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$. However they have to pay back the credit at a new rate of 25,000 rials to the US$.