Bank loans to industrial, mining sector up over 41%

July 29, 2019 - 0:49

TEHRAN - Banks and credit institutions provided the industrial and mining sector with 300 trillion rials (about $7.14 billion) worth of loans in the first two months of the current Iranian year (March 21-May 21), registering a 41.5 percent rise year-on-year.

According to the data released by the Ministry of Industry, Mining and Trade, the total amount of loans offered to the country’s economic sector stood at 923 trillion rials (about $21.97 billion) in the mentioned period.

As reported, of the total figure for the said time span, 32.5 percent was allocated to the industry and mining sectors.

Based on the released data, according to the statistics center of Iran for the past Iranian calendar year of 1397 (ended on March 20), the growth of the value added for the mining sector was reported to be 0.8 percent, while the figure was - 6.5 percent for the industry sector and it also fell six percent for trade sector.

In late April, IRIB reported that Iranian banking system’s offered facilities to domestic economic sectors during the past Iranian calendar year increased by 26 percent from its previous year.

As reported, 7.737 quadrillion rials (about $184.2 billion) of loans were granted to Iranian economic sector in the past year. 

Working capital loans paid to different economic sectors was above 4.319 quadrillion rials (about $102.8 billion) accounting for 55.8 percent of the total provided facilities in the said period, registering a 14-percent increase from the previous year.

EF/MA

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