Iran starts issuing $1b worth of bonds
Baku, Azerbaijan, Feb. 15
By Rahim Zamanov - Trend:
Iran started issuing around 30 trillion rials (some $1 billion based on the official rate of USD at the free market) worth of bonds as of February 15, Iran's Tasnim News Agency reported.
The bonds will mature in six months and bear an annual interest rate of 23 percent.
Certain branches of Bank Mellat, Tejarat Bank, and Bank Saderat Iran are selling the bonds.
Iran's ISNA News Agency reported on January 12 that the Iranian government has approved issuing 150 trillion rials (about $6 billion based on the U.S. dollar official exchange rate of 24,800 rials) worth of bonds to finance economic development plans.
Ministries of oil, energy, transport and urban development, were allowed to issue $2 billion, $1.6 billion, and $1 billion worth of bonds respectively.
The Ministry of Defense was authorized to issue $201 million worth of bonds, while ministries of telecommunications and information technology, industry, mines and trade, and agriculture each were allowed to issue $403 million worth of bonds.