IRAN: Tamin Sarmayeh Kimia has secured preliminary approval from the Securities and Exchange Organization to establish an open-ended foreign currency-denominated fixed income investment fund, which will be between US$10-100 million in size, with an indicative annual return of 5% in US dollars and 4% in euros. The fund, which aims to mobilize idle foreign currency resources, broaden foreign currency investment instruments and support export-oriented financing, will be founded jointly by Tamin Sarmayeh Kimia (10%), Bank Melli Iran (45%) and National Iranian Copper Industries (45%).
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