Iran’s foreign debts see significant increase

Business Materials 7 February 2018 16:17 (UTC +04:00)

Baku, Azerbaijan, Feb. 7‎

By Trend:

Iran’s foreign debts reached ‎$9.885‎ billion by Dec. 21, 2017, according to a report released by the country's Central Bank (CBI) Feb. 7.

The figure was $7.84 billion by the end of ninth Iranian calendar month in the last fiscal year (Dec. 21, 2016), which indicates that the Islamic Republic’s foreign debts has increased by 22 percent, year-on-year.

The country’s foreign debt has increased by $139 million during the one-month period from Nov. 21 to Dec. 21, 2017, compared to $66 million during the one-month period from Oct. 21 to Nov. 21.

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

Iran’s short-term foreign debts amounted to $2.794 billion, while long-term debts stood at $5.046 billion by Dec. 21, 2017, 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.