Ali Shahidi, Director of Commercial Currency and Exchange Operations
at the Iran Currency Exchange Center, told the International Conference on
Investment and Financing in the Oil, Gas and Petrochemical Industries that the
center has launched foreign currency bonds and a currency pre-sale scheme to
facilitate funding for large-scale industrial ventures.
“In the second half of the year, new segments of the exchange market
will be launched in phases to provide secure platforms for capital flow and to
support major exporters and investors,” Shahidi said.
He explained that the newly introduced instruments are designed to
attract both small and large investors and direct the funds toward priority
industrial projects. “In many emerging economies, foreign currency bonds are a
significant source of financing for corporations, but in Iran, structural
constraints and exchange rate volatility have limited their use,” he said.
The initiative, he added, seeks to institutionalize foreign
exchange-based financing and reduce dependence on rial-denominated funding.
Under the new framework, companies can register and access funding
more efficiently, bypassing complex banking procedures. The bonds, issued by
licensed financial institutions and approved by the Central Bank, will be
traded on Iran’s capital market. Issuance fees are set between 0.5% and 1.5% in
the first year.
Shahidi said investment periods would range from one to four years,
with principal repayment covered by proceeds from the sponsoring company’s
exports. Exporters would fulfill their obligations using foreign currency
earned through sales abroad.
He also announced plans to establish foreign exchange funds, licensed
by the Central Bank, to attract foreign currencies held by the public through
legal and transparent channels. “We estimate that over $3 billion in hard
currency is currently held by individuals, which could be redirected into
productive investments,” he said.
The currency pre-sale plan, finalized several months ago, will serve
as a risk management tool for exporters and importers. “For example, an
exporter expecting to ship goods in six months can pre-sell foreign currency
today and receive up to 30% of its rial equivalent in advance,” Shahidi
explained. Exchange rates for these future contracts will be determined through
competitive auctions.
He emphasized that the goal of these programs goes beyond exchange
rate control. “The objective is to link monetary policy with industrial
strategy,” he said. “Since much of the investment in oil and petrochemicals is
foreign currency-based, financing should also come through foreign exchange
instruments to reduce pressure on rial resources and ensure sustainable
returns.”
Shahidi concluded that the Exchange Center aims to establish a coordinated
financing ecosystem in partnership with the Central Bank, the Securities and
Exchange Organization, and the private sector — an ecosystem that could
simultaneously stabilize the foreign exchange market and fuel investment in
Iran’s strategic industries.