BAKU, Azerbaijan, September 17. The loan extended by Iranian banks in the housing and construction sector increased by 23 percent during the first five months of the current Iranian year (from March 20 through August 21, 2024) compared to the same period of the previous year (from March 21 through August 22, 2023.)
The data obtained by Trend from the country's Central Bank shows that Iranian banks issued loans worth about 971 trillion rials (about $2.24 billion) in the housing and construction sector during the first five 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 788 trillion rials (about $1.82 billion).
The statistics added that about 603 trillion rials (about $1.39 billion) worth of loans were issued for construction works in the housing and construction sector during the five months.
According to the statistics, Iranian banks extended loans worth 288 trillion rials (about $664 million) as working capital in the housing and construction sector during the five months.
In addition, during the specified period, 40.5 trillion rials (about $93.3 million) were granted in connection with development works and 35.9 trillion rials (about $82.7 million) in connection with home purchases.
The information notes that Iranian banks issued loans worth 1.88 trillion rials (about $4.3 million) for renovation works, 807 billion rials (about $1.86 million) for self-employment, and 576 billion rials (about $1.3 million) for consumer loans.
To note, Iranian banks extended loans worth about 17.4 quadrillion rials (about $40.6 billion) during five months of the current Iranian year. The loan extended by Iranian banks increased by 18 percent in five months compared to the same period last year.