Is much less than what can justify this 10 thousand billion tomans, because of this value of this company in the Capital Market. One thousand billion tomans, 2 thousand billion tomans in proportion to its profitability, because one of the important components that are used in the valuation of companies and the shareholders buy shares of a company is the profitability of that company and the expectations they have for the future, so these challenges that i i mentioned the discussion of reduction. Business or decisions which damages the trust of investors , the investor analyzes in his mind and says that when i come , i will buy this share, the electricity may be cut in the summer , the gas may run out in the winter, the price is set, for example , the width of the exporting companies has a certain rate. Importers are given, well, its normal. He is willing to pay a lower price to buy the shares of that company. Well, this set of factors has caused the market to be left behind from its rival markets, while we are currently facing one of the periods with the highest Bank Interest rates. This process the same thing happened in the world. Now in the world , Interest Rates are at their highest levels in history, and this is causing damage to the Capital Market, which causes shareholders to prefer to preserve their capital in the short term. It is moving towards riskfree markets that have very high profits and is paying. One of the main reasons is this, but the longterm trend of the market has shown that this trend cannot be sustained. We even had a 5year period of stagnation in the Capital Market since 2019. Until almost the beginning of 2017, we had a period of recession the index didnt move at all, but then something happened that gave a heavy return. Thats why when we compare 10year or 20year returns in the Capital Market and competing markets, its not comparable at all, so capital. Lets find out from equity shares whether the third stage of depositing will be done or not. We hope you will see that this series of events that happened to the companies caused some companies to commit violations and at the end of the year they could not pay equity dividends. Now we discuss violations. We will follow up with these companies. We met with this company because it was related to this month of march that they did not pay, now the work of their criminal cases is being done. They should buy or issue bonds. We actually advised them that because of the profit, they should invest in gold so that the money is injected into the production body instead of remaining in the fund. It happened that a tool called gold bullion deposit certificate it was introduced that the function of this tool was exactly what you said. The Gold Investment funds that exist in the market and are formed among the shams certificates of deposit are purchased and actually become the owners of the gold bullion. This fund attracts peoples money. People buy investment units of gold funds, the money is transferred to the fund, the fund buys the gold bullion , who buys the gold bullion from the gold mines, and this causes the gold mines that are actually sometimes on sale to have problems at all. Facing like an official market. Defined, there was no ingots now it is standardized, it is graded, it is actually stored in the warehouse of the Commodity Exchange treasury, and it is sold to investors directly or through funds. When these resources enter these gold mines and factories , they are used for production it can reach 16 thousand billion tomans last year. The resources injected into the Gold Producing Companies that can increase the Production Capacity of gold, which has a very high capacity in the country, are now actually produced with a very small percentage of that capacity, and this helps the production , causing an increase in Gold Production and gold reserves. It can be it is definitely for the benefit of the country, on the other hand , it is attracting peoples capital, and instead of going to speculative markets, these capitals are used for consumer goods that have become capital goods, unfortunately in our country, such as cars , property or land. Which has no benefits for that buyer, he only uses the inflation shield, he actually uses the assets, this becomes a completely safe inflation shield for investors who instead of spending their money in cars, housing and other places. Here it goes directly into the issue of Gold Production , this tool is working now and also by the Commodity Exchange it is developing, the treasury of the Commodity Exchange has been opened in the past days, so that more gold bars can actually be stored there. How far do you think we are in order to be able to replace financing from the Capital Market with financing from the money and banking markets . See , traditionally, our economy is a bankoriented economy, and we cannot necessarily say whether it is bankoriented or capitaloriented. The world is also some Market Countries are actually financed by banks, in some countries it is based on the Capital Market, because it has a virtue from the Capital Market, no, it does not have this virtue, but according to the conditions of our Banking System, our Banking System has a special coordinate condition. Now we have come to the conclusion that Large Companies and companies that want to expand their finances mainly turn to the Capital Market to finance their investments, and the Banking System provides the working capital for these, of course, we also have the tools to actually we have the financing of the working capital of the companies but what is better for us is that because longterm instruments are usually used in the Capital Market, longterm instruments are used for Infrastructure Investments and capital to buy building equipment for construction. In fact, the factory and for circulation capitalism should use the Banking System. Now, if we want to discuss the new capitals that enter the industry and get financing , then when we compare the Banking System to the cement market , we