27864
Bank Melli Loans to Stimulate Demand
Economy, Business And Markets

Bank Melli Loans to Stimulate Demand

Bank Melli has so far allocated a total of 200 trillion rials ($667 million) in loans to the completion of unfinished projects across the country in the present year, said Abdolnaser Hemati, the bank’s CEO.
“The sum total of the loans allocated to this cause starting from last September amounts to 420 trillion rials ($ 1.4 billion),” he said, addressing a meeting of the bank’s branch managers in the northern Caspian city of Babolsar, IRNA reported Monday.
He also announced his bank’s plans to help to boost the economy in the second half of the fiscal year that started on March 21.
“Through a change in credit allocations and a shift in lending priorities to support consumption of locally manufactured goods, we intend to stimulate demand for domestic products that have had lackluster sales. This in turn will stimulate manufacturing and boost revenues of industrial units.”
The senior banker referred to the extended recession and said the sharp fall in government revenues due to the plunge in global oil prices are the causes of the present economic woes.
Valiolah Seif, governor of the Central Bank of Iran had earlier instructed government banks to prioritize lending to manufacturers. He had urged banks to help improve sales in sectors hurt by the recession.

Short URL : https://goo.gl/eRb4DO
  1. https://goo.gl/WR22ff
  • https://goo.gl/hi0ZTI
  • https://goo.gl/iDu4aE
  • https://goo.gl/MfgdtO
  • https://goo.gl/R7oqep

You can also read ...

BMW’s Tech-Stuffed Concept SUV Heralds Fancy, Electric Future
Changing notions of what customers want from cars have pushed...
Tesla Hits New Speed Bump
Tesla Inc’s Chief Executive Officer Elon Musk on Sunday...
Oil & Gas Sector Most Conducive for Business
The research arm of Iran’s Parliament has conducted a first-of...
3 CBI Officials  to Leave
Following the recent passage of the law banning the employment...
CBA Concerned About Forex Outflow to Iran
The Central Bank of Afghanistan raised concerns about the...
Anzali Port to Be Connected to National Railroad
Anzali Port in the northern Gilan Province will be connected,...
Mineral Trade Surplus Hits $2.9b
Iran exported more than 25.47 million tons of mineral products...
Departure Tax Revenues  Up 117 Percent
The government earned 3 trillion rials ($24 million) from...

Trending

Googleplus