers in the country's banking monetary law, which is assigned year. there is 51, and what about the discussion of the new law of the central bank, which came in november of last year and was passed by the honorable islamic council , this authority is given, and even in fact, the writing of executive actions is left to the central bank, which we will discuss in its own section. there is definitely a problem with this market which is created as a rule, the executive arm. it is the monetary policy of the central bank, which means that when the central bank starts to issue bonds based on

this issue or, in fact, the cash market, in fact, gold , it is actually a monetary policy , what does it mean, one of its goals can be in fact, we should collect money from the market , we should collect it from the society, considering the large amount of liquidity in the society, the monetary policy could not be taken from this aspect , it could not be done through the stock market. it was the central bank, therefore, from the bank a center could be realized faster and more easily, and the next point that exists in response to the discussion of transparency should be mentioned that according to the discussion of transparency in the field of foreign exchange, well, due to the special conditions that exist for the discussion of management foreign exchange reserves. currency in the country and not disclosing

the information in fact, it is necessary for the central bank to carry out this work in a confidential manner because the information will be the secret of the country and as a result, this issue is justified, that is, the point that mr. shahbazi mentioned in the transparent area that we could see in the stock market is at least one in the series of information, you say that we are talking about gold in general, and in the field of gold , especially gold, we should mention that , considering that in 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 a place where there are numerous and knowledgeable suppliers and numerous and knowledgeable buyers in fact be present, now we

don't have the supply side, and the private sector is also the supplier of this it is not an issue and only the central bank is offering it . as a result of this matter, the supplier now has at his disposal how much he wants to supply, in what order he wants to supply , and how to decide on this matter. well, the central bank can definitely do this much faster and it will be easier to coordinate. he can have it when he has the means of implementation and therefore this is actually a matter of us saying, well, we have the stock market and he wants to do it from there, so we can say that this matter is actually the supply of gold and the cash market. in fact, the definition of the market and the impact of the definition of the stock market no another point that we have in fact and we must address is that the central bank believes that in the literature, we also have this issue of investment, we have bonds with a maturity of more than one year in the capital market , if the central bank's actions are bonds with a maturity of less than one year, so

it means that it is a monetary instrument . 7 working days after the announcement of the success of the auction actually happens, and this is two weeks, now there will be a calendar that shows that an instrument is due. there is a definable short-term in the money market that is happening, and from this aspect , we can say that the central bank is scientifically entitled to take such an action, mr. shahri. the side of the exchange center or not? you see, all over the world monetary policies are made by the central bank, which means stabilizing inflation. i discussed the connection with gold, which we have the right to have the central bank make policies for, because it wants to maintain the value of the national currency and stabilize inflation

. the problem is, is it because he has the right? he is a politician, should there be another institution? let him imagine that the issue of corporate governance will be in trouble, legal discussions will be in trouble, the problem here is whether this right should be given to the central bank , what was the need for this to be realized, if from 2007 until now, when more than 6 tons of gold ingots have been sold the term offered in the commodity exchange, we had a problem in terms of transparency, and therefore, i cannot accept your request as a convincing reason to create a third party institution, which is the opposite of the central bank. on the currency side, there is also a percentage on the demand side and this central bank wants to make policy , this is not logical, it is not rational , i would like to tell you, in terms of the monetary policy that you mentioned , how much was the supply of gold from the central bank in the years 91, 96, 97? could it

be effective as an austerity monetary policy? how effective could it be in the short-term and long-term process? our question is , how much could it cover liquidity as an austerity policy? i don't think it is a high percentage and it is a problem. what it is is that the central bank obliged the importers to import the gold importers, that is, the gold importers, who stated that they would offer their own gold at the exchange center, that is , they wanted to follow and arrange it in terms of supply, but these problems in the so-called exchange system of the gold and land exchange center prevented them from offering. you are probably prohibited. you mentioned the legal disputes that this should not happen. it is for you to see that now this exchange center has been established. well , at least 3 of these three that i checked now , i obtained 3 legal situations. first of all , it is that the place for the gold exchange center and defined currency according to articles 2 and 20 of the securities and exchange law. according to these articles , the establishment of an exchange must only

be with the permission of the stock exchange and securities organization. we cannot establish another stock exchange without the permission of the stock exchange and securities organization, and therefore it is prohibited. we also have transactions there. first of all, secondly , let me tell you that an institution has been formed, a stock exchange has been formed, and the upper body itself, i told you , there is a request for entry. well, this is the constitution, these two, and the next issue is the opening of article 36. the law of permanent decrees of the development programs of the country is also the activity of such a center that is, the currency exchange center considers it a violation, and the responsibility is now included, it also considers it a violation , that is, the slave, yes, paragraph jim, article 36 of the law on permanent provisions of the development programs of the country, this refers to

