CBI vows to secure FX funding via international exchanges
The governor of the Central Bank of Iran (CBI) pledged on Tuesday to secure foreign currency financing through international stock exchanges, emphasizing ongoing negotiations to enter the Russian stock market and expand access to other global financial platforms to meet the country’s critical monetary objectives.
“Negotiations have been conducted to enter the Russian stock market, and we are striving to access markets in other countries, as securing foreign currency financing is one of the Central Bank’s most critical objectives,” Mohammadreza Farzin said, as reported by ISNA.
The CBI chief also noted President Masoud Pezeshkian’s upcoming visit to Oman next week, stating, “During this trip, negotiations will be held with officials from the Central Bank of Oman to issue foreign-denominated sukuk in the country.”
During a press conference on Tuesday, Farzin explained, “This year has been designated by Leader Ayatollah Seyyed Ali Khamenei as the ‘Year of Investment for Production.’ Accordingly, a $10 billion investment plan has been outlined for the new year (began on March 20, 2025), of which $2 billion will be sourced through the issuance of foreign currency Sukuk certificates (or Islamic bonds) in the exchange center. The remaining portions will be financed via collaboration with BRICS member states and other funding mechanisms.”
He went on to say, “Sukuk certificates are now gaining traction for financing not only in Islamic countries but also in non-Islamic nations.”
A sukuk is an Islamic financial certificate, similar to a bond, that complies with Islamic Sharia law.
The CBI chief added, “To date, nearly €260 million in foreign currency Sukuk certificates have been issued. The National Development Fund has committed to purchasing up to 90% of these certificates if they remain unsold.”