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Services Grab Lion's Share of Bank Loans

Services Grab Lion's Share of Bank LoansServices Grab Lion's Share of Bank Loans

The services sector has received the biggest share of all bank credits allocated in the first nine months of the current fiscal year to Dec. 21, the latest data published by the Central Bank of Iran show.

According to a report published by the monetary regulator on its website, more than 6.38 million loans worth more than 4.03quadrillion rials ($90.65 billion) were allocated by the banking system during the period.

Pocketing more than 3.64 million loans, the services sector has received more than 1.607 quadrillion rials ($36.112 billion) or close to 40% of the facilities.

The industry and mine sector is the runner-up by getting 200,000 loans worth more than 1.18 quadrillion rials ($26.516 billion) while the trade sector received close to 675,000 counts of facilities worth more than 563 trillion rials ($12.651 billion).

The numbers indicate that the industrial and mining sector has registered the highest average value for each loan at 5.92 billion rials ($133,000). The services sector comes second in this regard with an average loan value of 4.41 billion rials ($99,100).

The housing and construction sector, and the agricultural sector, complete the list with respectively 355 trillion rials ($7.977 billion) from close to 705,000 counts of loans and more than 324 trillion rials ($7.28 billion) from more than 1.16 million loans coming to their respective fields.  

A total of 2,586 loans worth 4.15 trillion rials ($93.25 million) went to other sectors.

In the same trend as in previous months, more than 2.51 quadrillion rials ($56.4 billion) or 62.3% of all bank loans in the first three quarters of the fiscal year were allocated as working capital loans to different sectors.

The industrial and mining sector attracted the majority of facilities in the form of working capital at 84.9% while the trade sector had the second highest share in its loan portfolio by receiving 70.9% of working capital. 

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