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Iran reveals amount of loans issued to agricultural sector

Finance Materials 24 October 2020 20:22 (UTC +04:00)
Iran reveals amount of loans issued to agricultural sector

BAKU, Azerbaijan, Oct. 24

By Elnur Baghishov – Trend:

The banks and financial institutions in Iran provided loans worth 498 trillion rials (about $11.8 billion) to the agricultural sector during the first six months of the current Iranian year (March 20-September 21, 2020), Trend reports citing Central Bank of Iran.

According to the report, the loans worth 94.2 trillion rials (about $2.24 billion) were issued for the establishment of enterprises and preparation of the cultivation areas in the agricultural sector during the reporting period.

In addition, about 342 trillion rials (about $8.14 billion) worth of loans were issued to the agricultural sector, as for working capital over the past six months, the report said.

“Over the 6 months, the loans worth 2.08 trillion rials (about $49.5 million) were issued for repair work in the agricultural sector,” the report added.

According to the report, at the same time, about 38.6 trillion rials (about $918 million) worth of loans were issued for the development of enterprises and the agricultural lands within the past six months.

Also, the loans worth 5.08 trillion rials (about $121 million) were issued for the purchase of personal belongings and goods in the agricultural sector, the report noted.

According to the report, the banks and financial institutions provided 1.16 trillion rials (about $27.7 million) worth of loans for the purchasing of housing in the agricultural sector during the past 6 months.

“Furthermore, a total of 15.4 trillion rials (about $368 million) worth of loans were issued to the agricultural sector for other purposes in the first six months of current Iranian year,” the report noted.

The banks and financial institutions in Iran provided loans worth about 6.97 quadrillion rials (about $166 billion) to various sectors during the first six months of the current Iranian year. The volume of issued loans increased by 82.3 percent compared to the same period last Iranian year.

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