Google Cloud Speech-to-Text API (Chirp) + Gemini 2.5 Flash Non-Thinking. Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:00and these small and large numbers that are in the hands of real people,
00:00:03sometimes larger companies and things that we consider small,
00:00:07can be spent in productive ways or in transparent ways
00:00:11that are both beneficial to the country and to the individual who is making the investment. In general,
00:00:15it is better for the economy.
00:00:18In addition to this happening and helping the country's economy, naturally,
00:00:22the individual who is investing has that risk coverage
00:00:25in mind, that if today, for example, they want to buy gold so that tomorrow,
00:00:29when the price of gold goes up, this investment they have is preserved,
00:00:33naturally, from the government and the ruling body and the institution that is doing this work,
00:00:37this profit should also be able to compete
00:00:45for example, we had the advance coin bonds, and we are talking about
00:00:48an currency fund whose underwriting starts tomorrow.
00:00:52So, it shows that the government has reached the conclusion that if
00:00:55it wants these monies that are in people's hands, the gold that it has,
00:00:59now, regardless of the fact that if it is traded,
00:01:02we accept that risk, for example, that the dollar or euro
00:01:06is not fake, or that the gold we buy is not fake gold,
00:01:09and its purity is correct, I don't know, if it's a coin,
00:01:13for example, we sell it and don't realize it was a fake coin, even though
00:01:17it was planned, or if we buy molten gold, its purity
00:01:20is correct, and there are no impurities in it. You have to take all these risks. After all, if you keep coins
00:01:24at home, there's a bigger risk
00:01:28of theft. So naturally, we can conclude
00:01:32that the more transparent paths and paths that
00:01:35can almost give us the same profit, with some variations,
00:01:38but with a little more peace of mind, can help. In the meantime,
00:01:42several things need to happen. First, sometimes we have seen actions
00:01:46in previous years that might have slightly damaged trust. However,
00:01:50for example, even during the war, gold funds were among the funds
00:01:54whose work was done smoothly, and there were no significant
00:01:57issues. The same is happening with coins, as I told you.
00:02:01People have generally not shown a bad reception.
00:02:05This might also be the prediction for this. Now we will talk
00:02:09more in the program. Overall, we want to talk about how it is,
00:02:12what its assets are, how its investments are, what its issuance and cancellation are like, and
00:02:16other details that might also
00:02:27funds,
00:02:30is present in the program. Also, Mr. Sarkaniyan, the manager of the currency fund, and Mr.
00:02:33Shahraei, the manager of the Central Bank's currency financing department, will also join
00:02:50is an estimate of the currency that is outside the official economic cycle
00:02:54and is in cash in the hands of the people. We have
00:02:57assets that individuals, to preserve the value of
00:03:01their assets, keep outside the system and the production cycle. Now,
00:03:05in the form of a new financial instrument, these resources, instead of simply
00:03:09being held, will enter the investment and production financing cycle
00:03:13through the capital market. With fixed-income currency funds,
00:03:16the underwriting of the first fund will begin
00:03:20this week. These funds, in addition to preserving the value
00:03:24of the asset, also generate profit compared to currency and gold,
00:03:28and these resources will be directly
00:03:32used in production. But how do these funds work?
00:03:35The type of these funds is a currency
00:03:39investment fund with fixed currency income.
00:03:43Their structure is based on the issuance
00:03:46and cancellation of investment units. The investor must physically deposit
00:03:50their currency notes or transfers into the fund
00:03:54through selected currency branches of the bank. The registration manager
00:03:57registers the resources in the investor's name, and upon cancellation, the principal
00:04:01and profit are returned to the investor in currency. The fund's resources
00:04:05are invested in assets
00:04:08and instruments with good returns, high liquidity,
00:04:11and low risk, including
00:04:15currency Murabaha bonds, currency forward contracts,
00:04:19currency deposit certificates,
00:04:22and currency deposits with banks. Currency funds
00:04:26operate without a breaking rate and with tax exemption.
00:04:33And according to the initial estimate, their annual return in the initial months will be about 5%.
