Economy, Business And Markets

Mining, Industries Top Borrowers

Mining, Industries Top BorrowersMining, Industries Top Borrowers

Lending by banks reached 939.7 trillion rials ($31.3 billion at official exchange rates) in the first four months of the calendar year (started March 21), an increase of 16.4% or 132.1 trillion rials ($4.4 billion) compared to the same period last year. According to CBI data released Wednesday, industries and mining sector accounted for 30.2% of the total loans as it took out 184.1 trillion rials ($9.4 billion). The figures show a boost of 9.7% equal to 25.1 trillion rials ($838 million) compared to the amounts borrowed last year. Loans to prop up businesses amounted to 65.5% of the total lending, equal to 615.9 trillion rials ($20 billion), indicating a rise of 27.5% compared to last year’s figures. Industries and mining, as key economic sectors, received 84.8% of their money ($7.1 billion) as business loans to meet liquidity needs; that was a little over 39% of the total loans made available by the banks.