[caption id="attachment_35576" align="alignright" width="234"] Iranian Mercantile Exchange (IME)[/caption]

TEHRAN (ISNA)- Deputy Managing Director of Iranian Mercantile Exchange (IME) Mohammad Mehdi Amini said opening a new branch in northwestern city of Tabriz, the IME would fund and cover risks in industries of northwestern Iran.

He made the remarks in the opening ceremony of an IME branch in Tabriz city, northwestern Iran, attended by governor, mayor, parliamentarians and officials of the city.

Amini further explained that economic and industries activists expect the IME to meet their demands on pricing, covering risks, providing financial needs and expanding IME branches.

He added that Iranian economic activists expect the IME to establish a competition mechanism and determine prices.

According to Amini, covering risk is another function of the IME, and the exchange has been after covering risks in producing and industrial units.

He added that the IME is now working on new gold coins contracts with high value, and started trading cumin. It also plans to begin new contracts for soybean meal and fittings.

Amini also said the economic activists expect the IME to provide tools for financial mechanisms, expressing the hope that the activists in northwestern Iran would use the financial mechanisms and risk-covering function of the IME.

Amini noted that expanding the branches and facilitating access to the IME transparent deals have been of considerable importance over last years.

He noted that opening IME branches would bring good achievements both for the region and national economy. “We hope that we can act effectively in regional markets with development of local and domestic transactions.”

By ISNA