Some 30% of Iran's banking loans fall on industry, mining sectors

By  Trend

The Iranian banking system has paid 3,135.866 trillion rials ($89.6 billion based on official exchange rate of $1 to 35,000 rials) in loans during the first seven months of the current fiscal year (started March 20, 2017), the Central Bank of Iran (CBI) said on November 15.

The figure indicates a rise by 12.6 percent compared to the same period of the preceding year, according to the report.

Over 431.7 trillion rials were paid in loans to various sectors in the seventh Iranian calendar month of Mehr (Sept. 22-Oct. 22).

Some 40 percent of the paid loans went to the service sector, as the country’s banks paid 1,254.1 trillion rials to the service sector during the 7-month period.

Along with the service sector, the highest amounts of loan have been paid to industry and mining sectors (954.24 trillion rials), commerce sector(439.26 trillion rials), housing sector(238.7 trillion rials) and agriculture sector(247.02 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.