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News Iranian cement producers owe banks Euro750m

Iranian cement producers owe banks Euro750m

Written by Global Cement staff 30 September 2013
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Iran: Cement producers in Iran owe about Euro750m to the country's banking system, according to Abdolreza Sheykhan, the secretary of Iran's Cement Producers Association.

Sheykhan added that cement producers were also incurring losses due to changes in foreign currency rates, in a report by Iran's Donya-e-eqtesad newspaper. Cement producers received bank credits based on an old official rate of 9000 rials to the US$. However they have to pay back the credit at a new rate of 25,000 rials to the US$.

Last modified on 02 October 2013
Published in Global Cement News
Tagged under
  • Iran
  • Loan
  • ACIE
  • GCW120

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