Iran private sector debt to banking system hits $169 billion
Tehran , Iran , Nov. 21
By Milad Fashtami - Trend:
Iran's private sector debt to banking system has reached 5,410 trillion rials (some $169 billion based on the exchange rate of US dollar at the free market).
The figure shows a 7-percent increase compared to previous year, Iran's ISNA News Agency reported on Nov. 21.
The private sector's debt to the banking system was around 5,050 trillion rials (some $157.8 billion) at the last month of previous year (ended March 20).
The Iranian government also owes over $28 billion to the national banking system, which is 36 percent more 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 commission 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.