Bloomberg - Iran will set aside 1% of its sovereign wealth fund to stabilize the country�s stock market after its main index of shares lost over a fifth of its value in a month, sparking fears of further falls.

The fund will deposit the unspecified amount on Saturday, government spokesman Ali Rabiei said in a press conference on Tuesday, according to the semi-official Mehr News Agency. The report didn�t give details of how the mechanism would work.

The Tehran Stock Exchange�s overall index was down 2.3% to 1,570,049 at 3:15 p.m. in Tehran, according to the bourse�s website. Shares rose to a record high of 2,065,114 on Aug. 9, capping a monthslong rally spurred by a government decision to sell state assets worth about $2 billion to aid the fight against the coronavirus.

The National Development Fund, founded in 2011 and derived mainly from oil income, hasn�t published data on its size since the U.S. reimposed sanctions on Iran in 2018. In May 2016, Mehr said it stood at $80 billion.