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Iranian banks lend $2B to housing, construction sector

Finance Materials 25 May 2023 11:40 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, May 27. Banks in Iran issued loans worth 85.2 trillion rials (about $2.03 billion) in the housing and construction sector, during the 1st month of the current Iranian year (March 21 through April 20, 2023) Trend reports.

Of that, 31.4 trillion rials (about $748 million) were issued for construction work in the housing and construction sector within the 1st month.

Also, Iranian banks issued loans worth approximately 52.8 trillion rials (about $1.25 billion) as working capital in this sector for the reporting month.

Over the 1st month, 936 billion rials (about $22.3 million) worth of loans were issued for development work in the housing and construction sector, as well as 20 billion rials ($476,000) for self-employment.

Furthermore, Iranian banks issued loans worth 10 billion rials (about $238,000) for the purchase of housing in the housing and construction sector, and 30 billion rials (about $714,000) for repair work.

In total, the Iranian banks issued loans worth 1.61 quadrillion rials (about $38.4 billion) in various economic sectors for the first month.

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