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International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper on Iran focuses on the Targeted Subsidy Reform Law (TSRL). This is the basic law governing the implementation of the subsidy reform in Iran. The TSRL envisaged bringing subsidized prices close to international levels over a five-year period. The paper reviews the implementation of the first phase of the subsidy reform, with a particular emphasis on macroeconomic management. The sharp depreciation of the exchange rate and high inflation significantly undermined progress under the reform. High inflation partially reversed the relative price change under the reform.
International Monetary Fund. Middle East and Central Asia Dept.

guidelines . In particular, the guidelines should ensure proper domestic and external diversification of assets. The authorities may choose to commit the NDFI to follow the “indexers’ model”. Such simple investment strategy would commit the fund to buy a broadly diversified stock market portfolio. Under more active strategies, NDFI supervisors could impose single-company, single sector, and single country and region exposure limits, and set a matrix of limits on holdings of specific classes of securities. The investment guidelines will depend on the expected timing of