The government-run Press TV said, according to a Finance Ministry statement, that Tehran would allow the payment of government bond holders in the form of oil exports. The report added that holders of sukuk maturing before May 2021 are entitled to receive rough shipments equal to the value of the bonds and the interest due on them. It was not clear how the deal will be concluded, but it is assumed that the sukuk holders will have access to futures contract options, but the report did not include an implementation mechanism. Iran has considered several options to boost state revenues that have been hit by the coronavirus crisis and US sanctions. And earlier this year, it was planning to offer oil-backed shares to its citizens and sell stakes in state-owned companies on the local bourse. Iran’s economy has been suffering since 2018, after the United States withdrew from the nuclear deal concluded by six world powers with Iran and re-imposed sanctions that narrowed the screws on Iran’s oil trade. Press TV said that in the event of implementation, this would be the first time that oil would be used to repay bonds issued in the local market. (Reuters)
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