Iran’s foreign debts continue to rise

Business Materials 16 October 2017 15:09 (UTC +04:00)

Baku, Azerbaijan, Oct. 16

By Fatih Karimov– Trend:

Iran’s foreign debts reached ‎$9.276‎ billion by Aug. 22, 2017, the country's Central Bank (CBI) announced.

Iran’s foreign debt has increased by $154 million during the one-month period from July 21 to Aug. 22.

The figure doesn’t include the deferred debts, which were over $2.38 billion by the end of the last Iranian fiscal year (March 20, 2017).

Iran’s short-term foreign debts amounted to $3.333 billion, while long-term debts stood at $5.943 billion by Aug. 22, according to CBI.

Iran’s foreign debt was on decline from 2007 to March 2015, dropping from $28.647 billion to $5.108 billion.

The country’s foreign debts stood at $19.185 billion in 2012, $7.682 billion in 2013 and $6.655 billion in 2014, according to the Central Bank of Iran.

The foreign debt is a 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 and the World Bank.