BMI Loans Top $5b in 4 Months

Bank Melli Iran, owned by the government, doled out nearly 423,000 loans worth 195 trillion rials ($5.11 billion) during the four months to July 22. According to the latest data published on BMI’s official website, the lender provided 14.772 trillion rials ($387.4 million) worth of loans to the trade sector. A total of 36,583 applicants active in the sector received loans from BMI, higher than the amount extended to other sectors. A sum of 7.739 trillion rials ($203 million) was also paid to 18,300 applicants active in the agriculture sector. BMI also paid 30.652 trillion rials ($803.9 million) to 8,008 industrial and mining units. The housing sector, which has not yet fully recovered from its persistent recession, only received loans amounting to 2.534 trillion rials ($66.5 million).  Data also indicate that the lender allocated 1.088 trillion rials ($28.5 million) worth of export loans during the period. BMI is the largest commercial bank of Iran with over 3,300 domestic branches and 43,000 employees.