00:04:36Maryam Fadaei, Voice and
00:04:40Vision News Agency. Yes, we watched the report together. I would like to start
00:04:43with Mr. Iranshahi from the organization. Mr. Iranshahi, please explain to the viewers,
00:04:47in more detail than the report that was presented to you,
00:04:51what need fundamentally led us to go for such
00:04:55a fund, and what is going to happen? In the name of God, the Most
00:04:58Gracious, the Most Merciful. Greetings to you and all the viewers.
00:05:02The currency investment fund is an official platform
00:05:06for attracting idle currency resources
00:05:09in order to enter
00:05:13the country's economy. For years, there was this issue that a part of
00:05:17the currency resources were held by natural and legal persons in the form
00:05:20of cash, usually
00:05:24by themselves. However, the question of how to make
00:05:26it enter the economy
00:05:30and actually turn into
00:05:33a productive asset was a serious issue
00:05:37that they faced for years. How much of that cash was in people's hands? An accurate
00:05:41estimate cannot be given.
00:06:12actually the final number. There is no reason
00:06:16for us to come and do this. For example, you might say 10
00:06:20billion dollars. Well, assume the number is much larger than these numbers.
00:06:23However, part of these resources, if
00:06:26spent on investment in the economy,
00:06:30will certainly be a turning point and a step forward.
00:06:33What we are looking for in the currency
00:06:37fixed-income investment fund is to
00:06:40create a framework
00:06:43for a structured system that is supervised,
00:06:47and to try to restore the trust
00:06:51that, in a way, existed
00:06:54in previous years. We also know that, after all,
00:06:57investment funds in recent years have mobilized
00:07:01very good resources, and this
00:07:04perspective and this trust that has existed,
00:07:08more than 5 million people are now investors
00:07:11in investment funds. In
00:07:14various types, they have invested more than 4,000 billion Tomans
00:07:18of resources in these investment funds. These are
00:07:21the prerequisites and preconditions for the success of an instrument.
00:07:25If we started a new instrument in the form
00:07:29of currency funds, it was with this background. As
00:07:33you also said, our investment funds
00:07:36continued their activities during the war.
00:07:39People could easily deposit
00:07:43and withdraw resources from the fund. This lack of
00:07:46disruption in people's
00:07:49liquidity greatly helped these funds
00:07:53gain people's trust
00:07:56and build more trust in this instrument.
00:07:59In the end, the point I want
00:08:03to make to you is
00:08:06that these funds can be a prelude
00:08:09to something that, in our country,
00:08:13under the title of holding dollars
00:08:15under the
00:08:18pillow, is to convert it
00:08:21into assets that enter the economy
00:08:24through investment funds, while
00:08:28at the same time, at least two advantages
00:08:32it should have are that it provides a minimum
00:08:35profit to these resources,
00:08:39which accrues to investors, and at the same time, the risk
00:08:46that people face is somewhat alleviated. Of course, the amount
00:08:49that is under the pillow and so on has become so large that it has gone beyond
00:08:53that. Mr. Sarkaniyan, please tell us about the estimates. I
00:08:57asked Mr. Iranshahi, and he gave us a detailed
00:09:00and diplomatic answer. More than
00:09:0210 billion dollars. The numbers were up to 30 and so on.
00:09:06How much do you estimate that natural and legal persons have
00:09:22correctly stated
00:09:25that we, well, he didn't state it correctly, it's called
00:09:29idle and unproductive currencies
00:09:31outside the official economic cycle. What we have heard in the media
00:09:35and in the reports that are actually
00:09:38given is an estimate of
00:09:42between 30 and 50 billion dollars, actually. Now, this number
00:09:46might be less, or it might be much more.
00:09:50But the numbers we have in mind are based on
00:09:53reports that are sometimes
00:09:56given by
00:09:59financial or official authorities, and the numbers are in this
00:10:02range, held by natural and legal persons. Naturally,
00:10:06the amount is a considerable amount. 50 billion dollars
00:10:09is almost equivalent to, for example, the country's exports
00:10:13for one year, just so you know how large it is.
