Iran’s foreign debt reduced by $24 billion since 2005

Business Materials 3 December 2013 12:18 (UTC +04:00)

Baku, Azerbaijan, Dec.3

By Fatih Karimov - Trend: Iran's foreign debt has decreased by $24 billion since 2005 - the start of the administration of ex-president Mahmoud Ahmadinejad - the Tasnim News Agency reported on December 3.

The administration of president Ahmadinejad took office in 2005 with $40.6 billion in foreign debt, and left the office in 2013 with less than $16 billion in debt, Tasnim cited a report by the Central Bank of Iran as saying.

The Central Bank has put the country's foreign debt in the past Iranian solar year which ended on March 20, at $7.6 billion.

Previously, the bank also announced that the national economy contracted by 5.8 per cent including the oil sector and 3.1 per cent excluding the oil sector.

The unemployment rate is expected to have risen to 12.2 per cent in the past year.

According to the bank, the administration earned over 568 trillion rials (about $22.5 billion).

On November 9, Iranian Economy Minister Ali Tayyebnia said that the low economic growth rate is currently the main challenge for the national economy.

The ministry will focus on improving living standards through curbing inflation and growing business, he stated.