Financial Tribune - Debts of banks and credit institutions to the Central Bank of Iran declined 25.6% year-on-year to Dec. 21.

Arrears to the CBI reached 1,113.9 trillion rials ($7.3 billion based on Monday’s exchange rates) indicating a 19.4% drop during a nine months since the end of the fiscal year in March 2019.

The drop is mainly related to debts of non-government banks and credit institutions as data indicates growth in debts of state-owned banks, according to a report published on the CBI website.

Commercial banks’ debts to CBI posted 22.3% and 48.6% growth YOY and compared to the end of the last fiscal year, respectively. Three state-owned commercial banks, namely Bank Melli Iran, Bank Sepah and Post Bank, owed 43.4 trillion rials ($285.5 million) to the CBI by Dec. 21.