00:10:16Well, now that we have this number, what is this fund going to do?
00:10:19Mr. Iranshahi mentioned that we talked about it before, and maybe
00:10:23in the past years, a lot of effort has been made to restore this trust.
00:10:27In some cases, some people still don't accept this risk, for example,
00:10:31their money. Of course, we saw in gold funds that this was
00:10:35not really the case, but many also don't accept this risk of putting
00:10:38their money in a fund, whether it's because of taxes
00:10:42or because something might happen one day, or for example,
00:10:45in the very distant past, we had cases where people brought
00:10:49currency and got rials back. People were a bit worried about these types of things.
00:10:53Please explain how these issues will be resolved. How does this fund essentially take money
00:10:57from people and companies,
00:11:13of the fund. He says that in March
00:11:152021,
00:11:18the net asset value of all capital market investment
00:11:22funds was 45.
00:11:40People trusted it. Now, the number that Dr. mentioned, that 5
00:11:44million people are now, in a way, investors in these funds,
00:11:47shows that this document, this instrument, has been effective.
00:11:51That is, in my opinion, it has reached its goals and has been able to guide
00:11:56the country towards
00:11:59a kind of production or towards the correct
00:12:03economic cycle. In these
00:12:07funds, very good measures have been taken.
00:12:10That is, perhaps because it is the first instrument
00:12:14that is coming into the currency sector, if we look at the regulations
00:12:17of the Securities and Exchange Organization and the Central Bank, they have
00:12:20seen good measures. In fact,
00:12:23well. All funds, all funds,
00:12:27have executive bodies and supervisory
00:12:30bodies. Well, in this fund, our executive
00:12:33bodies are actually the registration manager,
00:12:37the currency operations manager, and the liquidity guarantor.
00:12:39This fund, like all other funds, has a fund
00:12:43manager who manages the fund's assets.
00:12:47We have supervisory bodies like the trustee
00:12:51and the fund's auditor, who are approved by the Securities and Exchange Organization.
00:12:55Apart from these, well, an investment fund is a financial institution that is supervised
00:12:59by the Securities and Exchange Organization and is continuously
00:13:03and directly monitored. In these
00:13:06funds, since after all, the Central Bank
00:13:10is the currency authority in the country, through an executive
00:13:14directive, the currency activities and operations
00:13:17of this fund are supervised. That is, from the beginning,
00:13:21the Central Bank receives daily and direct reports
00:13:24from this fund. And in a way,
00:13:27it monitors the performance of these bodies to ensure that all
00:13:31bodies actually perform their duties correctly.
00:13:34So, therefore, this is the first fund that has two
00:13:38main regulators of the money market and the capital market
00:13:42directly supervising it, and
00:13:45it is mandatory to have a liquidity guarantor.
00:13:49Very well. One point is that what exactly will be
00:13:53the assets of this fund? That is, how do you
00:13:55receive the currency, how do you return it, and what do you invest in? Can you explain
00:13:59this in more detail? The currency we are currently
00:14:03talking about is either in the form of cash
00:14:06in people's hands, physically in people's
00:14:09hands. Now, if we look at currency deposits from
00:14:13a banking perspective, they are also cash, meaning it was cash
00:14:17that was converted into a currency deposit in people's hands, or in the form of
00:14:21a currency transfer that is held
00:14:24outside the country. After all, what currencies do you accept? This fund accepts
00:14:28these two currencies. That is, people can refer
00:14:32in cash, that is, for example, the dollar is
00:14:35the selected currency of this fund. The dollar
00:14:39now, this selected currency also has a definition, and its definition is that
00:14:42the fund is obliged to hold all its assets
00:14:46based on this currency. That is,
00:14:49whether receiving resources from investors or
00:14:52making investments, everything must be done in dollars,
00:14:56which is the selected currency of the fund. For example, if someone has it, what should they do? Should they convert
00:14:59it and then bring it to you, or do they convert it there? How is it? For example, is there
00:15:03another currency? For example, it is intended that dollars
00:15:07be accepted, but some banks and some branches, if you take
00:15:11euros now and want to convert them to dollars,
00:15:14it is possible. But the assumption is that, in fact, currently,
00:15:18because the main currency, based on field surveys,
00:15:22the main currency in people's hands is the dollar.
