Baku, Azerbaijan, Sept. 28
By Fatih Karimov – Trend:
The Iranian banking system paid 1,773.7 trillion rials ($56.37 billion based on official rate of 31,461 rials per each USD) in loans in the five-month period from March 20, 2016, the Central Bank of Iran (CBI) announced.
The figure indicates a rise by 39 percent compared to first five months of last Iranian fiscal year (March 20-Aug. 21, 2015).
Over 478.7 trillion rials in loans were paid to the various sectors in fifth Iranian calendar month of Mordad (July 21-Aug. 21).
The country’s banks paid 769.57 trillion rials to service sector during the 5-month period.
Along with service sector the highest amounts of loan have been paid to industry and mining (502.98 trillion rials), commerce (240.9 trillion rials), housing (146.92 trillion rials) and agriculture (112.44 trillion rials) sectors.
Earlier the CBI Chief Valiollah Seif briefing reporters on the latest economic developments in the country forecasted that the country will hit five percent economic growth by March 20, 2017.
Given the positive international atmosphere created after the implementation of the Joint Comprehensive Plan of Action (JCPOA) Jan 16, Iran’s economic growth is expected to surpass five percent, Seif added.
Iran has been struggling with bad loans in the past few years.