Iranian banking system distributes around USD50.58B in 5 months yr/yr
Date
9/15/2024 3:30:38 AM
(MENAFN) In the first five months of the current Iranian calendar year, which runs from March 20 to August 21, the Iranian banking system disbursed a total of 25.29 quadrillion rials, approximately USD50.58 billion, in financial facilities across various economic sectors. This represents a notable 23.9 percent increase compared to the same period in the previous year. The substantial rise highlights the growing volume of financial support provided by the banking sector to stimulate economic activity and support various industries.
According to the Central bank of Iran (CBI), a significant portion of these facilities, approximately 75.6 percent, was allocated to business owners, both individual and corporate entities. This substantial share indicates the banking system's focus on supporting businesses, which are crucial for economic growth and job creation. The allocation reflects an effort to enhance business operations, foster investment, and drive economic development through targeted financial assistance.
On the other hand, about 24.4 percent of the total facilities were directed towards final consumers, including households. This portion of the financial support is intended to address the needs of individual consumers, possibly through loans or other financial products designed to improve household finances and support consumer spending. The allocation to households underscores the banking sector's role in not only supporting businesses but also addressing the financial needs of the general population.
The increase in financial facilities provided by the Iranian banking system underscores the sector's growing role in supporting economic activities and mitigating financial challenges. By distributing a significant portion of the funds to businesses and households, the banking system aims to stimulate economic growth, improve financial stability, and address various economic needs across different sectors of society.
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