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Iran’s government owes over $30B to domestic banks

Business Materials 6 July 2015 12:18 (UTC +04:00)

Baku, Azerbaijan, July 6

By Fatih Karimov - Trend: The Iranian government's debt to domestic banks surpassed 1,040 trillion rials (about $30 billion based on free market rate) in the past Iranian fiscal year, which ended on March 20, 2015.

The volume of debt shows a 37 percent rise compared to the corresponding figure in the fiscal year, which ended in March 2014, ISNA news agency reported July 6.

State-run companies and organizations held a share of 35 trillion rials (about $1.1 billion) of the total debt to the banking system, a 13.5 percent rise year on year, the report added.

Iran's banking system has been struggling with bad loans in the past few years. Melli Bank, Parsian Bank and Bank Tejarat have the highest amount of bad loans in Iran.

Edited by CN

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