the fact that now it was for the reason that it says that this license is granted to the so-called designation of the stock exchange means that if a stock exchange organization wants to be established, it must be through the stock exchange organizations, that is, if the supreme council of the stock exchange does not determine it, do not approve it, this is a violation , so these legal situations are at least these three cases, except for the one i mentioned, all over the world with that the central bank is a policymaker in the field there is gold, but they have not created a new executive arm. this is the point of mr. azranani . they pointed out that this policy of reformation that you said was not the same. they also pointed out that the maturity date is in the mobadali center and the short-term maturity in the stock market. now, this long-term review was very successful. now , i don't think this is much of a discussion. i don't think it is very important. but if we want to raise the currency exchange center, one of the other situations is whether it is important or not. if you want to continue, the exchange center is important. currency well, we have consequences such as two rates

we have never seen the benefit of having two rates . right now, the rate that is mentioned for gold in the so-called commodity exchange is lower than the rate that the gold and currency exchange center is extracted from and traded there. finally, let's start that this due date is an unimportant issue from your point of view, as mr. they should be exchanged in the capital market for years, and instruments that are less than one year old in the money market, they must be defined in fact, well, this issue of cash transactions that we have is about cash transactions. we are talking about basically a physical market and cash transactions are also happening in the way of cash settlement and the physical image is also happening and in

fact according to that now the issue of gold or coin transactions is happening and being delivered, so to say that this deadline is not important, why is it important by the way, and because the money market is also defined, the central bank , as a money market policymaker, should definitely be involved and in fact directly responsible ok, this is why it is necessary for the central bank , especially as an institution that is independent from governments in the world, and this degree of independence allows it to make any kind of policy in the money market, including the fact of establishing the center. in fact, the exchange is the legal answer that you have regarding articles 2 and 20 of the law, now with bonds and... because the stock market should be defined as suppliers and buyers, and now the policy

makers can be speculators with specific goals. they can be expensive arbitrators, they can be those who now it is said that hajar or masons are in fact these goals are in fact they are trading with these goals in the market in our capital market now in this field. a small part of this, in fact , we include 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 in this way, so this is legally, but the answer that they can legally give is that the bank in fact, what materials can the center use in the discussion of gold reserves? now i am talking about the old law , the country's banking monetary law. 1951 until last year it is almost the source of the work and the central bank's actions are also related to the year 1401. i should mention

that he defined the gold and its authority is under the authority of the central bank. my transactions are under the authority of the central bank and my requirements must be met in this regard. article 6 of the banking monetary law clearly stated this. and article 10 of the implementation of monetary policies incidentally says that the same tools should be used, and now in clause a and clause d , there is the publication of the supervision of gold transactions, and the supervision of the central bank's gold transactions has been put in place . i would promote it in the commodity exchange, i definitely should under the supervision. you see, this is just the beginning of this center , and i think that if it is too early now, we want

to outline its results. it means that the auction can now be offered from the highest order price, and now with an average rate that actually happens in the winners , they will pay that money at a very different rate from the rate that the applicants want now, from this point of view , we can say that so, the concern is that we want to finally reach this market until it reaches its peak. well, it will definitely take some time. well , there is a market that has been around for two years and a year. which is working , has had successful auctions in just a short period of time and now we have had fewer complaints about auctions and infrastructure. well, a few arguments

were raised, you said that there is no stock 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 . this will make your service flourish, and now the country's gold industry has also become the country's gold industry, then over time , the same thing happened with imported traps and over time. this should have happened in the central bank's good action, but it is not clear. well, this is the next thing. please note. again, i will mention the legal issues . i mentioned the issue of article 141, and the issue is

the employees of the central bank. apart from this case , there are several other cases . we have the law to combat the smuggling of goods and width, which according to the fourth note of article 18 , it must be clear in order to deal with the smuggling of goods and currency, what form of gold transactions means we must know this gold. which is being sold , now even in the primary market, it is more about the primary market, but also the sanoy market ok. 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 that, it is not clear, apparently this has not been brought up in the trading community system either. see this violation, see the system. well, the trading community system now has many problems. its place should be discussed now, of course, but the fact that gold transactions in iran should actually

be reported there, well, it is taking a certain path. until this is completed and the information comes, then from this point of view , we cannot say that there is a legal reason to say that in fact this it will cause that we or the central bank has actually come to disrupt the market, not that it has placed special requirements for this issue in the discussion of importers, and this must be a legal duty . the tracking center for its tools is the desan central bank. the new law, which has been imposed on the central bank since june of this year, and the duties of the central bank have been laid down , this issue has been repeated again, that is, 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 it has these topics ok, it means that if he wants to publish papers, the first thing he has to do is execute the central operator, so this shows the end.