Iran to issue $1b worth of bonds

Iran Materials 10 February 2014 13:50

Baku, Azerbaijan, Feb. 10

By Rahim Zamanov - Trend:

Iran plans to issue some 30 trillion rials (some one billion dollars based on the official rate of USD at the free market) worth of bonds, Seyyed Ali-Asqar Mirmohammad-Sadeqi, an official with the Central Bank of Iran, said on Feb. 10, Iran's ISNA News Agency reported.

The bonds will mature in six months and bear an annual interest rate of 23 percent.

Bank Mellat, Tejarat Bank, and Bank Saderat Iran will sell the bonds as of next week.

SNA reported on Jan. 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) 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.

Edited by C.N.