Munis Decline by Half

Bonds issued by municipalities across the country declined 45% in the last calendar year that ended in March compared to the year before.
Big municipalities issued bonds worth 55.4 trillion rials ($240 million) by March 20, down from 101 trillion rials ($440m) the year ago, according to data released by the Central Bank of Iran.
Municipal bonds (aka known as “participatory bonds”) are debt securities issued by municipalities to improve infrastructure and fund public projects. The bonds were issued by municipalities in Tehran, Mashhad, Isfahan, Ahvaz, Tabriz, Karaj and Shiraz to pay for rail network expansion, expanding pathways, rehabilitating urban structure and developing Bus Rapid Transit (BRT) networks.