Banks Issue ‘Gam’ Credit Instruments Worth $330m

Banks issued 90 trillion rials ($330 million) of “Productive Credit Certificates”, known by its Persian acronym Gam, since the credit finance instrument was launched in early 2021. 
According to Hamid Azmand, head of the Central Bank of Iran’s department for Supply Chain Finance, the certificates were issued by 5 agent banks, IBENA reported. 
Gam is a market-oriented financial instrument that can be traded in the money and capital markets.  Lenders assist credible businesses by offering tradable credit certificates similar to LCs.  The certificate can be given to suppliers of raw materials, machinery and equipment.