The third part of the speech of the head of the stock exchange organization//.
The steel industry needs to clarify its duty to the free market.
▫ Saidi considered the third fundamental issue of the steel industry to be the reform of the market mechanisms and said: The steel industry and some other industries must clarify their obligations regarding the free market.
▫ The head of the Stock Exchange explained: In some economic activities, prices and costs cannot be determined based on market mechanisms and exchange rates, but in other sectors, companies are required to meet prices and criteria that do not match their economic reality. This situation causes an imbalance in the costs and revenues of the production companies and makes long-term planning difficult.
▫ Referring to the stock exchange organization's follow-ups to solve the problems of the companies and especially the steel industry, Saidi said: We sent many letters to the relevant authorities and in many meetings we raised the issues related to the rights of the shareholders and those who benefit from the companies with the president, his deputies and ministers related to him.
▫ Emphasizing the necessity of respecting the rights of all stakeholders, he added: When considering the rights of stakeholders, one should not pay attention only to the small shareholders. Of course, small shareholders are very important, but also large shareholders, employees, customers and other stakeholders in companies have legitimate rights and interests, and all of these interests must be treated in a balanced way.
The exchange rate difference of more than 40% must be corrected.
Referring to the increase in the exchange rate gap in the official and free market, the head of the Securities Organization said: As of today, this gap has reached more than 40%. The continuation of this gap has significant effects on the activities of economic enterprises, including companies that produce steel. In this framework, negotiations and follow-ups were made with the officials of the central bank and the issue is still under review.
▫ He emphasized the necessity of reforming the mechanisms of the foreign exchange market and declared: the continuation of the gap between the exchange rates can become a basis for creating rent and disrupting economic mechanisms. If the buying and selling in the exchange market is done based on the real mechanisms of the market, some of these problems can be corrected through the market itself.