Iranian government debt to central bank increases by 29%

Business Materials 28 December 2015 17:02 (UTC +04:00)

Baku, Azerbaijan, Dec. 28

By Fatih Karimov- Trend:

Iranian government's debt to the Central Bank (CBI) has reached 247 trillion rials (each 30,118 rials making one USD) by June 22.

The figure was 191.1 trillion rials at the same time last year, registering a 29.4 percent increase year on year, the CBI said in its latest report released Dec. 28.

The government debt to the CBI witnessed a rise by 34.6 percent while compared to the end of last fiscal year (March 21) which was 183.6 trillion rials.

The government's debts to domestic banks, also, increased in the first quarter of the current fiscal year (March 21-June 21), standing at 1.3 quadrillion rials.

The figure was some one quadrillion rials at the end of the last fiscal year.

The debts of Iranian state-run companies to the CBI stood at 250.4 trillion rials by June 22, 30.5 percent more year on year.

The state-run companies' debts to other domestic banks also stood at 36.4 trillion rials.

Iran's banking system has been struggling with bad loans in the past few years. Banks of Melli, Parsian, and Tejarat have the highest amount of bad loans in Iran.