News ID: 272111
Published: 0448 GMT July 27, 2020

Iran's foreign debt declines by 4%: CBI

Iran's foreign debt declines by 4%: CBI

Iran's total foreign debts at the end of June 20, 2020, reached $8.655 billion, showing a 4 percent decrease compared to the preceding year, said a report recently published by Central Bank of Iran (CBI).

The report was released on July 27 by CBI about the country’s short-term, medium-term, and long-term debts, IRNA reported.

According to the report, Iran's long-term and medium-term foreign debts in the aforementioned period were $7.163 million while its short-term foreign debts account for $1.942 billion.

Iran’s normal oil revenues significantly slashed as a result of US sanctions.

In a bid to offset the impact of the US sanctions, the Iranian government has been pressing ahead with various programs to diversify the economy away from oil.

A draft budget for the next Iranian year, which begins on March 20, has significantly reduced the share of oil-related receipts by introducing new sources of earning hard currency, including a massive plan for the export of minerals and petrochemicals.

Resource: IRNA
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