Baku, Azerbaijan, Aug. 30
By Umid Niayesh - Trend:
The Central Bank of Iran has announced that the country's foreign debts reached $5.484 billion by June 22, indicating an increase by $377 million compared to the last fiscal year (ended on March 21).
The short-term foreign debts were counted at $454 million and the long-term ones at $5.031 billion, the central bank said Aug. 30.
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.
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.
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