Bank loans to economic sectors increase by nearly 65%

TEHRAN – The Iranian banking system has disbursed 12.41 billion rials (over $ 295 billion) in loans to domestic economic sectors in the first seven months of the current Iranian calendar year (March 21-October 22), registering an increase of 64.8% compared to the same year. period of the previous year, IRNA reported.

According to data provided by the Ministry of Industry, Mines and Trade, the country’s service sector received more than 6.41 quadrillion rials (about $ 152 billion) in loans, accounting for 43.2% of the total installations.

Industry and mining received 4.397 quadrillion rials (about $ 104 billion) to have a 29.7 percent share in total facilities, followed by the business sector with 2.232 quadrillion rials (about 53 billion dollars), or 15.1 percent.

The agriculture, housing and construction sectors also received 1.03 billion rials ($ 24 billion), 757.4 billion rials (approximately $ 18 billion) and 5.1% of the total. facilities, respectively.

On the basis of the data mentioned, the facilities paid by banks and credit institutions to the industrial and mining sector during the seven months mentioned increased by 67.2% compared to the same period of the previous year, while the figure also increased by 66.6% for the agricultural sector. , 58% for the housing and construction sector, and finally 30.1% for the commercial sector.

In recent years, the Central Bank of Iran (CBI) has defined production support as one of its main plans.

In May 2019, former CBI Governor Abdolnaser Hemmati presented plans to neutralize or mitigate the impact of US sanctions on the country’s economy and mentioned the provision of liquidity and working capital to maintain and boost domestic production as one of those plans.

CBI’s plans take two main approaches, one of which is to secure funds for production activities and also to provide the necessary working capital for these activities.

EF / MG

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