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Iran issues treasury bills for first time

Source: Press TV

Iran issues its first Islamic treasury bills in a bid to provide stimulus for its market and bring it out of stagnation. At least 400,000 notes with maturity date of March 3, 2016 were issued on Fara Bourse, Iran's over-the-counter market for securities and other financial instruments.

Iran's first treasury bills were issued on Fara Bourse

The bills are on offer in blocks of at least 50,000 notes for every order. The move is the government's latest measure to attract stranded assets and repay its debts to contractors.

The government is also said to owe more than $30 billion to Iranian banks, which has left financial institutions with a credit crunch.

According to head of the Securities and Exchange Organization Hassan Amiri, treasury notes worth $100 million are on offer in the first phase.

The effective interest rate of the bills is expected to be higher than the official bank deposit which stands at 20%.

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