Over $20b in bonds to support domestic production

TEHRAN,May 27(MNA) - Iran plans to issue 250 trillion rials (some $20.3 billion) in the current calendar year, which began on March 20, to support domestic production and help regulate liquidity growth,Central Bank Governor Mahmoud Bahmani stated. He put the banking system and the National Development Fund’s total assets at around 415 trillion rials (some $33.4 billion) and $31 billion, respectively. Bahmani also said that the banking system has around 500 trillion rials (some $40.7 billion) in bad debts. Meanwhile, economy minister Shamseddin Hosseini said on May 1 that a cabinet approval to import 24 billion dollars of basic goods this year will have “no negative effect” on domestic production. The cabinet has approved a bill allocating 24 billion dollars for importation of basic goods such as rice, cooking oil, meat, rice, etc. The announcement came as food prices has started rising over the past few weeks.