Page 39 - IRANRptOct22

IMF forecasts Iran’s net debt at 44% of GDP
The International Monetary Fund (IMF) has estimated that the Iranian government's net debt reach around $260bn by the end of 2020, equivalent to 44% of Iran's GDP.
Before the reimposition of heavy US sanctions on Tehran in 2018, the net debt stood at less than $118bn.
Muddying the picture, however, is the fact that estimates of how much crude oil Iran manages to sell on the grey market despite US sanctions vary rather widely.
The IMF, meanwhile, has also calculated that Iran's total budget deficit for the current fiscal year will be around $58bn.
7.0 FX
Iran - FX
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Aug-22
Currency (units per EUR) (eop)
49,274
51,609
49,171
50,004
48,773
47,613
46,888
43,991
42,079
Currency (units per USD) (eop)
42,000
42,000
42,000
42,000
42,000
42,000
42,000
42,000
42,000
Iran’s rial hits a new rock bottom amid strong dollar, protests and lack of path to JCPOA deal
The Iranian rial (IRR) has fallen to a record low against the dollar amid the global surge in the US currency, more than two weeks of anti-regime protests and the failure of Tehran and the major powers to find a path to a revival of the 2015 nuclear deal, or JCPOA.
The rial closed on the Tehran market at a worst-ever rate of IRR332,500 to the USD on October 3 as the US currency continued to surge past its rivals, cementing its place as the global bastion of financial security amid wobbling world markets.
Both the protests and the lack of optimism regarding any possible reinstatement of the JCPOA—and consequent lifting of US sanctions on the Iranian economy—are taking a toll on Iran’s economy, with the former prompting the authorities to bring in sweeping internet shutdowns that have paralysed much of the country’s digital economy.
The euro traded at IRR326,900 against the rial, while pound sterling traded
39 IRAN Country Report October 2022 www.intellinews.com