Iran's CB Conducts First Repo Operation

The Central Bank of Iran says it has conducted the first repurchase agreement (repo) operation to implement the open market operation to regulate interbank interest rates.  
Repo is a form of short-term borrowing for dealers in government bonds. In case of a repo, a dealer sells government securities to investors, usually on an overnight basis, and buys it back the following day at a slightly higher price. Repos are typically used to raise short-term capital. 
In a notice posted on its website, the CBI said it has agreed to lenders’ request for short-term credit worth 8.9 trillion rials ($30 million) under repo, marking the first operation of its kind in CBI’s history.  The repo operation was conducted at 22%, the highest interbank interest rate.