Iran issues first Islamic treasury bills
Iran issues its first Islamic treasury bills in a bid to provide stimulus for its market and bring it out of stagnation.
At least 400,000 notes worth 400 billion rials ($12.4 million) with maturity date of March 3, 2016 were issued on Wednesday on Fara Bourse, Iran’s over-the-counter market for securities and other financial instruments.
The move is the government’s latest measure to attract stranded assets and repay its debts to contractors.
The government is also said to owe more than $30 billion to Iranian banks, which has left financial institutions with a credit crunch.
According to the Securities and Exchange Organization, treasury notes worth 10 trillion rials (more than $300 million) in total will be traded over the counter on Fara Bourse in phases.
The effective interest rate of the bills is expected to be higher than the official bank deposit which stands at 20%.
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