TEHRAN (Iran News) – Net foreign assets at the Central Bank of Iran (CBI) rose by more than a fifth year on year in November last year to reach over $24.57 billion, according to the latest figures published by the lender.
A report by the official IRNA agency cited CBI figures showing that the lender had 6,872 trillion rials worth of foreign assets at the end of the calendar month to November 21, up 21.4% from November 2020.
CBI’s net foreign assets rose by 6.5% against the end of the last calendar year to late March 2021, said the report.
The report did not mention in which currencies the CBI holds its foreign assets or whether the bank has assets held in bonds or deposits with banks abroad.
The figures come as Iranian government authorities have indicated in various remarks that the country has been selling more crude oil in recent months while being able to recover the exports proceeds despite American sanctions targeting both the shipments and banking operations meant to settle payments.
CBI figures published on Monday showed that the bank was owed over $7.26 billion by the Iranian government and its companies and another $5.08 billion by state and private banks in Iran.
CBI’s total assets including banknotes and coins held by the bank rose 23.7% year on year in the month to November 21 to reach over 11,211 trillion rials ($40.1 billion), showed tables published by the lender.
Meanwhile the released data show that the country’s foreign debt stood at $9.067 billion at the end of the eighth Iranian calendar month of Aban (November 21, 2021), down 0.8 percent from $9.142 billion at the end of the previous year (March 20, 2021).
From the total foreign debt, $6.619 billion was mid-term and long-term debts while $2.447 billion was short-term debts, the data indicated, IRIB reported.
Iran’s external debt stood at $9.031 billion at the end of the sixth Iranian calendar month of Shahrivar (September 22, 2021), down 1.2 percent from $9.142 billion at the end of the previous year.
Some $6.574 billion of the total foreign debt in the mentioned period was mid-term and long-term debts while $2.457 billion was short-term debts.
External debt is the portion of a country’s debt that is borrowed from foreign lenders including commercial banks, governments, or international financial institutions. These loans, including interest, must usually be paid in the currency in which the loan was made.
Foreign debt as a percentage of Gross Domestic Product (GDP) is the ratio between the debt a country owes to non-resident creditors and its nominal GDP.