Bank loans to sectors of the economy grew by almost 47% in 2 months

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Tehran. The Iranian banking system paid 2.74 quadrillion rials (more than $ 65.2 billion) for services to sectors of the national economy in the first two months of the current Iranian calendar year (March 21 – May 21), which is 46.6% more than in the same period. last year, reports IRNA.

According to data provided by the Central Bank of Iran (CBI), working capital loans disbursed to various sectors of the economy in the two months mentioned amounted to more than 2.018 quadrillion rials (about 47.85 billion USD), accounting for 73.7 percent of the total. services provided.

As reported, during this period, the country’s mining and industrial sector received 693 trillion rials (about $ 16.5 billion) in loans to replenish working capital, which is 34.4 percent of the total number of such facilities.

According to the CBI, the country’s banking system offered 18.989 quadrillion rials (about $ 452.1 billion) to domestic sectors in the previous Iranian calendar year 1399 (ending March 20), up 94.8 percent from the previous year.

Earlier this month, the Ministry of Industry, Mines and Trade announced that 99.161 trillion riyals (about $ 2.36 billion) were paid out to small and medium-sized enterprises (SMEs) and semi-finished industrial projects, with physical progress in the first period of over 60 percent. … two months of the current Iranian calendar year.

These funds, which were provided to upgrade equipment, equip production units or complete semi-finished products, were paid in the form of bank loans to 1,512 projects and production units.

CBI has identified manufacturing support as one of its major plans for the past two years.

Former CBI Governor Abdolnaser Hemmati has repeatedly stressed that supporting production units for production to flourish is a priority for the country’s banking system.

In early May 2019, Hemmati laid out CBI’s plans to neutralize or mitigate the impact of US sanctions on the country’s economy and mentioned providing liquidity and working capital to maintain and increase domestic production as one of those plans.

CBI’s plans take two main approaches, one of which is to provide funding for manufacturing activities, as well as provide the working capital required for such activities.

EF / MA

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