Tuesday, 24 September 2019 04:13 GMT

Iranian government to implement debt barter with private sector

(MENAFN - Trend News Agency) Tehran, Iran, Aug.20


Iran issued an announcement for implementation of barter system for government debts to legal and individual entities in the private sector.

Head of Iran's Planning and Budget Organization Mohammad Bagher Nobakht has issued the announcement to all executive organizations for government debts clearance and bartering via banks and credit institutes, Trend reports citing ILNA.

The announcement is aimed to clear the government debts to the legal and individuals in the private sector via direct barter with the government or through banks that are in debt to the Central Bank of Iran.

"The clearance documents for government debts concerning assets and properties is only being issued if the government pays 25 percent of its debts in cash," the announcement says.

"The created documents are accounted for the 2018 debts payment to the Central Bank of Iran or other banks and credit institutes," it added.

"According to this directive, the issuance of any Treasury clearance documents by the Ministry of Economic Affairs and Finance for the purpose of repaying or bartering government debts to natural and legal non-governmental entities or credit institutions is dependent on the confirmation of Planning and Budget Organization," the announcement indicates.

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Iranian government to implement debt barter with private sector

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