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Over 40% of Iranian banks’ loans goes to service sector

Business Materials 21 October 2017 11:10 (UTC +04:00)

Baku, Azerbaijan, Oct. 21

By Fatih Karimov – Trend:

The Iranian banking system has paid 2,704.2 trillion rials ($78.8 billion based on official exchange rate of $1 to 34,300 rials) in loans during the first half of the current fiscal year (started March 20, 2017), the Central Bank of Iran (CBI) said.

The figure indicates a rise by 16.1 percent compared to the same period of preceding year, according to the report.

Over 621.8 trillion rials were paid in loans to various sectors in the sixth Iranian calendar month of Shahrivar (Aug. 22-Sept. 22).

Over 40 percent of the paid loans went to service sector, as the country’s banks paid 1,087.45 trillion rials to the service sector during the six-month period.

Along with the service sector, the highest amounts of loan have been paid to industry and mining (825.611 trillion rials), commerce (379.83 trillion rials), housing (199.489 trillion rials) and agriculture (209.588 trillion rials).

Iran’s banking system paid ‎5,483.7‎ trillion rials in loans to various sectors during the last fiscal year (March 20, 2016 to March 19, 2017), 31.4 percent more than in the preceding year.

Iran has been struggling with bad loans over the past several years.

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