Iran shelves plans to sell oil-backed Islamic debt to the public
Published 14 Sep,2020 via Bloomberg Markets - Iran has canceled plans to enable members of the public to invest in the country’s oil production via Islamic bonds, a state-run news service reported.
The plans were first announced by President Hassan Rouhani in August as part of efforts to control money supply and parry the impact of both U.S. sanctions and the coronavirus on Iran’s ailing economy.
Iranian media reported at the time the plan would involve the pre-sale of barrels of oil on Iran’s energy exchange, or IRENEX, through Islamic “salaf” bonds, which are similar to futures.
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Golnar Motevalli