Page 25 - IRANRptJul19

Iran parliament agrees to release IRR10 trillion in assets to pay debt
Bistoun Petrochemical Company. Final details of that sale were not available.
The Iranian parliament has agreed to release IRR10 trillion ($67mn at the free market rate) from the sale of assets and shares owned by the state, according to IBENA on February 18.
The Rouhani administration has been looking at several options to raise cash to pay for essential services and investment in infrastructure while US sanctions remain on the country. Many assets previously thought of as unsellable have been proposed for privatisation including state-owned refineries and football clubs .
However, at the official government rate of IRR4,700 to the euro the assets released would be valued at €212.7mn, which will be the figure the government states.
The release of assets come as part of a raft of packages included in the 2019-20 year budget which begins at the start of the Persian New Year on March 21. The parliament did not specify which shares or firms it will release to the market as part of its agreed proposal.
6.2 Debt
Iran - Gross external debt 2010 2011 2012 2013 2014 2015 2016 2017 2018
External debt (USD bn)
20.030 17.344 7.406 7.006 5.441 6.322 7.475 8.481 10.910
External debt (% GDP)
4.281 2.929 1.258 1.366 1.277 1.577 1.9 2.0 2.4
Source: World Bank, CEIC
Iran's external debt stood at $10.9bn in 2018, up 28.6% compared to the figure in 2017, due to sanctions placed on the country, according to CEIC data. The ratio of external debt to GDP stood at 2.4% in 2018.
The World Bank (WB) said in its International Debt Statistics 2017 report that Iran’s foreign debt stood at $6.3bn in 2015, falling substantially by almost 64% compared to the figure in 2011, thanks to the post-sanctions country being able to access frozen assets in several nations, including the US.
The report said that in 2015 Iran's long-term foreign debt was $2.3bn, its foreign short-term debt was $2.0bn and its debt owed to international financial organisations was also $2.0bn. The ratio of external debt to GDP stood at 1.6% for 2015, down from 2.9% in 2011.
7.0 FX
CBI reports reduction in pound sterling and euro rates on official exchange
The Central Bank of Iran (CBI) on July 2 updated the official exchange rates. Several currencies weakened against the Iranian rial.
The official rates are only available to parties behind specific import and export flows including oil and essential goods. The rates in play for hard currencies on the unofficial, or free, market are at least 60% higher, given the
Iran - FX
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Currency (units per EUR) (eop)
37,057
39,666
43,273
46,522
49,268
48,754
48,011
47,165
47,754
Currency (units per USD) (eop)
32,489
33,805
36,064
37,743
42,590
42,000
41,995
42,000
42,000
25 IRAN Country Report July 2019 www.intellinews.com