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.
Related Articles
Azerbaijani banks report mixed financial performance in Q1 2025
Azerbaijan’s leading commercial banks released their financial results for the first quarter of 2025, showing a mixed performance in profitability, digitalisation, credit growth and capital ... more
NLB to allocate €257mn in 2025 dividends after record 2024 performance
Slovenia’s largest banking group, NLB, announced on April 11 that it plans to distribute €257mn in dividends in 2025, following a record-breaking performance in 2024. The payout, representing ... more
Most Read
-
Indonesia expands military role in government, protesters clash with police in Jakarta
27 days ago
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
27 days ago
-
Putin tells Russia's oligarchs that the return of Western business will not be easy or cheap
29 days ago
-
US sets six conditions for Iran talks in Trump letter to Supreme Leader
27 days ago
-
Serbian police reportedly use sonic cannon against protesters
1 month ago