Economy, Business And Markets
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Services Sector Gets Biggest Chunk of Loans

Services Sector Gets Biggest Chunk of LoansServices Sector Gets Biggest Chunk of Loans

Banks lent different sectors a total of 1.6 quadrillion  rials ($53.4 billion at the official exchange rate) in the first half of the calendar year (started March 21), marking an increase of 9.4% or 138.3 trillion rials ($4.6 billion) compared to the same period last year.

According to data published by the Central bank of Iran on Wednesday, industries and the mining sector accounted for 29.9% of the total loans at 479 trillion rials ($15.9 billion). The figures in general show a growth rate of 2.8% year-on-year equal to 13 trillion rials ($433 million).

The services sector received 615 trillion rials ($20 billiion) to beat  industries as the top borrower -- a 38.4% rise compared to the same period last year.    

Roughly one quadrillion rials ($34 billion) in loans -- 63.6% of the total lending – was for helping boost businesses -- a 15.6%- year-on-year-growth with industries and mining, as key economic sectors, receiving the major share of the  loans -- 38.2% of the total.

Financialtribune.com