آسيب‌شناسي انتشار اوراق مشاركت بانك مركزي ج.ا.ايران

The Pathology of Issuing the Bonds of the Central Bank of the Islamic Republic of Iran

بانك هاي مركزي دنيا عموماً براي تنظيم بازار پول و نيل به اهداف پولي خود از ابزارهايي همچون عمليات بازار باز، تغيير سطح سپرده هاي قانوني و تغيير نرخ تنزيل استفاده مي كنند. دخالت بانك مركزي در بازار اوراق قرضه و خزانه دولتي و خريد و فروش اين اوراق، به منظور تنظيم پايه پولي و حجم پول پرقدرت متناسب با نيازهاي نقدينگي اقتصاد در شرايط ركود و رونق را عمليات بازار باز مي گويند. باتوجه به اين كه بانك مركزي ج.ا.ايران در سال هاي گذشته با انتشار اوراق مشاركت خود، در قالب عمليات شبه بازارباز به كنترل نقدينگي پرداخت، شايسته است اين اوراق از نظر فقهي و اقتصادي مورد بررسي قرار گيرد. سوال اصلي مقاله حاضر اين است كه انتشار اوراق مشاركت بانك مركزي جمهوري اسلامي ايران با چه آسيب ها و چالش هايي مواجه است؟ براين اساس مقاله پيش روكه ماهيت تحليلي توصيفي دارد، به دنبال بررسي اين فرضيه است كه اوراق مشاركت بانك مركزي از نظر فقهي و اقتصادي با چالش هايي مواجه است. نتايج مقاله حكايت از آن دارد كه، مهم ترين آسيب اين اوراق در بعد فقهي ابهام در تحقق عقد شركت مي باشد و در بعد اقتصادي تحقق سياست خنثي سازي و هزينه بر بودن انتشار اوراق مشاركت جهت اجراي عمليات شبه بازار باز مي باشد.

In order to regulate money market and achieve their monetary goals, central banks around the world make use of strategies, such as open market operations, altering the level of bank reserves and changing discount rates. Open market operations is defined as the intervention of the central bank in the bond market and state treasury as well as its engagement in selling and buying of such bonds, whose aim is to adjust the monetary base and the volume of high-powered money based on economic boom and bust conditions. Since the Central Bank of the Islamic Republic of Iran has issued its bonds in the form of open market type operations to manage liquidity in previous years, such bonds need to be evaluated with respect to the perspectives of economy and Islamic jurisprudence (fiqh). The challenges and damages that could be brought about by the issuance of the bonds of the Central Bank of the Islamic Republic or Iran was the main problem set forth in this analytical-descriptive study. It was hypothesized that central bank bonds face economic and juridical challenges. This hypothesis was examined in this study. The results reveal that, as far as Islamic jurisprudence is concerned, the the major damages of such bonds is their ambiguity in the realization of partnership contract. From an economic perspective, however, the damages include ambiguity in the realization of sterilization policy and the high costs of issuing bonds in order to carry out open market type operations