Bank loans to economic sectors increase over 59%

January 19, 2022 - 14:41

TEHRAN- Iranian banking system has paid 20.195 quadrillion rials (over $73 billion) of facilities to domestic economic sectors in the first nine months of the current Iranian calendar year (March 21-December 21, 2021), registering a 59.5-percent rise from the same period in the previous year, IRIB reported.

According to the data provided by the Central Bank of Iran (CBI), the country’s banking system paid 12.633 quadrillion rials (about $45.69 billion) of facilities to various economic sectors in the previous year’s first nine months.

As reported, working capital loans paid to different economic sectors in the mentioned nine months were above 13.424 quadrillion rials (about $48.54 billion), accounting for 66.5 percent of the total provided facilities.

During the said period, the country’s mining and industry sector received over 4.834 quadrillion rials (about $17.48 billion) in the form of working capital loans, accounting for 79.2 percent of the total such facilities.

Iranian banks paid 17.274 quadrillion rials (over $62.4 billion) of facilities to domestic economic sectors in the first eight months of the current Iranian calendar year (March 21-November 21, 2021), which was also 59.2 percent more than the figure for the same period in the previous year.

Based on CBI data, working capital loans paid to different economic sectors in the mentioned eight months were above 11.48 quadrillion rials (about $41.51 billion), accounting for 66.5 percent of the total provided facilities.

Over the past three years, CBI has been collaborating with the Industry, Mining, and Trade Ministry for implementing a program based on which bank facilities are provided to small and medium-sized enterprises (SMEs) and semi-finished projects.

The mentioned facilities are mainly provided for renewing machinery, equipping production units, or completing semi-finished projects.

The mentioned program was kicked off in February 2019 and since then over 12,124 production units and SMEs have registered for receiving the mentioned loans.

EF/MA

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