All banks and credit institutions in Iran allocated 1.17 quadrillion rials ($27 billion) as loans during the first three months of the current fiscal year to June 21, up by 16.3% in comparison with the first quarter of the last fiscal year (March 2017-18), the Central Bank of Iran announced.
Iran’s financial institutions handed out 165 trillion rials ($3.78 billion) during the current year’s first quarter year-on-year, the latest report published by the central regulator on its official website showed.
The total volume of facilities was handed out in the form of 1.66 million loans.
As is the norm, the services sector grabbed the highest volume of loans totaling 917,544 worth 479.33 trillion rials ($10.98 billion). It was followed by the industrial and mining sector that received 51,015 loans worth 345.69 trillion rials ($7.92 billion).
The commercial sector stood third with 212,286 loans worth 164.57 trillion rials ($3.77 billion). Housing and construction sector was next, as it received 98.90 trillion rials ($2.26 billion) worth of facilities handed out in the form of 222,624 loans. The agriculture sector rounded up the top five with 258,122 loans worth 89.06 trillion rials ($2.04 billion).
Miscellaneous loans totaled 996 billion rials ($22.82 million) and were allocated in the form of 562 loans.
By receiving loans worth 6.8 billion rials ($155,785), the industrial and mining sector once again registered the highest per-loan average among all economic sectors. The services sector had the lowest per-loan average of 500 million rials ($11,455).
According to CBI figures, loans aimed at providing working capital once again accounted for the highest share of total loans at 742.94 trillion rials ($17.02 billion) or 63% of all loans. This amount, allocated during the first quarter of the fiscal 2018-19, was higher by 80.2 trillion rials ($1.84 billion) or 12.1% year-on-year.
Working capital loans were most accentuated in the industrial and mining sector that received 295.73 trillion rials ($6.77 billion) or 85.5% of all its facilities. The figure equaled 39.8% of all loans allocated during the first three months of the current year.
Loans allocated for setting up a business, renovation and development of properties, purchase of private goods and purchase of homes all had shares of under 10% from the total volume of allocated loans. Other loans grabbed a 10.7% share amounting to 126.46 trillion rials ($2.90 billion).