Author Archives: Michael

Iran issues treasury bills for first time

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.

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%.

Source: Press TV

‘Iran to use unfrozen cash on planes’

Iran is likely to spend oil funds, expected to be unfrozen with the implementation of its nuclear deal with world powers, for aircraft and car spare parts, an Iranian deputy oil minister says.

Ali Majedi made the remarks in an interview with The Wall Street Journal as Iran’s nuclear accord with the Sextet of world powers is to take effect on Monday.

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Iranian bank to sue UK for compensation

Iran’s Bank Mellat seeks to file a claim of at least 500 million pounds (USD 820 million) in compensation against the British government for loss of business caused by illegal sanctions on Tehran over its nuclear energy program, a lawyer for the bank says.

It is the first time that an Iranian lawsuit over sanctions has reached the stage of claiming compensation, Sarosh Zaivala said on Friday.

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