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Immediate impact of sanctions removal on Iran’s economy

Immediate impact of sanctions removal on Iran’s economy

Date: 16 January 2016 16:17

Baku, Azerbaijan, Jan. 16

By Farhad Daneshvar – Trend:

Ahead of the expected removal of sanctions against Tehran, a market expert has predicted that Iranian banking sector and motor vehicles industry will be the first to benefit from the milestone development.

Speaking to Trend Jan. 16, market expert Hamid Mirmoeini said petrochemicals sector is very unlikely to immediately react to the removal of sanctions, speculating that petrochemicals and pharmaceutical sectors may react within two months after the banking sector and motor vehicles industry.

Earlier, Iran’s Foreign Minister Mohammad Javad Zarif said that by implementation of the Joint Comprehensive Plan of Action (JCPOA, aka nuclear deal) the sanctions on the country will be lifted on Jan. 16.

Mirmoeini further rejected the idea of many observers who say that main indexes in Iranian Capital Market, like the Tehran Stock Exchange Index (TEPIX), have recently increased due to market activists being excited over the reports on possible removal of sanctions.

Over the past two weeks, Tehran Stock Exchange (TSE) has become bullish, while on Jan. 15 foreign currency prices against rial, Iran’s national currency, have dropped after breaking reports on Jan. 13 regarding the implementation of the JCPOA.

Tehran Stock Exchange (TSE) main index rose by 761.9 points to hit 6480.9 on Jan. 16.

Some 1,179 million of equities worth $74,929 were traded by the end of day at Tehran Stock Exchange on Jan. 16.

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