Economy, Business And Markets

Manufacturing Borrows Most

Manufacturing Borrows MostManufacturing Borrows Most

Over 68 percent of lending in the 11 months to Feb. 19 (the first 11 months of the Iranian fiscal year), was used for buying durable Iran made goods, ISNA reported on Monday, citing central bank data. Banks and credit institutions lent 5.71 quadrillion rials ($172.7 billion at market exchange rate) during the period, 3.9 quadrillion rials ($118 billion) of which were lent to help manufacture durable goods. Banks and credit institutions also gave 2.2 quadrillion rials ($66.5 billion), up 10 percent from the prior period, to commercial and service sectors, accounting for 38 percent of total lending.