will see the accumulation of banks throughout the year. From the roofs that we have been collecting for several years now, we say that they are a number in the market the capital when we want to calculate the number , we say the year 402, for example, what number was financed, so this comparison is not a correct comparison, if the new money that was lent by the Banking System in 1402. If we compare with the new money in the Capital Market, which entered the financing of the companies, this number is 30 in 1402, that is, the Capital Market financed 30 of the amount of financing that was done in the bank. We hope that according to plans we are going to increase this number to 50 , considering the reception that has been received and the request that exists, of course. Well, some requirements i have already said that one part of the trustbuilding issue is one part of the coordination between the policies that are adopted in the field of financial stability. Lets consider the Capital Market because these are related. If there is a problem in the Capital Market in the Financial Institutions in the fund, this problem will definitely affect other sectors. It is not like this sector is a completely separate island. That we can actually set goals we are going to reach it in the next few years. Finally, our Capital Market is a young Capital Market. The whole Capital Market is around 50 years old, 50 or so years old. The new structure of our Capital Market has been formed since 2004 and it is almost a market is 18 or 19 years old. It is not a very old market to say that this market has completely reached its maturity. We still have work to do in discussing conflicts of interest in the field of corporate governance. That we can, god willing. The majority is in the discussion of financing the limits let s talk about financing, god willing, mr. Private companies will make their financing speed transparent. The private companies you mentioned are part of the companies that are accepted in the Capital Market. Based on the requirements of your monthly disclosure, which have monthly, 3month, sixmonth, and annual reports , they upload them to the kodal system. There are a number of Government Companies and Public Institutions that are required to upload their Financial Statements to the kodal system. This year, more than 2000 Government Companies and institutions public and government organizations by the ministry of economy and finance in the kodal system. This number was much less last year. This year it has increased and published more than 2 thousand. And this process continues, as soon as the reports of the companies are prepared and the auditor gives his opinion , it will be disclosed in the kodal system. But, because of the developments they are making, they usually cannot recognize much profit in terms of profitability in their Financial Statements. They can do it, but they cant improve the company and thats why. Enter the Capital Market easily. Is it possible to devise a plan that fits the new requirements that have occurred in the Capital Market for these companies . Yes. By the way , last year, we started a move to accept Companies Based on the knowledge economy, some of which are based on platforms, which means that all their services are on one platform that is on the internet, based on the fact that they have many customers. They are in a certain industry, for example, medicine, in the car industry, appliances are actually electronic we had admissions from these companies in various fields last year, and even in the field of economics, we had a Successful Company that was one. One of the strategies that startup owners follow is that when they establish a company and it reaches a certain level of maturity, these friends should leave and have an exit strategy. His transactions were done very smoothly in the market , he developed, even the money that he had to get for the acceptance of the major shareholder was actually invested in the company itself. It means that the initial spread was done by spending shares money entered the company, it was developed, and the full shareholder exited successfully. Well, we had this successful example. Now we are following other companies in the field of digital economy, which are not necessarily in the startup stage. They are reaching maturity and they are even generating income. We are doing several things. One is the identification of intangible assets, so that these are recognized in their Financial Statements, and these intangible assets are valued. As you said , this is a technology, a special technology, Technical Knowledge this should be recognized in our admissions boards. We can recognize these. What did we do for this . Traditionally, we have people in the admissions board who are not very familiar with these industries. We came and changed the composition of the admissions board. The admission board that wants to accept the companies of daneshmounians should be a combination of the former. But these companies have a very good future, according to the growth trend, their growth rates are usually two digits, sometimes three digits, this year they have a single profit, next year it will double or triple. Another one is taking care of these, their Balance Sheets are actually prepared and presented based on intangible assets, which is one of the important discussions. Also , these companies usually have special shareholders , and there are some doubts about their shareholders. This is our effort. We have not reached the final conclusion yet. These companies should gain some speed in the Capital Market because there is a part of these concerns that have actually slowed it down. Our request is that they help because we believe that presence the companies of scientists in the Capital Market, in addition to creating hope in all the activists of that sector , be it employees, shareholders, or managers, that document also makes these companies appear under the supervision of the Stock Exchange organization. When a company is out of the