Page 26 - IRANRptMay20

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 total external debt at $9.33bn in March 2019
Iran's total external debt decreased 17% to $9.33bn at the end of the previous Persian financial year (ended March 20), according to the Central Bank of Iran (CBI) and IBENA on July 8.
Despite suffering from bad debt internally, Iran is in a remarkably strong position in terms of its international debt, most notably down to international lenders not being allowed to interact formally with the Islamic Republic.
The central bank report shows that Iran's external debt reached $9.339bn at the end of the Iranian fiscal year ending March 2019. In comparison, Turkey’s external debt reached $286.2bn at the end of 2018, according to its central bank, ​Hurriyet r​ eported.
Iran’s short-term external debt totalled $7.18bn at the end of March this year and $2.15bn is mid-term and long-term debts.
The central bank report then switches to euros saying, “Iran’s potential commitment was placed at €8.23bn of which €6.33bn belongs to mid-term and long-term debts and €1.86bn belongs to short term debts”.
“At end of March 2019, Iran’s external debt was placed at $9.3bn, recording a decrease of $0.4 billion over its level at end-February 2019." the CBI said. The CBI added, "At the end of March 2018, Iran’s external debt was placed at $11.3bn, recording a decrease of $2bn over its level during Iran’s fiscal year.”
7.0​ FX
Iran has plentiful forex for Persian year ahead says president
"Iran has no problem in providing foreign currency until the end of the [Persian] year [in March, 2021]," Iranian President Hassan Rouhani told an April 2 cabinet meeting, citing information he said came from the Iranian central bank’s governor.
"We have a good reserve of essential commodities for ​the next months​ and agriculture and trade ministers have given very promising reports for the situation during the coming months," Rouhani added.
Iran must deal with the severe economic ramifications of the coronavirus (COVID-19) pandemic combined with the ongoing impact of heavy US sanctions, including sanctions that the Trump administration is attempting to use to drive the Islamic Republic’s lifeline exports of crude oil to zero.
Iran - FX
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Feb-20
Currency (units per EUR) (eop)
46,522
49,268
48,754
48,011
47,165
47,754
45,926
47,055
46,543
Currency (units per USD) (eop)
37,743
42,590
42,000
41,995
42,000
42,000
42,000
42,000
42,000
26​ IRAN Country Report May 2020 www.intellinews.com