BAKU, Azerbaijan, September 12. The loans extended by Iranian banks in the agricultural sector increased by 2.7 percent during the five months of the current Iranian year (from March 20 through August 21, 2024) compared to the same period of last year (March 21 through August 22, 2023).
Data obtained by Trend from the country's Central Bank indicates that Iranian banks issued loans worth about 992 trillion rials (about $2.32 billion) in the agricultural sector during the first five months of the current Iranian year (from March 20 through August 21, 2024). However, during the same period last year (from March 21 through August 22, 2023), the figure stood at 887 trillion rials (about $2.08 billion).
Furthermore, the statistics add that loans worth about 553 trillion rials (about $1.29 billion) were issued as working capital in the agricultural sector.
The information indicates that during the five months, loans worth about 341 trillion rials (about $797 million) were issued for the establishment of enterprises and construction of orchards and plantations in the agricultural sector.
Moreover, the statistics noted that 67.2 trillion rials (about $157 million) worth of loans were issued for the development of the agricultural sector in five months.
Also, the stats show that 24.9 trillion rials (about $58.2 million) for self-employment, 5.22 trillion rials (about $12.2 million) for consumer loans, 222 billion rials (about $519,000) for home purchases, and 209 billion rials (about $489,000) for renovation works were extended in the agricultural sector.
To note, Iranian banks issued loans worth about 17.4 quadrillion rials (about $40.6 billion) during the five months of the current Iranian year. The loans granted by Iranian banks increased by 18 percent compared to the same period last year.
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