Officials say it is an attempt to overcome the budget deficit the government faces amid the suffocating sanctions imposed on the country by the U.S.
The president described the plan of domestic sale of oil as a sample of a"people-centered economy" and an effective measure to organize the capital and stock exchange market which is an"important step to counter the enemies' oil embargo," as Tasnim News Agency reported on Tuesday.
The deal had aimed to ease economic sanctions on Iran in return for Tehran's commitment to curb its nuclear programs but when the U.S. pulled out of the deal and resumed economic sanctions, Iran's already ailing economy was badly affected. FILE PHOTO: Iranian President Hassan Rouhani speaks at the United Nations General Assembly in New York, September 26, 2019."I have never heard of any other top oil exporters taking such a move," said Iranian economist Mousa Ghaninejad to ABC News.
The head of the energy stock market Ali Hosseini clarified that the pre-sale of oil bonds, set to be offered on the market as of Sunday, are different from President Rouhani's"economic breakthrough" plan. However, Ghaninejad said that the two-year bonds being sold are not the most sensible option for most people."With an inflation rate of around 50%, no wise business person would buy a two-year bond with 19% interest rate. It means they have to bear around 30% of negative interest," he said.
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