Bank loans

Bank loans to economic sectors increase by more than 59%

TEHRAN – Iran’s banking system has disbursed 20.195 quadrillion rials (over $73 billion) in facilities to domestic economic sectors in the first nine months of the current Iranian calendar year (March 21-December 21, 2021), recording an increase of 59.5% over the same period the previous year, the IRIB reported.

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

As noted, working capital loans disbursed to different economic sectors during the mentioned nine months were over 13.424 quadrillion rials (about $48.54 billion), accounting for 66.5% of the total facilities provided.

During the said period, the country’s mining and industrial sector received more than 4,834 quadrillion rials (approximately $17.48 billion) in the form of working capital loans, which represents 79.2% of the total these facilities.

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

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

Over the past three years, CBI has worked with the Ministry of Industry, Mines and Trade to implement a program based on which banking facilities are provided to small and medium-sized enterprises (SMEs) and semi- -finish.

The installations mentioned are mainly intended for the renewal of machines, the equipment of production units or the realization of semi-finished projects.

The mentioned program was launched in February 2019 and since then more than 12,124 production units and SMEs have registered to receive the mentioned loans.

EF/MA