Iranian bank loan payments increase by 35%

Iranian banks have paid 2.91 quadrillion Rials (about $103.93 billion based on official rate of 28,000 Rials per day) in loans to various economic sectors in the first 11 months of the current Iranian fiscal year (March 21, 2014-Feb. 20).

The figure indicates an increase by 35.2 percent compared to the same months of the preceding year, Iran’s Central Bank reported March 17.

Over 907.7 trillion Rials (about $32.4 billion equaling 31.1 percent of total payments) have been paid to the industry and mining sector in the period, 39.7 percent more year on year.

Iranian banks also have paid 1.07 quadrillion Rials (some $38.2 billion) to the service sector, 41.14 percent more compared to the same period of preceding year.

Service sector shared 36.6 percent of total loans in the period.

Iranian banks also paid 215.8 trillion Rials to agriculture sector (7.4 percent of total payments) and 381 trillion Rials to trade sector (13.1 percent of total payments) in the 11-month period.

Iran’s housing sector received 11.6 percent of the paid loans equal to 338.8 trillion Rials in the period.

Ali Asghar Mirmohammadsadeghi, director for credits department at the Central Bank of Iran, earlier said that the banking system has planned to pay a total of 3 quadrillion Rials (about $$107 billion) in loans by the end of the current Iranian fiscal year(March 21).

Previously the country’s industry minister Mohammad Reza Nematzadeh said that industrialists should not just wait for bank loans to complete the semi-finished projects, but attempt to find trading partners and financiers, because the banking system is not able to finance all the projects.
(Trend.az)