Latest figures provided by the Central Bank of Iran (CBI) put Iran’s foreign debt at the end of fiscal month to July 21 at $5.597 billion.
The CBI data suggests a 28% YOY decrease in Iran’s foreign debt when the figure stood at $7.173 billion.
The figure is also down $375 million MOM when compared to $5.972 billion foreign debt reported in the past fiscal month.
That comes as the country has been grappling with financial difficulties in recent years mainly because of American sanctions targeting its energy sector as well as the impacts of the coronavirus pandemic on its economy.
Experts say US sanctions on Iran have enabled the country to diversify its economy away from crude oil revenues.
They point to an expansion of the non-oil sector of Iran's economy in recent years as a sign that the country has been relying less on oil revenues and more on exports from manufacturing and agriculture sectors.