BAKU, Azerbaijan, August 17. The credit extended by Iranian banks in the housing and construction sectors skyrocketed by 43 percent during 4 months of the current Iranian year (from March 20 through July 21, 2024) compared to the same period of last year (from March 21 through July 22, 2023), the statistics of Iran's Central Bank said, Trend reports.
According to the statistics, Iranian banks provided loans worth 796 trillion rials (about $1.97 billion) in the housing and construction sectors during the first 4 months of the current Iranian year. However, in the same period last year, the value of credit extended by Iranian banks in the mentioned sector amounted to about 557 trillion rials (about $1.37 billion).
The statistics added that during the 4 months, loans worth about 527 trillion rials (about $1.29 billion) were granted for construction works in the housing and construction sectors.
The information notes that Iranian banks issued loans worth about 200 trillion rials (about $490 million) as working capital in the housing and construction sectors during the 4 months.
Furthermore, the statistics point out that 35 trillion rials (about $86 million) were disbursed during the mentioned period for the acquisition of houses and 32 trillion rials (about $78.6 million) for improvement works.
The information indicates that Iranian banks issued loans worth 1.86 trillion rials (about $4.57 million) for renovation works, 563 billion rials (about $1.38 million) for self-employment, and 520 billion rials (about $1.28 million) of consumer loans during the 4 months.
To note, Iranian banks extended loans worth approximately 13.3 quadrillion rials (about $32.9 billion) during the four months of the current Iranian year (from March 20 through July 21, 2024). During the four months, loans extended by Iranian banks shot up by 18.3 percent compared to the same period last year (from March 21 through July 22, 2023).
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