Bank lending to economic sectors up over 59%

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TEHRAN – Iran’s banking system paid 22,964 trillion riyals (over US$86.1 billion) in facilities to domestic economic sectors in the first 10 months of the current Iranian calendar year (March 21, 2021 to January 20, 2022), an increase of 59.4 percent corresponds to the same period last year, the Mehr news agency reported.

According to the Central Bank of Iran (CBI), working capital loans disbursed to various sectors of the economy over the 10-month period totaled over 15.205 trillion riyals (about US$57 billion), accounting for 66.3 percent of the total facilities provided.

During the said period, the country’s mining and industrial sector received over 5,502 trillion riyals (about US$20.6 billion) in the form of working capital loans, accounting for 36.2 percent of the total such facilities.

In its latest report on facility payments to different economic sectors, CBI emphasizes that it is necessary to consider inflation control strategies in order to continue making facility payments to economic sectors.

Iranian banks repaid 20.195 trillion riyals (over US$75.7 billion) in loans to domestic economic sectors in the first nine months of the current Iranian calendar year (March 21 to December 21, 2021), also up 59.5 percent as the same figure was period last year.

Based on CBI data, the working capital loans disbursed to various sectors of the economy over the nine-month period totaled over 13.424 trillion riyals (about $50.37 billion), accounting for 66.5 percent of the total facilities provided.

For the past three years, CBI has worked with the Departments of Industry, Mines and Commerce to implement a program to provide banking facilities to small and medium-sized enterprises (SMEs) and work-in-progress projects.

The facilities mentioned are mainly provided for the renewal of machines, the equipment of production units or the completion of semi-finished projects.

Said program was launched in February 2019 and since then over 12,124 manufacturing units and SMEs have signed up to receive said loans.

EF/MA

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