A member of Majlis Budget Commission announced that based on Act 35 of amendments to the Budget Law of 2015-16, the government will now be able to use forex resources to clear out 350 trillion rials ($11.2 billion) of its debts to the banking sector, which is lower than the 450 trillion rials ($14.5 billion) originally demanded by the government. Hosseinali Haji-Deligani added that according to the Central Bank of Iran, the government’s debts to the banking sector stand at 290 trillion rials ($9.3 billion), Fars News Agency reported. “But an amount equal to 60 trillion rials ($1.9 billion) have also been determined to help increase the capital of government-owned banks,” he added.
