Banks Instructed to Allot 3% of Resources for Bond Buying

The Money and Credit Council, the top monetary decision-making body, has obliged banks to allocate at least 3% of their financial resources to buy bonds issued by the government. It issued a three-month deadline for this task.
The aim is to control money supply in the interbank market, the CBI public relations office said in a press release. 
This plan was first floated by the governor of Central Bank of Iran, Abdolnasser Hemmati, last week. “Banks and credit institutions should, in their balance sheets, show government bond holdings as a percentage of their deposits.”