Iranian commercial banks will have to lend more to the agricultural industry, a new central bank of Iran directive decrees. Non-specialized lenders will have to match the agricultural industry’s share of gross domestic product in lending. Iran’s agricultural sector comprises 9.3% of GDP, IRNA reported. Based on the directive, which will take three months to go into effect after finalization, lenders must put at least 9.3% of their total financing aside to support agriculture. The CBI is tasked with reporting the results to a parliamentary committee every six months. According to the directive, Agricultural Bank of Iran, a specialized lender, must spend 90% of its resources on agriculture.
