Central bank approves rolling of high interest one year deposits
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- Tehran Municipality announced preliminary steps have been taken to finance the development of Tehran’s subway system. The plan is to raise IRR 7,000 bn through issuance of Musharekah papers.
- SEO’s general director of supervision on markets announced the issuance permission for Mosharakah paper with value of IRR 1,500 bn for Rayan Saipa Leasing. The coupon rate of these papers is 16 percent and the YTM will be determined by the market upon issuance and when trading commences.
- Initial offering for Parallel Salaf for Esfahan Steel Company with value of IRR 2,000 bn took place successfully. These papers would have a minimum return at maturity of 18.5 percent for investors.
- According to CBI, banks are now permitted to extend their 1 year deposit account opened last August, and with interest rate of 20% for an additional month. CBI permission to banks to open such accounts led to an increase of IRR 23,000 bn in total bank deposits since last August.