Iran publishing $13B worth of bonds over one year

Business Materials 3 July 2016 14:46 (UTC +04:00)

Tehran, Iran, July 3

By Mehdi Sepahvand –- Trend:

The Iranian government plans to publish bonds worth 400 trillion rials ($13.02 billion for each USD about 30,000 rials) during the current Iranian fiscal year (to end March 20, 2017), according to Minister of Economy Ali Tayyebnia.

“We have decided to send an amendment to the Parliament to authorize the issuance of 400 trillion rials of bonds,” he said, Mehr news agency reported July 3.

Last year the government issued worth 185 trillion rials of bonds, Tayyebnia said.

The capital market saw an unprecedented growth over the past two years, so that now the share of the market in funding projects is 1 quadrillion rials whereas it was 300 trillion rials two years ago, the minister stated.

“It is a pity that most of the resources do not go into places where they would have proper function. Since the beginning of the current government we diagnosed this major problem. Financial bottlenecks as well as the previous government’s debts were diagnosed as our biggest problems, for which we have made a plan.”

“We have a comprehensive plan through which we intend to take the capital market to its real stature.”