Banks pay $4b to boost domestic production

March 31, 2018

TEHRAN – Some 188 trillion rials (about $4 billion) was paid by the banking system in the previous Iranian calendar year which ended on March 20 to boost domestic production, according to data released by the Ministry of Industry, Mining and Trade.

 The budget was allocated to more than 28,000 small and medium-sized (SME) manufacturing units, ISNA reported.

Supreme Leader Ayatollah Ali Khamenei in his Noruz message termed the New Year one for support for Iranian products.

Finance and Economic Affairs Minister Masoud Karbasian has praised the country’s current gross domestic product (GDP) growth saying, “What makes this growth important is that, it is not driven only by oil income.”

In its January 2018 report of Global Economic Prospects, the World Bank forecasted a four-percent growth for Iran’s gross domestic product (GDP) in 2018.

The report put the country’s GDP growth at 3.6 percent in 2017 and foresaw a 4.3 percent GDP growth for 2019.


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