Iran has decided to pre-sell the country's oil, the main source of the Islamic Republic's income, to its citizens by offering oil bonds and the government has said it intends to put the oil on the stock market in the framework of an 'economic breakthrough'. The chief of staff of the
Iran has decided to pre-sell the country's oil, the main source of the Islamic Republic's income, to its citizens by offering oil bonds and the government has said it intends to put the oil on the stock market in the framework of an"economic breakthrough".
Iranian President Hassan Rouhani promoted the plan in a session with his cabinet members on Wednesday saying that it is"a safe investment for the people" instead of investing in the gold and foreign currency market.
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. Ghaninejad says that while selling bonds is a standard tool that a government can use to help with a budget's deficit, he does not see it as a viable option for Iran given the current circumstances.
"These bonds are offered based on the National Oil Company procedure of selling bonds ... They are two-year bonds with an interest rate of around 19%," Hosseini said in an interview with the Islamic Republic News Agency on Friday. But, supporters of the oil pre-selling scheme, including the head of the Central Bank Abdolnaser Hemmati, say the country is running out of options to make up for the budget deficit amid sanctions.
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