IRAN: The Executive Board of the Central Bank of Iran (CBI) has approved the ‘Procedure for accepting and issuing licenses for the bodies supervising foreign exchange operations of fixed-income investment funds’ framework, which allows individuals and legal entities to invest in forex funds through cash deposits or forex remittances, to finance export-oriented and forex-generating projects.
Under the framework, the funds will be required to invest in foreign currency assets including foreign currency deposits, foreign currency bonds and special foreign currency investment certificates licensed by the central bank. Foreign currency bonds will form the larger portion of fund assets.
The framework was developed jointly by the CBI, the Securities and Exchange Organization of Iran and the Iran Center for Exchange of Currency and Gold.
Restricted Access
Login to continue reading (existing subscriber)
Subscribe NOW and get:
- Gain unlimited access through all key operating platforms
- Full access to all listed Islamic funds & fund profiles
- Unlimited access to all Islamic fund managers
- Access to all exclusive articles, reports, podcasts & videos
- Complimentary access to all IFN Investor Forums
