Iran’s Economy Ministry issues first 100 day administration report

Business Materials 4 December 2013 12:55 (UTC +04:00)

Baku, Azerbaijan, Dec.4

By Fatih Karimov - Trend:

The Iranian Economy Ministry has issued a report in which different indices of the national economy during the first 100 days of the current president Hassan Rouhani have been mentioned, ISNA reported on December 4.

The report has also provided details about the national economy prior to the administration of President Rouhani took office in August.

According to the report, the national economy contracted 5.8 per cent in the past Iranian calendar year 1391 (ended on March 20, 2013).

The country business freedom index stood at 168 in the world. The inflation rate was 40 per cent and the number of jobless people was 5.3 million.

The administration's debt to the banking system surged fivefold during 2005-2012.

President Rouhani has said that he took office with an empty treasury and a huge amount of debts.

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

In mid-September a member of Iran's parliamentary Plan, Budget and Audit Commission, Ahmad Tavakkoli said 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.

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