...

Iranian ministry, Central Bank to provide support for mining, industrial sectors

Finance Materials 26 September 2022 13:20 (UTC +04:00)
Iranian ministry, Central Bank to provide support for mining, industrial sectors

TEHRAN, Iran, September 26. The Ministry of Industries, Mine and Trade of Iran and the Central Bank of Iran have signed a contract to support local production and industrial sector, Trend reports citing IRNA.

The agreement includes providing 93 trillion rials (about $22 billion) of working capital and 23 trillion rials (about $5 billion) of fixed capital to mining and industrial sectors by banks.

The agreement also includes providing financial instruments to be used for mercantile exchange trading. This is likely to be executed by the end of the current Iranian year (started March 21,2022).

According to the agreement, the banks are permitted to issue guaranteed bonds up to 50 trillion rials (about $11 billion) to production companies, in addition to advances for renovation.

Tags:
Latest

Latest