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Iran reveals amount of loans issued to housing & construction sector

Finance Materials 28 July 2020 11:50
Iran reveals amount of loans issued to housing & construction sector

BAKU, Azerbaijan, July 28

By Elnur Baghishov – Trend:

Iran's banks and financial institutions allocated 136 trillion rials (about $3.24 billion) of loans to the country's housing and construction sector during the first three months of current Iranian year (March 20-June 20, 2020), Trend reports referring to the Central Bank of Iran (CBI).

According to the CBI report, loans worth of 19.2 trillion rials (about $458 million) were allocated for the establishment of facilities in the sector, and 32.3 trillion rials (about $767 million) of loans were allocated for the support of working capital in the housing and construction sector.

Furthermore, 37.1 trillion rials (about $883 million) was allocated for repairs in the sector and 4.05 trillion rials (about $96.5 million) - for development projects.

CBI noted that 43 billion rials (about $1.02 million) of loans were issued for the purchase of various items including equipment, while 42.5 trillion rials (about $1.01 billion) was allocated for real estate purchase within the sector.

Loans in the amount of 1.16 trillion rials (about $27.6 million) were issued for other purposes within the sector, the report says.

Iranian banks and financial institutions have issued loans worth a total of 2.24 quadrillion rials (about $53.5 billion) to various sectors during the first three months of the current Iranian year (March 20-June 20, 2020).

The amount of loans issued to various economic sectors in Iran increased by 50.5 percent during the first three months of current Iranian year (March 20-June 20, 2020) compared to the same period of the last Iranian year.

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