Financial Tribune - The total volume of loans allocated by Iranian banks and credit institutions to the housing and building sector grew by 28.5% year-on-year during the first seven months of the current fiscal year that ended on Oct. 22, data published by the Central Bank of Iran show.

In the aforesaid period, the banking system allocated 3.58 quadrillion rials ($28.75 billion) worth of loans to all economic sectors. This indicates a 14.2% increase when compared to the first seven months of the previous fiscal year.

Of this amount, the share of the housing and building sector comprised 306 trillion rials ($2.45 billion). Since the share of the embattled sector stood at 238 trillion rials ($1.91 billion) during the first seven months of last year, its share of loans has grown by 28.5% in the current year.