Bloomberg | Yasna Haghdoost: Iran has launched a new domestic bond to support manufacturers and non-oil sectors, Central Bank Governor Abdolnaser Hemmati said.
Hemmati said he expects the local bonds, dubbed �Gam,� or �step� in Farsi, will raise 50,000 trillion rials from the first round of issue, the state-run Islamic Republic News Agency reported on Tuesday. That�s equivalent to $11.9 billion, according to the Central Bank of Iran�s official fixed exchange rate, or $3.6 billion on the open, unregulated market.


Four national banks � Melli, Mellat, Tejarat, and Saderat � will use the bonds to finance manufacturing.


�I am confident that the measures taken by the banking system will see growth in the country�s production and economy,� Hemmati said at the launch.


Iran has sought to boost its non-oil sectors after U.S. sanctions drastically reduced crude oil exports.


The loss of revenue from oil exports, Iran�s main source of hard currency, dealt a blow to the currency, fueling inflation and shortages of some imports.'