Iran's industrial sector needs working capital worth $85B
Baku, Azerbaijan, Oct. 22
By Elnur Baghishov - Trend:
Iran's industrial sector needs working capital worth 3.6 quadrillion rials (approximately $85.7 billion) this Iranian year (began on March 21, 2019), Director General of Department for Economic Affairs and Trade Policy of the Iranian Ministry of Industry, Mine and Trade Ahmad Teshkini said.
The need for the required working capital in the industrial sector should be ensured through the banking system to maintain production and employment in the country, Teshkini added, Trend reports referring to IRNA.
The director general added that there is an increase of about 75 percent in the working capital this year compared to the working capital in the industrial and mining sectors in 2014-2018 (from March 21, 2014 through March 21, 2018).
"The money was allocated through the banking system during the reporting period," Teshkini said.
The director general said that the funds required for the working capital decreased by 57 percent last year (from March 21, 2018 through March 21, 2019).
"The main reason for this decrease was an increase in the volume of the issued loans by 20 percent and the production costs by 65 percent last year," Teshkini said.
Some 490 trillion rials (about $11.6 billion) were allocated for the industrial and mining sector from March 21 through July 22.