stock market, no one goes to it what are the Financial Statements, what are you doing . They are reported to the Stock Exchange organization and we can supervise them. Their managers are supervised, which means that these supervisions can be done much easier for a listed or overthecounter company than for a company that is outside the Stock Exchange. We do not know what happened its coming. Okay, i think we have about 34 minutes. Now, in the discussion about the slogan of the year that you mentioned about peoples participation, you mentioned a statistic that shows how much investment is made by the people. It happened, but to have a predesigned program for this year , i mean, for example, in the field of education, in the field of culture, you said that many medium and Small Companies basically have no knowledge about these tools, now this is just the participation of ordinary people who first of all, does the Stock Exchange organization have the foundation to participate in the field of culture and tradition in these fields . Do something special. Yes, absolutely. Well , the programs we have in the field of Cultural Development start from schools. Currently, a written program is being implemented to provide basic financial and Economic Literacy education to students in schools. Well, this may not be very quick, as some say, to give an answer right now, but some sparks are created in the minds of these children, and some keywords are created. That they think of investment, they think of saving, and that investment view is formed from that moment , lets leave it aside that this is a program it is very detailed that we are doing this in different cities at the same time as we are doing it in schools. A serious program of ours is the discussion of provincial financing conferences, where i am from all chambers of commerce and governorates across the country. I want that if they are really interested, of course, we are in direct correspondence to organize these conferences in the provinces , gather all the small and medium enterprises, and give them the necessary training. Because we have a good history of this, the result is actually , because the next job is an economic job, these connections will be established and continue. This is one of our serious discussions, a poisonous discussion. Directly , culturebuilding in this field, in fact , we are pursuing 43 peoples participation in the Capital Market in production projects through investment funds. Insurance instruments are combined with funds that can be combined with Pension Insurance instruments. For different needs in fact, investors, ordinary people, students , students, can you answer, very well, thank you very much, 30 seconds, the remaining point is that in 30 seconds, yes, i will only finish my sentence. The most important issue in the discussion of the Capital Market is the discussion of trust , god willing, all the devices of the device executives of the legislation, please help us to return this trust. With the lack of decisions to create a will, as the saying goes, and timely decisions, the right decisions , this trust will definitely return, and where people participate , great things will definitely be done. Thank you very much, mr. Dr. Eshghi, the honorable president exchange thank you for your presence in the first page program and for watching. I hope it will be of use to you. Good night and god bless you. Thank you very much. We should thank god for his health, because the one who returns from the gaza strip healthy is like the one who found life again. Khanyounos and he spent his time at the emirates Red Crescent Hospital in rafah. He tells us about the war against dignity and humanity. The normal life of people is very difficult and unimaginable. When we wake up in the morning, people we look completely lethargic because we did not sleep well. A person who does not have a good nights sleep has no strength and power. The war is still going on, it is not clear what will happen to the people after the war. Dr. Zuhair for 25 years , he has spent his life in conflict and war zones, far from what the cameras tell about the situation in gaza, there are scenes that cannot be described, and we need other words and terms to describe the concept of security. The situation is catastrophic, but it is life that wins in the end. The rain was near. People were terrified. Well, people naturally fear and love their lives. Now the most important thing that can calm people is a ceasefire. The gynecological surgery that this doctor performs in the gaza strip is different, because with his own hands he gives birth to a life whose pulse is hope and strength against the shadow of death. Some babies who have pain in the womb. 60 babies are born and these conditions show that life resists for survival and will not give up. Dr. Zuhair lehna says the person who enters the gaza strip is like the person who is missing is. But his belief in the right to life forces him to return to the gaza strip and take medical supplies with him. He wants to take chocolate to the gaza strip. Because. The palestinian child named lina asked him for chocolate in his letter before he left the gaza strip. Great iranian mansion. He opened a wellequipped and specialized digital palace in an area of more than 5 thousand square meters in irani palace of qom. All kinds of mobile phones, personal computers, tablets, gaming devices and other digital accessories, with incredible prices and longterm contracts, a digital equipped house in irans large house. The prize for the first place is a twobedroom apartment, a car, one billion rials in cash and 10 years of monthly salary. Washland is a land full of prizes. Hello, welcome to the halfday news. Peace be upon you, that legacy. Maran taifeh of love and zeal, you traveled from fiziyeh of the army to karbala, the show of authority of the armed forces on the day celebrated by the president s army, the operation of sadiqs promise, destroyed the zionist regimes hegemony , even if there was the slightest aggression