00:15:26In the future, it is envisioned that these funds will, in a way, be multi-currency,
00:15:30meaning that euros and, for example, dirhams and other
00:15:33currencies will also be added to the fund. But we started
00:15:37the first fund with the dollar. What will be
00:15:39the composition of your assets? That is, the program will be such that
00:15:43this fund, as I mentioned, is a financial institution
00:15:46that has a statute and a prospectus approved by the Securities and Exchange Organization.
00:15:49And in the fund's prospectus, the composition of assets
00:15:52that the fund is allowed to invest in
00:15:56is specified. The composition of these
00:15:59assets are actually assets that have low risk
00:16:03and suitable returns. If we want to
00:16:06name them, they include currency Murabaha bonds,
00:16:09currency forward contracts, currency
00:16:12deposit certificates, currency deposits with banks,
00:16:14and in a way, the discounting of foreign
00:16:18documentary credits. These are the assets that at the beginning,
00:16:22these funds were authorized to invest in these instruments.
00:16:25You receive dollars and return dollars, right?
00:16:28That is, as I said, the fund is obliged,
00:16:32in fact, if it received cash from an investor,
00:16:35it will return that cash
00:16:39along with its profit to the investor. If it received a transfer, it will do the same. How about profit and so on? Let's see.
00:16:43The profit of these funds, well, our fund
00:16:46either has periodic profit payments
00:16:50or, in other words, we call it accumulated profit, meaning this
00:16:53profit is reflected in
00:16:56the increase in the value
00:17:00of investment units. These funds, well,
00:17:03because we face
00:17:07limitations in paying in bank branches or by the fund,
00:17:11they are designed to be accumulative.
00:17:14That is, when you invest, the profit of your units
00:17:17is added to the value of your units
00:17:21based on the return that the fund generates or the manager announces,
00:17:25and when you need the investment,
00:17:28the exact profit and principal
00:17:31are given to you. Do you also give profit in currency? Yes,
00:17:35the profit is also entirely in currency. And one point that existed was that
00:17:39the articles of association and prospectus of these funds prohibit the conversion
00:17:42of currency to rial. That is, it is even mentioned as a violation
00:17:51between the Central Bank and the Stock Exchange for the establishment of this fund is,
00:17:54and how you are supervising it, considering that, as Mr. Sarkani mentioned,
00:17:58the Central Bank is the currency authority and you are the authority for the funds
00:18:02in the Stock Exchange Organization. How does this cooperation work out, and how
00:18:06is it ensured that, God forbid, no problem arises?
00:18:09You see,
00:18:13in both the drafting of regulations,
00:18:16our currency unit of the Central Bank held continuous
00:18:19meetings to ensure all aspects of this issue
00:18:23were considered, and in the guidelines
00:18:26that have been prepared, the supervision of
00:18:29currency operations, meaning everything related to currency matters,
00:18:33is handled by the management
00:18:41in the area of currency matters by the Central Bank.
00:18:44And the supervision of compliance with regulations
00:18:48that are outside this framework is done by the Securities and Exchange Organization.
00:18:52The reporting that the fund manager must do, the discussion related
00:18:56to the asset composition, the proportion that the fund manager
00:18:59must comply with according to regulations,
00:19:02the discussion of protecting investors' capital, the issue related
00:19:06to transparency and reporting. These are the cases that the Securities and Exchange Organization
00:19:10supervises, and as I mentioned, these have been specified
00:19:13in a guideline, and the supervisory discussions are clear,
00:19:17and the duties of each of the supervisory institutions
00:19:21are clear. The main difference that this currency fund has with other
00:19:25funds that are in the organization is specifically what? Apart from that one is rial and the other is currency.
00:19:28You see, we cannot really
00:19:32make a substantial difference for it.
00:19:36The operations manager
00:19:40who has been added to this fund is also due to the fact that currency
00:19:43operations must always
00:19:47be carried out by an entity supervised by the Central Bank.
