Iran cenbak says rial loans to economic sectors soared 71.3% in quarter to June
The Central Bank of Iran (CBI) says new loans to businesses surged by 71.3% in the quarter to June 21 this year compared to the similar period in 2020.
A CBI statement carried in the official IRNA agency on Wednesday said that rial loans issued to economic actors in the country had reached a total of 4,976.9 trillion rials ($20.7 billion) in the first three months of the current calendar year.
The bank said that working capital loans accounted for 69.6% of the credits provided to businesses in the quarter to June as they topped 3,466.4 trillion rials ($14.44 billion).
More than a third of the working capital loans, some 1,269.7 trillion rials ($5.29 billion), went to the metals and mining sector, said the CBI, which insisted that increased financing extended to the mining and metals production activities was a sign of government’s special attention to the sector.
Iran has rolled out a raft of economic measures to support businesses that have been struggling under US sanctions and the spread of the coronavirus pandemic in recent years.
CBI’s monetary policy, which mostly follows guidelines set by the administrative governments in Iran, has focused on providing support to local businesses that could contribute more to the economic growth in Iran by creating jobs and increasing their share in the country's non-crude exports.
That comes as experts point to an inflationary growth in the Iranian credit market in recent years while insisting that lenders tend to extend loans to businesses that enjoy indirect government support rather than providing credit to private businesses and entrepreneurs.
Total rial loans issued to economic sectors in the last Iranian calendar year ending March 20 topped 18,989 trillion rials ($79.1 billion), up 94.8% against the previous year.
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