Gov’t Enhances Transparency of Financial Systems
Following efforts to improve the financial transparency and discipline administrative bodies, the Central Bank of Iran has connected its Centralized Database for Loans and Commitments, known by its Persian acronym Samat, with another government-run system, dubbed the Comprehensive System for Management of Government Guarantees.
In a notice published on the CBI website, the bank said in cooperation with the Plan and Budget Organization, the two systems are now connected to help boost transparency, accountability and discipline in government finances and pertinent activities.
The move allows the PBO to probe government debts and financial liabilities emanating from debt repayment guarantees issued by the government.
Henceforth, data available at Samat will be the criteria for calculating government debt to banks and non-bank credit institutions, according to the CBI notice.
At present, the government’s arrears to banks, contractors and manufactures is 3,200 trillion rials ($28.5 billion). Debt to lenders is 580 trillion rials.
The government’s debt mountain has rendered funding development projects very difficult and visibly undermined the lending capacity of banks, particularly state-owned institutions.
The PBO launched the government guarantee management system in July and announced that access to government guarantees would be possible only through this system, indicating that guarantees by other bodies would be null and void.
The government usually guarantees repayment of internal and external loans, Islamic financial bonds, and purchasing strategic crops.
source: Financial Tribune
Related News
Top News
Six last month
Two last year
Bolivia ditches new gold rule within days to curb ‘speculation’
Iron ore price drops toward $100 as China’s latest fix disappoints
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Top gold ETF sees largest weekly outflow since 2022 on Trump win
Japan, Peru to agree on cooperation in mineral mining technology
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus