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Central Bank of Iran increased loans and advances payments amid COVID-19

Business Materials 10 January 2021 09:30 (UTC +04:00)
Central Bank of Iran increased loans and advances payments amid COVID-19

BAKU, Azerbaijan, Jan.10

Trend:

The Central Bank of Iran's loan and advances payment to production units increased 30 times during the past seven years, said the Director-General of Credits in the Central Bank of Iran.

"The Central Bank of Iran has provided marriage loan to more than 12 million individuals and advances to 373,000 production units that were damaged by a global pandemic. Employment loans and volume of free interest rate advances has increased 30 times in past seven years," said Ali Asghar Mirmohammad Sadeghi, Trend reports citing Mehr News Agency.

"The resources of National Development Fund and domestic agent banks have provided $1.5 billion loans with 6 percent interest rate for the development of sustainable employment of villages, tribal regions and small towns in border regions," he said.

The recent advance payment in the current Iranian year (started March 20, 2020) for job creation plans was about $2.8 billion, advances that were approved by agent banks were about $3.1 billion which led to the creation of 260,000 jobs.

Agent banks provided $27 billion interest-free advances to about 12.2 million couples in the last Iranian year (started March 21, 2019) while the advances during the first seven months of the current Iranian year were about $7 billion which was paid to 659,000 couples.

Out of the total of 506,908 businesses that were impacted by coronavirus 373,000 units have received about $1.9 billion advances.

Banks have provided $238 assistance to each low-income individual with a 4 percent interest rate based on approval of the National Headquarters to Fight Coronavirus and 6.9 million people have received the loan.

Banks advance payment during the first eight months of the current Iranian year was $12 billion which had increased 96.3 percent compare to the same time in last Iranian year.

"The factors that lead to increase of advances were banks and credit institutes' resources, the volume of paid advances to low-income class effected by COVID-19, mortgage payment and increase of advancement to brokerage companies," he added.

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