Iran’s foreign debt

Banks lending to economic sectors Up 21% in 2 months

Financial Tribune- The Central Bank of Iran has published its latest report on the lending portfolio of banking system, which shows that all banks and credit institutions doled out a total of 689.5 trillion rials ($16.23 billion) to various sectors in the first two months of the current fiscal year (started March 21).

According to the report published on CBI’s official website, the number indicated an increase of 21% at 119.8 trillion rials ($2.82 billion) when compared with the same period of last year. The money was handed out in the form of 831,224 counts of loans.

As is the norm, the services sector grabbed the lion’s share of the credits at 280.17 trillion rials ($6.59 billion) allocated in the form of 112,681 loans. It was followed by the industrial and mining sector that received 24,671 loans worth 212.44 trillion rials ($4.99 billion).

With 112,681 loans totaling 96.84 trillion rials ($2.28 billion), the trade sector ranked third and higher than the housing and construction sector that obtained 116,088 loans amounting to 53.23 trillion rials ($1.25 billion).