00:19:50One of the very substantial
00:19:53differences concerning this fund is the issue that,
00:19:57although you mentioned it yourself, the emphasis
00:20:01is that all calculations are based on currency,
00:20:04but in reality, what the investor receives
00:20:08and pays into the fund, and in return receives a fund unit,
00:20:11is the selected currency, which in this fund
00:20:15is the dollar. The investment is made in dollars,
00:20:18and all payments, including profit
00:20:21and the principal amount of the investment, are also made in currency at the time of cancellation.
00:20:25A question that might arise for our viewers or someone who essentially has excess money
00:20:29and buys dollars (since the selected currency is also dollars)
00:20:33is why I should , for example, put aside
00:20:36physical cash and invest in this fund.
00:20:40What difference does it make? What additional profit does it have for me? The one
00:20:43that, for example, is cash under my pillow is, as they say,
00:20:47more secure. Yes, I
00:21:04in total, it is a significant profit for the investor, while, as I mentioned,
00:21:07it is being professionally managed by
00:21:11a group. The resources
00:21:14that have been mobilized by the currency operations manager
00:21:18are entering the productive sector of the economy. In fact,
00:21:21they can consider themselves part of
00:21:25an economic project that has been invested in
00:21:28in currency, and they are effectively contributing
00:21:32to the growth and development of the country. This can be
00:21:35an advantage, and another advantage is that, after all, holding
00:21:38currency has some risks and some concerns.
00:21:42If they want to put it in bank safety deposit boxes, they have to
00:21:45pay fees. If they want to keep it themselves, there are
00:21:48issues of theft and so on. This can also be one of the
00:21:52advantages for them to come and join this fund. One point is that when
00:21:56the funds, well, not all funds, but some gold selling platforms
00:22:00that coincided with the peak price of gold
00:22:03became very widespread, there was concern
00:22:06about short selling and such incidents, because sometimes news
00:22:10came out, and people have this kind of concern too, considering that they don't see the principal.
00:22:14For this, for the guarantee of the principal,
00:22:17what measures have been taken?
00:22:21First, before that, I would like to say that these funds have tried
00:22:24to make their transparency very clear
00:22:28and explicit for people.
00:22:31Monthly, the investment
00:22:34portfolio, their investment
00:22:37basket, is disclosed both through the fund's website
00:22:41and through the Codal system. Therefore, people can
00:22:44see where these assets have been invested.
00:22:48It is calculated daily, and the asset composition
00:22:51in general, that is, what part is deposits, what part is bonds, what part is now,
00:22:55possibly, the discounting of documentary credits,
00:22:59is specified daily. Their regulations,
00:23:02articles of association, prospectus, financial statements
00:23:06are audited. Financial statements are prepared every three months and
00:23:09audited every six months. All documents will be disclosed
00:23:13through the Tanam and Codal systems.
00:23:16Their articles of association and prospectus are also available
00:23:24for investors to track where the resources have been
00:23:28invested. There is one point that you mentioned,
00:23:31the guarantee.
00:23:33Well, if we want to talk about regulations and what we have written,
00:23:37there is fundamentally no principal guarantee.
00:23:41However, the asset composition has been arranged in such a way
00:23:45that not only will the principal of these investors not be lost,
00:23:48but also at least
00:24:20Mr. Shahraei, the head of the Central Bank's foreign exchange financing department, is on the program's communication line.
00:24:24Mr. Shahraei, please tell us that I also asked Mr. Iranshahi about
00:24:28the cooperation between the Stock Exchange Organization and the Central Bank, both in terms
00:24:32of supervision and in terms of regulations, which they spoke
00:24:35about. Please also tell us how this cooperation
00:24:39from the Central Bank is working out, how you are supervising,
00:24:42and what other policies the Central Bank has
00:24:46to make the established methods
00:24:50and these types of methods that you are currently working on
00:24:53more widespread and
00:25:06and capital market on the establishment of the first currency investment fund
00:25:09and wish that this instrument be a source of blessing
00:25:13for the people and the country's economy. As
00:25:16our friends mentioned, this fund and similar funds that
00:25:31will be added to the group of currency funds are the result of months of close
00:25:34and continuous cooperation between the Central Bank and the Securities
00:25:38and Exchange Organization. The directive for supervising the currency operations
00:25:41of this fund was approved by the Central Bank's Supreme Board
00:25:45last month, and the executive guidelines were also drafted
00:25:48in joint meetings with the Stock Exchange. The implementation phase has now been reached.
