TEHRAN, August 4 (Mehr News Agency) – The Central Bank of Iran announced the launch of its first ever participation bond here today.

The decision to issue the bond is in line with this year’s monetary policies and Article 91 of the country’s Third Economic, Social, and Cultural Development Program, the statement said.

 

It would be issued in two, five, ten, and twenty million-rial denominations. The banking network comprising state-owned and private banks would offer the bond for sale at their branches throughout the country on August 14 – 21.

 

 

 

Maturity is one year from the date of issue with a minimum yield of 17% guaranteeing initial investment. The return would be paid every three months with the amount of interest calculated on a daily basis.

 

CBI guarantees the redemption and payment of the yield on the maturity date by the acting bank. The bond can also be sold to the acting bank before maturity.

 

MR/MR

 

END

 

MNA

 

News Code 1060

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