The Chief Executive Officer at Central Securities Depository of Iran has acknowledged that the Bank Ghavamin is going to be the fourth Iranian bank to obtain clearing approval from CSDI.

Dr. MohammadReza Mohseni made the remark in a meeting with visiting Bank Ghavamin CEO, GholamHossein Taghi Nattaj, where the two sides welcomed the membership approval of the Bank for providing clearing and settlement services in the Iranian market.

Dr. Mohseni reiterated that the CSDI seeks security guarantee and efficiency for the Iranian capital market. To that end, he added: “We need to optimize the efficiency in clearing and settlement services to our trading participants through reducing risks and costs, improve our relations with the money market and to take advantage from the existing potential.”

The CSDI CEO, meanwhile, called the money and capital markets as complementary to one another, saying: “Coordination between the money and capital markets could satisfy both investors and investees’ tastes and preferences.”

Dr. Mohseni went on to say, “Every day we are witnessing more and more expansion in ties between money and capital markets, so much so that these two markets are now being considered as the two complementary wings of our economy, moving in harmony with one another.”

The CSDI Chief Executive then expressed hope that once it comes to abide by the standards set by CSDI, Bank Ghavamin will soon join the clearing and settlement operations at Central Securities Depository of Iran following Banks Melli, Tejarat and Saman.

For his part, the Bank Ghavamin Chief Executive Officer elaborated on the latest developmental programs of the Bank in various areas and said his Bank has envisaged special preparations for an active participation in the capital market so that it can claim a significant share of the market.

Dr. GholamHossein Taghi Nattaj, meanwhile, expressed Bank Ghavamin’s readiness to cooperate in joint studies and research with CSDI in regards with improving the capital market’s international collaborations with the world financial markets.

The meeting concluded with an agreement between CSDI and Bank Ghavamin to set up a working group comprised of expertise from the two organizations to study ways to improve mutual cooperation and report the results and the subsequent recommendations to senior managers of the two groups.

Release Date: 7/22/2017

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