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Loans for Hand-Woven Rug Buyers
Economy, Domestic Economy

Loans for Hand-Woven Rug Buyers

To give a boost to the domestic rug market, loans of up to 100 million rials (close to $3,000 at market exchange rate) will be given to buyers of hand-woven rugs. The decision is based on an agreement signed between Iran National Carpet Center and Omid Entrepreneurship Fund, IRNA reported. Persian carpets were the Iranian non-oil commodity that suffered most as a result of sanctions.  Iran has some 1 million carpet weavers and over the past decade exports of the product amounted to an average of $500 million annually. Iran accounts for more than 30% of the global carpet trade.

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