BAKU, Azerbaijan, November 6. The loan extended by Iranian banks in the housing and construction sector increased by 15 percent during seven months of the current Iranian year (from March 20 through October 21, 2024) compared to the same period of last year (March 21 through October 22, 2023.)
The data obtained by Trend from the country's Central Bank shows that Iranian banks extended loans worth about 1.5 quadrillion rials (about $3.33 billion) in the housing and construction sector during seven months of the current Iranian year. However, in the same period of last year, the value of loans extended by Iranian banks in the mentioned sector amounted to 1.3 quadrillion rials (about $2.94 billion).
According to the statistics, loans for housing and construction totaled 829 trillion rials, or roughly $1.88 billion, during the seven months, and Iranian banks extended loans worth 539 trillion rials (about $1.22 million) as working capital in the housing and construction sector during the seven months.
The information noted that during the mentioned period, 57 trillion rials (about 129 million dollars) worth of loans were issued for construction works and 38.8 trillion rials (about 87.9 million dollars) for housing purchases.
In addition, Iranian banks issued loans worth 2.6 trillion rials (about $5.83 million) for renovation works, 1.4 trillion rials for self-employment (about $3.14 million), and 766 billion rials (about $1.73 million) of consumer loans during the seven months.
To note, Iranian banks issued loans worth about 28.3 quadrillion rials (about $63.9 billion) during seven months of the current Iranian year. The loans extended by Iranian banks increased by 19.4 percent in the seven months compared to the same period last year.