Iran banking system pays $87B in loans in 7 months
Baku, Azerbaijan, Nov. 22
By Fatih Karimov – Trend:
The Iranian banking system paid 2,784.4 trillion rials ($86.9 billion based on official exchange rate of $1=32,056 rials) in loans in the 7-month period from March 20, 2016, the Central Bank of Iran (CBI) said Nov. 22.
The figure indicates a rise by 49.6 percent compared to the first seven months of the last Iranian fiscal year (March 20-Oct. 21, 2015).
Over 455.4 trillion rials in loans were paid to the various sectors in seventh Iranian calendar month of Mehr (Sept. 21-Oct. 21).
The country’s banks paid 1136.35 trillion rials to the service sector during the 7-month period.
Along with service sector, the highest amounts of loan have been paid to industry and mining (786.197 trillion rials), commerce (392.497 trillion rials), housing (253.668 trillion rials) and agriculture (214.339 trillion rials) sectors.
Earlier, the CBI Chief Valiollah Seif, briefing reporters on the latest economic developments in the country, forecasted that the country will reach the 5-percent economic growth by March 20, 2017.
Iran has been struggling with bad loans over the past few years.