BAKU, Azerbaijan, September 19. The loans issued by Iranian banks in the service sector increased by 15 percent during the first five months of the current Iranian year (from March 20 through August 21, 2024) compared to the same period last year (from March 21 through August 22, 2023).
The data obtained by Trend from the country's Central Bank shows that Iranian banks extended loans worth 6.57 quadrillion rials (about $15.2 billion) in the service sector during five months of the current Iranian year (from March 20 through August 21, 2024). However, Iranian banks extended loans worth about 5.74 quadrillion rials (approximately $13.2 billion) in the service sector during four months of the last Iranian year (from March 21 through August 22, 2023).
According to statistics, a total of about 4.68 quadrillion rials (about $10.8 billion) worth of loans were granted in Iran's service sector as working capital during five months.
The statistics indicated that Iranian banks extended loans worth 1.44 quadrillion rials (about $3.33 billion) to establish businesses and facilities in Iran's service sector during the five months.
Information notes that Iranian banks have lent 340 trillion rials (about $784 million) for the development of the service sector and 57.1 trillion rials (roughly $132 million) for self-employment.
In addition, statistics show that in the mentioned month, Iranian banks provided 34.1 trillion rials (about 78.7 million dollars) of consumer credit, 12.1 trillion rials (about $28 million) for renovation works, and 3.49 trillion rials (about $8.05 million) for home purchases.
To note, Iranian banks extended loans worth about 17.4 quadrillion rials (about $40.6 billion) during the first five months of the current Iranian year. The loans granted by Iranian banks increased by 18 percent compared to the same period last year.