9th round of govt. bond auctions brings CBI over $1b
The Central Bank of Iran (CBI) on Tuesday held the ninth round of its weekly government bond auctions through which it sold 44 trillion rials (about $1.04 billion) of bonds to banks and financial institutions, IRNA reported.
According to the CBI office of public relations, in this round 10 banks and institutions placed a total of 73.7 trillion rials (about $1.75 billion) of purchase orders, from which 44 trillion rials were finalized.
The 10th round of the auction of government bonds for selling to banks, non-bank credit institutions, investment funds, insurance companies, and financing companies will be held on Tuesday, August 4, according to the CBI Brokerage.
CBI held its first auction of government bonds on Tuesday, June 2, and the auction has been held every week ever since.
It asked banks to place purchase orders for the bonds on the interbank trading platform.
According to the bank, the plan to open a primary interbank market for bond auctions is aimed at helping the government raise funds for budgetary needs as it struggles with high and rising deficits.
Earlier the CBI had announced that it plans to hold auctions at the start of each trading week and regularly.
As reported, purchase orders will be processed by the CBI’s brokerage and then will be sent to the Finance and Economic Affairs Ministry for approval. The brokerage firm should settle the payment in one working day.
Raising funds through the debt market has become a major strategy for the government which is wrestling with financial issues resulted from the coronavirus, collapsing oil prices, U.S. sanctions, and loss of oil export revenue.
The government expects to make 1.09 quadrillion rials ($25.9 billion) from bonds as per provisions of the current fiscal budget.
source: TehranTimes
Top News
Rio Tinto’s $2.5 billion lithium plan is a win for Milei
Australia’s CEFC invests $75m in homegrown critical minerals
China tightens rules to curb methane emissions from coal mines
BHP seeks Brazil growth to emerge from shadow of mining disaster
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Glencore in talks to sell Philippine copper smelting unit
Iron ore posts weekly gain as investors assess fresh Beijing stimulus
BHP seeks Brazil growth to emerge from shadow of mining disaster
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
Australia’s CEFC invests $75m in homegrown critical minerals
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
