CBI Says Foreign Debt $12bn by Year End

August 6, 1998
TEHRAN - The Central Bank of Iran (CBI) has reported that Iran's foreign debt totalled $12.1 billion by the close of the year which ended March 20, including $3.289 billion in short-term and $8.828 billion in medium- and long-term undertakings. Taking into consideration contingent obligations, including the established letters of credit not yet consigned and future interest, total external obligations (actual and contingent) amounted to $24.4 billion by March 20, the bank said.

The Islamic Republic's undertakings for repayments during the next five years are $3.05 billion in the year which ends on March 20 1999, and $864 million, $481 million, $256 million and $530 million for the following years, it said. According to the central bank, the trade balance showed a $3.511 billion surplus for the year calculated at the official exchange rate of 3000 rials to the dollar.

The net foreign assets of Iran's banking system during the same period was $3.35 billion, the bank said.