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Iran banks pay over $73B facilities in 8 months

Business Materials 30 December 2015 18:08

Tehran, Iran, Dec. 30

By Mehdi Sepahvand - Trend:

Iranian banks and credit institutes paid close to 2,200 trillion rials ($73.7 billion, for each dollar making 29,825 rials) facilities in the first eight months of the current Iranian fiscal year (since March 21).

The share of industry and mines from the facilities was 642.8 trillion rials, equal to 29.2 percent of the total, Central Bank of Iran said December 30.

This year the number saw an improvement of 4.4 trillion rials (0.7 percent) compared to last year.

Some 531.1 trillion rials out of the said 642.8 trillion rials went into working capital.

Facilities paid to economic sectors reached 2197.6 trillion rials, with a rise of 6.3 percent from last year's same period.

Iranian economist Abolqasem Hakimipour said in May that 80 percent of the country's bank facilities go into non-productive plans.

There is over 1,000 trillion rials (over $35 billion) outstanding debts without any collateral in the country, Nasser Seraj, head of Iran's General Inspection Office, an affiliate of the Judiciary of the Islamic Republic, said back in April.

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