Credit Instruments to Enter IME Trade
EghtesadOnline: The Central Bank of Iran is giving the finishing touches to a plan to tap into the newly-developed credit instruments in trade of commodities at the Iran Mercantile Exchange.
In a meeting with CEOs of state banks, the CBI Governor Ali Salehabadi said the Productive Credit Certificate is one such instrument that would be traded at the IME next week.
Known by its Persian acronym Gam, the certificate is a market-base credit instrument that can be traded in the money and capital markets. Lenders will assist strong businesses by offering tradable credit certificates similar to LCs that can be given to suppliers of raw materials, machinery and equipment.