Money and Credit Council approves $4b bond issuance

Business Materials 1 July 2009 10:56 (UTC +04:00)

Iran's Money and Credit Council has agreed to a proposal made by the Central Bank to issue 40 trillion rials (about $4b) worth of bonds in the current calendar year (to end March 19, 2010), to finance underway development projects.

The decision has been made in accordance with the bonds issuance law enacted in 1997, the Mehr News Agency reported on Tuesday.

The Money and Credit Council was dissolved two year ago, but the Central Bank recently revived the council as a major policy-making body, Press TV reported.

The closure of the Budget and Planning Organization and 18 other high-ranking governmental bodies such as the Money and Credit Council had drawn criticism from many economists.

The bank said in a statement that the council, the highest banking policy-making body, would hold its first session after two years on July 7 to review "developments of last year's money and credit policies."

Money and Credit Council members include the Central Bank governor, the finance and economy minister, and two lawmakers.