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Resolution Approved in the Latest Meeting of EDC

Fundamental Changes in NDF Articles of Association

  • 13 September 2022
  • 11:19
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Fundamental Changes in NDF Articles of Association

Annual deposit of 42 percent of the revenues earned out of cash oil export, crude oil barter deals, management of NDF accounts independently from Central Bank, increase and strengthening of NDF resources through investment domestically and internationally, and establishment or acquisition of specialized financial institutions with tasks and duties proportionate to those of NDF's are chief among the most significant changes in NDF's Articles of Association, approved in the last meeting of Expediency Discernment Council (EDC)

According to a report released by NDF Public Relations Department, the role of NDF in 7th Development Plan was discussed in the meeting of EDC, attended by majority of the members, president of and vice-president of Planning and Budget Organization, head s of economic, budget and auditing commissions, head of Islamic Parliament Research Center, and NDF representative here in Tehran on 14th of August 2022.

Secretary of NDF Executive Board Farhad Hemmat, who attended the meeting, enlisting the new items approved for NDF AoA, said, "the 7th National Development Plan, if validated and notified by the Supreme Leader, would lead to amendment of NDF Articles of Association."

"To fulfill the policies for oil and gas export and changes in attitudes towards oil revenues as sources of state general budget to economically productive resources, NDF AoA is supposed to be amended and validated as follows: deposit of 42 percent of oil revenues with NDF and a 2 percent annual increase; increase and strengthening of NDF resources through investment domestically and internationally; purchase of shares; partnership with private sector and cooperatives in development and sub-structure projects with proper return provided that no enterprising activities and NDF organization development would not be resulted; non-budget use of NDF resources; independent management of NDF accounts from those of Central Bank's; establishment or acquisition of specialized financial institutions with NDF-oriented tasks and duties without opening new branches and money creation", added Hemmati.

 

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