Iran’s external debt declined to $8.67 billion by the end of third calendar month to June 21, data from the Central Bank of Iran shows, according to Financial Tribune.
The data, published on the CBI website, indicates a 7% decline in foreign debt compared to $9.33 billion reported at the end of last the fiscal year (March 19, 2019).
Medium and long-term debt stood at $6.96 billion, accounting for 60% of total foreign financial commitments in the period. The debts were to the tune of $7.18 billion by the end of last fiscal year.
The CBI also reported $1.7 billion in short-term debt by the end of first quarter of the current fiscal year.
Foreign debt in Iran increased to $10.91 billion in 2017 from $8.48 billion a year earlier. External debt averaged $16.13 billion from 1993 until 2017, reaching an all time high of $28.6 billion in 2007 and a record low of 5.1 billion in 2014, according to data from the Trading Economics website.
The ratio of Iran’s external debt to GDP is 2.5 for 2019-20 as reported by the World Bank, which is comparatively lower than many countries.