Iran's Central Bank has been authorised to settle IRR762.305 trillion ($708mn) in debt arising from the Islamic Republic's commitments to the International Monetary Fund, First Vice President Mohammad-Reza Aref said in a directive on October 21, IRNA reported.
The CBI will exchange the payments to the IMF as part of the prepurchased credits initially taken out during previous administrations.
The cabinet approved the resolution in its meeting on October 23, based on Article 138 and Article 73 of the Constitution and Article 31 of the Islamic Republic's budget law.
The Central Bank is authorised to provide and pay IRR762,305,552,472,082 in debt arising from the Islamic Republic's commitments to the IMF from its internal resources to adjust the value of the rial.
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