Iran lets 72 investors into stock market

Stock market2Iran has issued 72 foreign investors with stakeholder codes to participate in the Tehran Stock Exchange in the months since mid-March.

The group includes investors from the UK, Russia, Germany and Switzerland, according to an announcement by the Central Securities Depository of Iran, which was reported by the Islamic Republic News Agency, a state-owned new service.

The Tehran Stock Exchange has a market capitalisation of about $120 billion at the official exchange rate and is considered attractive because the average price-to-earnings ratio is low.

However, the stock market is impossible for many foreign investors to access because of sanctions, including a ban on Iranian banks using the Swift international settlement system.

The report says investors from India, Turkey, Lebanon, South Africa, Norway, Greece, Indonesia, Maldives, Hong Kong, Iraq, Pakistan and Afghanistan also gained stakeholder codes this year.

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