Bank loans to economic sectors increase by more than 59%

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TEHRAN – Iran’s banking system has disbursed 22.964 quadrillion rials (over $86.1 billion) in facilities to domestic economic sectors in the first 10 months of the current Iranian calendar year (March 21, 2021-January 20, 2022 ), registering an increase of 59.4% from the same period of the previous year, the Mehr news agency reported.

According to data provided by the Central Bank of Iran (CBI), working capital loans disbursed to different economic sectors during the mentioned 10 months were over 15,205 quadrillion rials (approximately $57 billion), which represents 66.3% of the total facilities provided.

During the said period, the country’s mining and industrial sector received more than 5,502 quadrillion rials (about $20.6 billion) in the form of working capital loans, which represents 36.2% of the total these facilities.

In its latest report on the payment of facilities to different economic sectors, the CBI points out that to continue the payment of facilities to economic sectors, it is necessary to consider inflation control strategies.

Iranian banks paid 20.195 quadrillion rials (over $75.7 billion) in facilities to domestic economic sectors in the first nine months of the current Iranian calendar year (March 21-December 21, 2021), also 59.5% more than the figure for the same period of the previous year.

Based on CBI data, working capital loans disbursed to different economic sectors during the mentioned nine months were over 13.424 quadrillion rials (about $50.37 billion), accounting for 66.5% of the total. facilities provided.

Over the past three years, CBI has worked with the Ministry of Industry, Mines and Trade to implement a program based on which banking facilities are provided to small and medium-sized enterprises (SMEs) and semi- -finish.

The installations mentioned are mainly intended for the renewal of machines, the equipment of production units or the realization of semi-finished projects.

The mentioned program was launched in February 2019 and since then more than 12,124 production units and SMEs have registered to receive the mentioned loans.

EF/MA

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