00:25:52An important point that actually needs to be emphasized
00:25:55is that this is perhaps the first financial institution in the country throughout
00:25:59all periods that is fully registered in currency.
00:26:02That is, all processes, including the issuance and cancellation of investment
00:26:06units, profit payment, and principal repayment,
00:26:09and actually the important point
00:26:13is that no conversion to rial is allowed, and this is stated
00:26:17in the directive, and the Central Bank's supervision of the currency
00:26:21operations management and other bodies will definitely
00:26:25ensure that previous experiences are not repeated in this fund.
00:26:28That is, the fundamental feature of this fund,
00:26:32apart from the complete security that is preserved due to the currency
00:26:36nature of the investment in the fund and does not link to rial,
00:26:40the main target audiences of the fund can be
00:26:43divided into two main groups. The first group
00:26:47are currency holders within the country, which includes both
00:26:50natural and legal persons. In the form of
00:26:53cash or currency transfers, they can actually
00:26:57invest in the fund, and the permitted resources, as I mentioned,
00:27:01are both cash and transfers.
00:27:16are investing inside the country and also do not want to convert
00:27:19it into national currency and also want to benefit from investments
00:27:23in the country. It might be interesting for our dear
00:27:27viewers that we currently have billions of dollars
00:27:30of attractive projects.
00:27:53and in fact, we have ready consumption that, along with the accumulation
00:27:56of resources that will be done through people
00:28:00and other sources, this opportunity will arise for the country's
00:28:03dormant capital to be directed
00:28:07towards productive investment.
00:28:10How many ready projects are in line, for example, that need
00:28:14it? Can we estimate?
00:28:17We have a demand of billions of dollars for the issuance of foreign currency Murabaha
00:28:21bonds. Primarily, we only allow exporting companies
00:28:24to issue foreign currency bonds. This means that they should not
00:28:27need to secure foreign currency for repayment. Instead, the project
00:28:31itself should generate foreign currency. Therefore,
00:28:35the projects that are currently in line and completing their studies
00:28:38amount to 1.6 billion dollars.
00:28:42Different numbers were raised in the program. The central bank must have an estimate
00:28:45based on these discussions and the issue
00:28:49of rocket scans and rocket money in the hands of people and companies. How much is the central
00:28:52bank's estimate? We started with 10 billion, Mr. Iranshahi,
00:28:56and reached 50 billion, Mr. Sarkani. The central bank
00:28:59should also give us a number so we can see the total and average.
00:29:06It's not, meaning we have three target groups here that I mentioned to you: domestic
00:29:09holders, both natural persons, a part of whom are
00:29:13the same household currencies, legal
00:29:15entities, and another target group is Iranians abroad,
00:29:19and if you add up their numbers, it will definitely exceed the 50 billion
00:29:23they mentioned. But the estimate of household
00:29:26currencies, because it's actually how much more? What is your estimate? Can you give us an estimate for
00:29:30each section? Because, as I said, it must be based on a
00:29:34scientific and standard study, and since this study
00:29:37has not been published anywhere, referring to a number is a speculation.
00:29:41I wanted to know that you, in the central bank, after all, it seems
00:29:45you should have an estimate of a possible number.
00:29:48One of the scientific methods that had happened
00:29:52in bank safe deposit boxes that had been stolen
00:29:56was based on the sampling that had been done and
00:29:59had been provided to all safe deposit boxes, and this is also in the sample
00:30:29of safe deposit boxes, which we estimate that in this
00:30:54in its size, another numerical example that just came to my mind is that the country
00:30:58in the previous year, which was very.