Economy, Business And Markets
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Bank Lending Up 37%

Some $18 billion were paid to the services sector, mostly to cover their cash needs.Some $18 billion were paid to the services sector, mostly to cover their cash needs.

The Iranian banking sector’s total loans doled out to businesses stood at 1.3 quadrillion rials ($41.9 billion) in the four Iranian months that ended July 20, marking a 37.8% growth compared with the same period of last year.

The latest data released by the Central Bank of Iran indicate that 7.7% of bank lending was in the form of startup business loans during the period, whereas working capital loans accounted for 67.8% of the total.

Of the total loans, 560.9 trillion rials ($18 billion) were paid to the services sector, mostly to cover their cash needs. Industries and mining sector took out some 375.7 trillion rials ($12.1 billion), 88.1% of which were aimed at addressing their working capital need.  

Banks also paid 105.3 trillion rials ($3.4 billion) to the housing and construction sector, 40% of which were in the form of mortgages. Home renovation mortgages accounted for 10.8% of all the loans allocated to the housing sector.

 

Financialtribune.com