Iran's Central Bank declares amount of loans issued to service sector

BAKU, Azerbaijan, July 28 By Elnur Baghishov – Trend: Iran's banks and financial institutions allocated 758 trillion rials (about $18 billion) of loans to the service sector of the country during the first three months of current Iranian year (March 20-June 20, 2020), Trend reports referring to Central Bank of Iran (CBI). According to the CBI report, loans in the amount of 96.5 trillion rials (about $2.29 billion) were allocated for the establishment of facilities in the service sector, and 472 trillion rials (about $11.2 billion) of loans were allocated for the support of working capital in the service sector. Furthermore, 10.9 trillion rials (about $259 million) was allocated for repairs in the sector and 96.5 trillion rials (about $2.29 billion) - for development projects. CBI noted that 3.8 trillion rials (about $91.1 million) of loans were issued for the purchase of various items (including equipment), while 4.1 trillion rials (about $99.7 million) were allocated for housing purchase. Over 73.6 trillion rials (about $1.75 billion) was issued for other products within the service sector. Iranian banks and financial institutions have issued loans worth a total of 2.24 quadrillion rials (about $53.5 billion) to various sectors during the first three months of current Iranian year (March 20-June 20, 2020). The amount of loans issued to various economic sectors in Iran increased by 50.5 percent during the first three months of current Iranian year (March 20-June 20, 2020) compared to the same period of the last Iranian year.