Iranian banking system pays over $41B in loans over 4 months
Baku, Azerbaijan, Aug. 18
By Fatih Karimov – Trend:
The Iranian banking system paid 1,295 trillion rials ($41.52 billion based on official rate of 31,070 rials per each USD) in loans in the four-month period from March 20, the Central Bank of Iran (CBI) announced.
The figure indicates a rise by 37.8 percent compared to first four months of last Iranian fiscal year (March 20-July 20, 2015).
Over 361 trillion rials in loans were paid to the various sectors in fourth Iranian calendar month of Tir(June 20-July 20).
The country’s banks paid 560.96 trillion rials to service sector during the 4-month period.
Along with service sector the highest amounts of loan have been paid to industry and mining (375.78 trillion rials), commerce (165.3 trillion rials), housing (105.34 trillion rials) and agriculture (86.95 trillion rials) sectors.
Last month 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.