Bank Mellat secures regulatory approval to set up Iran’s first fixed income foreign currency investment fund

IRAN: Bank Mellat has secured regulatory approval to set up Iran’s first fixed income foreign currency investment fund, which will manage capital from individual and institutional investors to invest in low-risk liquid foreign currency instruments including foreign currency Murabahah securities, discounted foreign letters of credit and certificates of deposits. According to local media, the fund will be managed by Bank Mellat Capital Investment while Bank Mellat will serve as its registrar, foreign exchange operations manager and liquidity generator.