Iranian Banking System Boosts Domestic Economy with Signific...| MENAFN.COM

Thursday, 23 March 2023 02:35 GMT

Iranian Banking System Boosts Domestic Economy with Significant Increase in Loans

(MENAFN) In the first 11 months of the current Iranian calendar year, the Iranian Banking System has provided a total of 36.69 quadrillion rials (over USD79.7 billion) in facilities to domestic economic sectors, marking a significant increase of 38.1 percent from the same period in the previous year. According to the Central Bank of Iran (CBI), 83.4 percent of these facilities were given to business owners, while the remaining 16.6 percent were paid to natural persons.

Out of the total facilities provided to business owners, 75.3 percent were in the form of working capital loans, with the mining and industry sector receiving the largest share of these loans, amounting to 8.53 quadrillion rials (about USD18.55 billion). This sector accounted for 37.2 percent of the total working capital loans paid out during the mentioned period.

To further support small and medium-sized enterprises (SMEs) and semi-finished projects, the CBI has collaborated with the Industry, Mining, and Trade Ministry to implement a program that provides bank facilities for the purpose of renewing machinery, equipping production units, or completing semi-finished projects.

Overall, the Iranian Banking System has demonstrated a significant increase in loans and facilities provided to domestic economic sectors, with a focus on supporting business owners and the mining and industry sector. The CBI's collaboration with the Industry, Mining, and Trade Ministry to support SMEs and semi-finished projects further showcases the government's efforts to boost the Iranian economy.


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