Bank Lending Up 48%

The banking sector lent 3.26 quadrillion rials ($82.7 billion) to 5.3 million applicants during the eight months ending Nov. 20, marking a 48.4% growth compared with the same period of last year, the Central Bank of Iran’s data show. Almost 65% of the loans were paid to businesses for meeting their need for working capital, whereas startup business loans accounted for 9% of the extended capital during the eight-month period. About 2.7 million businesses active in the services sector received 1.32 quadrillion rials ($40.8 billion), which are higher than those extended to other sectors. Loans for industrial and mining sector amounted to 928.4 trillion rials ($23.5 billion) during the period. The amount was paid to 203,185 industrial units. Working capital loans accounted for 84% of the total money doled out to the industrial and mining sector.