Foreigners will now be able to purchase up to ten percent of shares of companies listed on the Tehran Stock Exchange (TSE), Reuters reported.
In the past, foreigners were required to submit a request to the government and applications were individually examined. Obtaining permits to purchase shares was reportedly a painstaking process.
The bourse chairman Haydar Mostakhdemin-Hosseini told Iran’s state radio on Sunday that foreigners will be able to buy up to ten percent of the shares of companies listed in the bourse, but did not say when the new rules would come into effect.
Other Middle Eastern bourses which have allowed foreigners to purchase limited amounts of shares are Bahrain, Kuwait, Qatar and Tunisia.
Iran is trying to reform the TSE in order to attract more investment from Iranian expatriates and enhance economic development in the country.
According to Reuters, the TSE lists 422 companies valued at $46 billion.