Iran’s foreign debt ‘at nearly zero’, rial strengthens on Biden taking office

Iran’s foreign debt ‘at nearly zero’, rial strengthens on Biden taking office
By bne IntelIiNews January 20, 2021

Iran’s deputy minister of economic affairs and finance has said the country’s foreign debts are currently very insignificant at nearly zero, Tasnim News Agency reported on January 20.

Utilising foreign debt could be a good opportunity for the government to meet investment needs inside Iran, Mohammad-Ali Dehqan Dehnavi added.

Separately, Iran’s currency strengthened to a five-month high against the dollar on January 20 on market hopes that new US President Joe Biden would be able to reach an agreement with Tehran to revive the 2015 nuclear deal, a development that would lead to the removal of heavy US sanctions imposed by his predecessor Donald Trump on the Islamic Republic. Iran has suffered three years of recession in the face of what it describes as Trump’s “economic war”.

The value of the dollar on Iran’s unregulated, open market was down to Iranian rial (IRR) 229,500 by the end of trading in Tehran on January 20, with the Iranian currency taking its gain against the USD since January 6  to 17%, according to currency trading website Bonbast.com.

The rial has lost more than 70% of its value since May 2018, when Trump abandoned the nuclear accord and introduced a sanctions regime against Iran unprecedented in its scope and economic impact. During the course of the four-year Trump presidency, the rial lost 80% against the greenback.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

UniCredit sees modest growth and fiscal overshoot for Hungary in 2024

Hungary’s economic rebound will be modest this year, around 2%, and the return to potential growth is set to be postponed to 2025 with GDP expanding around 3.2%, according to UniCredit bank's ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  4. Don't mention the "D" word - Ukraine
    4 days ago
  5. UBN: The US Needs to Wake Up
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. Saudi Arabia to scale back plans for Neom city
    14 days ago

Reports

Dismiss