TEHRAN A total of 108 projects totaling $327.8 million have been referred to Bank Sepah in compliance with Article 60 (as amended) of the law governing the Third Economic Development Plan aimed at boosting exports and creating more job opportunities.

Announcing the referral at a press conference, Sepah Bank Managing Director Alireza Shirani said on Tuesday that in addition to the abovementioned projects three others have been forwarded to the bank for allocation of funds totaling $1,650 million.

Speaking of the upcoming national Bank Week' celebration (September 1-6), Shirani said that expert studies have been conducted on 40 projects totaling $141 million, 35 of which calling for the amount of $120 million have been approved, IRNA reported.

Moreover, he said, efforts are underway to finalize agreements covering 20 more projects.

He said that to date letters of credit have been opened to finalize eight projects worth $27.1 million.

Shirani put the volume of deposits in the bank as of the start of last year at Rls.21,039 billion, which rose to Rls.26,786 billion at the end of the year indicating a 27 percent increase.

He said the above-stated figure constitutes 12 percent of total deposits in Iranian commercial banks.

However, despite the significant increase in the volume of deposits at this crucial juncture when severe competition characterizes banks undertaking commercial or noncommercial activities, liquidity registered a drop of four percent over that of the past year and 22 percent to 18 percent this year, Shirani said.

He said that deposits with Bank Sepah at the end of the first quarter of the current year (started March 21) shows an increase of 5 percent, the bank topping second among the country's commercial banks.

The bank, he further said, was first place last year in the granting of facilities and that 72 percent of the facilities it granted went to construction and production undertakings.

He said that 36 percent of facilities it granted went to the industry and mining sector, 29 percent went to the commercial sector, 18 percent to services and 10 percent to exports.