Feb 13, 2020 18:03 UTC
  • Iran’s foreign debt down at over $9bn: Report

Iran managed to decrease the size of its foreign debt by around $300 million in a nine-month period ending in December last year, a new report shows.

The Thursday report by the official IRNA agency cited data by the Central Bank of Iran (CBI) as showing that the total foreign debts stood at $9.053 billion on December 21, 2019, a decrease of three percent compared to March 2019.

That comes as debts had reached $9.339 in March but then decreased by seven percent to $8.678 billion in June 2019 but rose again to just over $9 billion in late December, said the IRNA report.

The current accrual foreign debts are comprised of $1.505 billion in short-term debts and $7.548 billion in long-term ones, said the CBI.

Iran’s ratio of foreign debt to gross domestic product, which is currently around $500 billion, is among the lowest in the world.

The low level of debt comes as the country has seen its normal oil revenues significantly slashed as a result of the US illegal sanctions.