BAKU, Azerbaijan, December 11. The loans extended by Iranian banks in the service sector increased by 14.7 percent during eight months of the current Iranian year (from March 20 through November 2024) compared to the same period of last year (from March 21 through November 21, 2023).
The data obtained by Trend from the country's Central Bank shows that Iranian banks extended loans worth about 13.2 quadrillion rials (about $27.2 billion) in the service sector during eight months of the current Iranian year (from March 20 through November 20, 2024). However, Iranian banks provided loans in the services sector worth 11.5 quadrillion rials (about $23.7 billion) during eight months of the last Iranian year (from March 21 through November 21, 2023).
According to the statistics, Iranian banks extended loans worth 9.79 quadrillion rials (about $20.2 billion) as working capital in the service sector during the eight months.
The information indicates that Iranian banks extended loans worth 2.62 quadrillion rials (about $5.4 billion) to establish businesses and facilities in the service sector for eight months.
Moreover, the statistics add that 563 trillion rials (about $1.16 billion) worth of loans were granted for the development of the service sector and about 119 trillion rials (around $244 million) for self-employment.
The statistics noted that Iranian banks issued consumer loans worth 54.8 trillion rials (about $113 million), 17.4 trillion rials (about $35.8 million) for renovation works, and 14.8 trillion rials (about $30.5 million) for housing during the mentioned period.
To note, Iranian banks extended loans worth about 32.9 quadrillion rials (about $70 billion) during eight months of the current Iranian year. Iranian banks increased their loan extension by 19.2 percent in eight months compared to the same period last year.