July 29, 2021

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Bank loans to economic sectors up over 71% in 3 months

Bank loans to economic sectors up over 71% in 3 months – Tehran Times

TEHRAN- Iranian banking system has paid 4.976 quadrillion rials (over $118.4 billion) of facilities to domestic economic sectors in the first three months of the current Iranian calendar year (March 21-June 21), registering a 71.3-percent rise from the same period in the previous year, IRNA reported.

According to the data provided by the Central Bank of Iran (CBI), banks had paid 2.71 quadrillion rials (about $49.32 billion) of facilities to various economic sectors in the previous calendar year’s first quarter.

As reported, working capital loans paid to different economic sectors in the mentioned three months were above 3.466 quadrillion rials (about $82.53 billion), accounting for 69.6 percent of the total provided facilities.

During the said period, the country’s mining and industry sector received over 1.269 quadrillion rials (about $30.23 billion) in the form of working capital loans, accounting for 36.6 percent of the total such facilities.

Back in June, the CBI had announced that over 2.74 quadrillion rials (over $65.2 billion) of facilities was paid to various economic sectors in the first two months of the current Iranian calendar year (March 21-May 21), registering a 46.6-percent rise from the same period in the previous year.

According to CBI, the country’s banking system offered 18.989 quadrillion rials (about $452.1 billion) facilities to domestic economic sectors in the previous Iranian calendar year of 1399 (ended on March 20), 94.8-percent more than the figure for its preceding year.

CBI has defined supporting production as one of its major plans over the past two years.

Former CBI Governor Abdolnaser Hemmati has repeatedly stressed that supporting production units to flourish production is the priority of the country’s banking system.

In early May 2019, Hemmati had outlined CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy and mentioned providing liquidity and working capital to maintain and boost domestic production as one of those plans.

CBI’s plans take two major approaches, one of which is to secure finance for production activities and also to provide the working capital needed for such activities.

EF/MA



Original News : https://www.tehrantimes.com/news/463151/Bank-loans-to-economic-sectors-up-over-71-in-3-months

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