Bank Mellat and Bank Tejarat

Bank Tejarat: Four banks and two insurance companies will pool funds to earmark 50 trillion rials $2 billion for the stock exchanges Capital Markets Development Fund, according to Business Week. Bank Mellat, Bank Tejarat, Bank Sepah and Bank Melli joined insurers Bimeh Markazi and Bimeh Iran to contribute to the fund and Iranian financial institutions agreed to contribute to a stock market-stabilization fund to help avert large price swings and provide liquidity during times of stress, an exchange official said. The fund aims to support the market and provide stability over the long term, Mohammad Reza Khaje-Nassiri, head of market regulation at Irans Securities and Exchange Organization, said in a telephone interview. The money will be injected into the market in stages in a centralized step-by-step way, as and when the market needs it. (news.financializer.com). As reported in the news.