Economy, Business And Markets

Loan Surge Despite Credit Crunch

Loan Surge Despite Credit CrunchLoan Surge Despite Credit Crunch

Even with a significant annual rise in loan allocation during the first quarter of the current Iranian year (started March 20), the Central Bank of Iran’s Governor Valiollah Seif said the banks are battling with credit crunch and limited resources. “Last year, we doled out 4.17 quadrillion rials ($134.4 billion) worth of loans, which signals a 44% rise in loan allocation during this period compared with the same period of last year,” he was quoted as saying by Exim News. The CBI governor also referred to the plan to unify forex rates by the yearend–a target set by himself–and said “prerequisites of the plan are currently being set in place by CBI”.