TEHRAN (IRNA) – President Mahmud Ahmadinejad criticized here Sunday the current system of allocating banking facilities and urged for channeling them into activities of minor economic units and those of the private sector.

Addressing a session of the Money & Credit Council, the president called for a change in allocation of credits in a way to help boost the economic growth rate and fulfillment of unfinished economic plans.

"A fair and proper distribution of banking facilities and allocating them to private sector is the only way to increase production, create jobs, optimize productivity and maintain interests of the bank as well," Ahmadinejad stressed.

He argued that latest statistics showed that even small facilities given to the private sector have been yielding profit sooner and further than other sectors. "Banking facilities should not be allocated to those who have more influence, links or power," stressed the president noting "But instead, they should be channeled into places where there is potentials to use them properly."