Economy, Business And Markets

CBI Releases Q1 Report

CBI Releases Q1 ReportCBI Releases Q1 Report

The Central Bank of Iran on Monday released its report on the key macroeconomic indicators in the first quarter of the calendar year (March 21- June 2).

According to CBI’s 1-Q Index, 1.4 million barrels of oil were exported per day during the period, a 0.4% decline over the last year, while production grew by 2.6% reaching 3.93m barrels per day.

Iran’s foreign debts amounted to $5.5 billion by June 21, $5.31b of which are long and mid-term commitments. The report adds that the government defaulted on $1.57 billion of its foreign financial commitment due largely to the sanctions.

Government’s debt to the banking system climbed to 1.56 quadrillion rials ($52.3 billion), indicating a growth of 6.7% compared to the same period last year. Meanwhile, the CBI report said government debt to the central bank jumped by 34.6%, reaching 247 trillion rials ($8.27 billion).

However, the key growth rate was conspicuously absent in the report.    

Earlier Akbar Komeijani, CBI vice governor had warned that the GDP growth rate would be “paltry or even negative in the first quarter.” But he had expressed hopes that with the lifting of sanctions in the coming months the annual growth rate would venture into positive territory.  

Last year’s economic growth excluding oil revenues was recorded at 2.8% and 3% when oil receipts were included.