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Iranian economy minister rejects treasury is empty

Business Materials 2 December 2013 14:28

Baku, Azerbaijan, Dec.2

By Fatih Karimov - Trend:

Iranian economy minister Ali Tayyebnia has rejected reports by domestic media indicating the national treasury is empty, the Tasnim News Agency reported on December 2.

The treasury held 12,800 billion rials (about $516 million) when the administration of President Hassan Rouhani took office, he added.

Although the figure has remained practically unchanged to date, the sum cannot meet government's demands, the minister said.

The Central Bank's coffers also hold around $100 billion, he noted.

Earlier Iranian media outlets quoted Iranian President Rouhani as saying he has taken office with an empty treasury and a huge amount of debt.

In October, Rouhani said the previous administration's debts to the banks, private sector and contractors amounted to 1800 trillion rials (some $59 billion).

In mid-September, member of Iran's parliamentary Plan, Budget and Audit Commission, Ahmad Tavakkoli said that Iran's Forex Fund assets have dried up completely.

Some $161 billion of the Fund's $176 billion worth of assets have been used by the state, he said.

The Iranian administration owed $112.55 billion to banks and companies at the end of the last solar year which ended on March 21, Tavakkoli said.

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