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Iran's 'debt plan' not yet operational

Finance Materials 12 December 2018 10:36 (UTC +04:00)

Tehran, Iran, Dec.12

Trend:

Iranian government's plan to barter its debt to the contractors and Iranian banks, with their debts to the Central Bank of Iran (CBI) is not operational so far.

"The plan is still in its early stages and it's too early to judge", the managing director of Ghavamin Bank Gholam Hossein Taghi Nataj told Trend.

"In general it is a good plan and the government would reduce inflation and debts of series of banks, the central bank and itself," he said.

"The plan has a capacity to succeed, and the final result would be reveled in the upcoming months,” he added.

"The barter plan is to clear the debts but still is in the primary stage and have been discussed during government sessions, however no specific number from Ghavamin Bank debts has been set for barter yet, so the final result would be announced after calculations," he said referring to volume of banks debts that would be bartered.

The official elaborated on the procedure of debt barter plan.

"The government has proposed this plan to create transparency for the accounts, it has been formed due to CBI connection to the government. The individuals who have debts would clear it by barter," he said.

"In this trilateral connections all the debts would be paid," he added.

Speaking about the effect of establishment of new financial channels for Iranian banks` transactions, Nataj said that creating any financial channel, especially the one which EU has intended to open for circumvent US sanctions, should be celebrated.

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