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5mn ($31 at the free market rate) each. Moreover, it is widely thought that the results of private tests are not included in the official figures, according to people spoken to ​bne IntelliNews w​ ho offered anecdotal evidence.
8.2 ​Central Bank policy
Iran’s central bank plans interbank market for auctioning bonds to strengthen government finances
Iran’s central bank orders commercial lenders to provide 3-month ‘coronavirus grace period’ on loans
The Central Bank of Iran (CBI) is planning to open a primary interbank market for auctioning bonds to help the government raise funds, the Financial Tribune​ reported on May 14.
As part of a plan to divest assets of the banks to the markets, the bond system is seen as the most direct and profitable option as there is a clear upward trend in the number of Iranians becoming interested in investing in the local capital markets.
Lenders would place buy orders for government bonds through a new interbank trading platform to be established.
Bond orders would be processed by the CBI and sent to the economy ministry for finalisation. Brokerages would then settle payments within 24 hours. Raising funds for the government within the debt market is seen as a pivotal objective for the Rouhani administration. It is struggling to plug gaps in its accounts that have become more profound due to the impact on the economy of the coronavirus (COVID-19) pandemic and plunging oil prices.
The Central Bank of Iran (CBI) has ordered all commercial banks to offer a three-month repayment grace period on loans to counter financial difficulties caused to people by the coronavirus pandemic.
Iranian businesses are losing millions of dollars a day due to the collapse of footfall in the country, with so many people staying indoors and not venturing out to raise their chances of not contracting the virus, also known as COVID-19.
The CBI took its decision following an approval given by the governmental Money and Credit Council to help commercial operators through the ongoing epidemic, which had claimed around 400 lives in Iran by the end of March 11.
The World Health Organisation’s (WHO's) emergencies head Michael Ryan said on March 11 that the COVID-19 situation in Iran was "very serious". The WHO had sent 40,000 testing kits to Iran but there was still a shortage of ventilators and oxygen, he added. "Iran and Italy are suffering now but I guarantee you other countries will be in that situation very soon," he commented.
Restaurants, buffet outlets, banquet halls and cafes were among the types of businesses mentioned by the council as eligible for the grace period. Hotels, hotel apartments, bed and breakfast businesses, guesthouses, and residential centres were others.
Loan repayment deferrals from March 20 will also be available to urban and suburban travel operators, including air, road and rail enterprises. In addition, seaports will be exempt from loan repayments for the awarded three months.
37​ IRAN Country Report June 2020 www.intellinews.com