Iranian Bank Mellat has received approval from the Central Bank of Iran and the Securities and Exchange Organization to launch the country’s first foreign-currency investment fund, “Mana Mellat.” Subscription for the fund will begin soon.
According to the Tasnim News Agency, the fund will maintain the foreign-currency nature of investments throughout its operations: deposits, asset investments, profit payments and principal repayments will all be conducted in foreign currency.
Currency holders can invest without converting their funds into rials and receive investment units in return. The issuance and redemption of units will also be conducted in foreign currency, allowing investors to receive the value of their holdings in foreign currency when they exit the fund.