Report: Iranian govt. owes over $28B to banking system
Baku, Azerbaijan, Nov.19
By Fatih Karimov - Trend: The Iranian government owes over $28 billion to the national banking system, Iran's ISNA news agency reported Nov. 19.
The figure shows a 36 percent rise compared to the last month of the past Iranian year (ended on March 20, 2014).
Based on the Central Bank of Iran's data, the government's debt to the banking system amounted to $28 billion in the first half of the current year.
The USD free market exchange rate is currently about 32,000 rials in Iran.
Iran's economy minister Ali Tayyebnia said on Aug. 19 that the administration will set up a special legal complex to deal with bank loan defaulters.
Tayyebnia said on June 18 that the real value of the Iranian banking system's bad loans is $47 billion.