the Experience of the Central Banks of the I.R. of Iran and Sudan

Nowadays, the most important instrument of controlling and increasing the liquidity in developed countries is to use "open market operation" in which the central bank purchases and sales its own assets (mainly securities in secondary markets). But, in many of developing countries, the central banks can not purchase and sale the securities in the secondary markets due to not developing the investment markets, therefore, Some of these countries have begun to purchase and sale these securities in primary markets to control the liquidity which is called' open market type operation' in some new papers. As in this operation, there will be a religious problem known as "Reba", central banks of Iran and Sudan has been offered and performed another securities based on "Musharaka" and "Discount". We can benefit from that in this operation by surveying and analyzing its applicable.