Iran's foreign debt reduced by $1.4B in 11 months ending Feb. 19

Tehran, Iran, May 22

By Mehdi Sepahvand - Trend:

The Central Bank of Iran has announced that the country's foreign debts decreased by $1.422 billion to reach $5.223 billion during the first 11 months of the previous Iranian fiscal year, that is, March 21, 2014 to February 19, 2015.

The short-term foreign debts were counted at $480 million and the long-term ones at $4.754 billion.

Iran's foreign debt has been on the decline since 2007. From that year to March 2014, the country's foreign debt lowered from $28.647 billion to $6.655 billion.

Iran's export during the period hit $32.6 billion while the country's import was registered at $48.2 billion.

The external debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country.

The debtors can be the government, corporations or private sector.

The debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank.

Edited by CN

Follow the author on Twitter: @mehdisepahvand

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