TEHRAN- Iran’s over-the-counter (OTC) market, known also as Fara Bourse, has attracted two trillion rials (about $57.7 million) in foreign investment so far in the current Iranian calendar year (started March 20), while the figure is equal to the total investment made during the past calendar year, OTC Managing Director Amir Hamooni told IRNA on Monday.

“These foreign investments are attracted via investment funds or foreigners purchasing shares and securities in OTC market,” Hamooni said.

The official noted that following the implementation of the nuclear deal with the world powers, OTC has witnessed a rush of foreign applicants for buying Islamic Treasury bills and is ready to facilitate foreigner’s presence and activities in domestic debt market.

$288m of Islamic Treasury bills to be offered next week

Hamooni elsewhere announced that the administration is taking the final steps of issuing ten trillion rials (about $288.7 million) of Islamic Treasury bills, which were introduced last summer on the way to repay its overdue debt to contractors. 

According to him, the incumbent administration is the guarantor to the issued Islamic Treasury bills as well as the offered sukuk al-ijara. 

In the wake of the lifting of economic sanctions against the Islamic Republic in January, the government is rolling out a series of initiatives to develop the country’s capital market and reduce local firms’ reliance on loans from a debt-laden banking sector. 

HJ/MA