IRNA: The Minister of Economy announced: The policy of granting a 30% interest rate to special deposit certificates is a temporary policy and will not continue.
Seyyed Ehsan Khandozi, Minister of Economic Affairs and Finance, about whether the issuance of special certificates with a 30% interest rate will continue for the coming months? He stated: This policy is not going to continue.
He added: Issuance of special certificates with the mentioned interest rate is a temporary policy of the Central Bank and will be offered up to a certain limit.
The Minister of Economy clarified: As soon as the ceiling set by the Central Bank for the supply of these bonds by the banking network is terminated, the sale of bonds will no longer be able to continue. Because this policy is defined for the specific deposit of special projects.
As the central bank has announced, based on the instructions for the issuance of special deposit certificates that have been communicated to the banking network, banks can issue these bonds to provide working capital for high-yield projects, and at the end of the participation period, a fixed profit in addition to 30% accrued interest is paid to the buyers of this certificate of deposit in bank branches.
The distinctive feature of this certificate of deposit is that it is possible to redeem it before maturity at bank branches. With the implementation of this plan, people’s participation in financing the country’s production plans is provided. Holders of this certificate can use it as collateral to receive bank facilities.
The supply of special certificates of deposit at the rate of 30% in banks started on Wednesday, 11th of Bahman and continued for 7 working days, and the deadline for buying these bonds has expired today, 18th of Bahman.
The reason for adopting the 30% bond issuance policy by the central bank: directing liquidity to production
Also, in the meeting of the 10th of February, the Economic Spokesman of the Government, in response to the question of the IRNA reporter, explaining the reason for the issuance of special deposit bonds with an interest rate of 30%, said: In the last months of the year, the demand for money for working capital will increase, on the other hand, there will be bottlenecks to allocate There are also credits and facilities. Therefore, issuing these special bonds with an interest rate of 30% helps to provide the necessary liquidity for special projects with high returns, and at the same time creates attraction for people, this plan helps to transfer illiquidity to the production sector instead of speculation. On the one hand, this action will help allocate funds for production, and on the other hand, it will reduce liquidity and curb inflation.
This news article has been translated from the original language to English by WorldsNewsNow.com.
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