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PayvandNews – The Central Bank of Iran (CBI) says the debt the country owes to foreign creditors have decreased by seven percent in two months. The CBI said on Sunday that aggregate foreign debts stood at $8.816 billion on May 21, 2019, down from $9.339 billion at the end of last Iranian calendar year on March 20.
It said long-term debts fell to $6.969 billion and short term debts were down at $1.708 billion, according to figures published in the official IRNA agency.
The report did not elaborate on the current status of Iran’s foreign reserves.
However, the announcement was a fresh sign the country had succeeded in easing the burden of external borrowing despite sanctions imposed by the United States which have seriously hampered the country’s access to foreign currencies.
Recent analyses shows Iran’s current level of foreign debts is among the lowest recorded over the past decades despite growing need to tap foreign lenders for funds that could spur economic growth inside the country.
Iran reported a year-on-year decline of over 1.5 billion euros in debts for the year ending in late March.
That comes as borrowing has increased by more than 30 percent compared to August 2013, when the current administrative government took office for a first term.
