Iranian state-run banks’ capital grow by 5%

Baku, Azerbaijan, May 10

By Khalid Kazimov – Trend:

The total capital of Iran’s state-run banks has increased by five percent over the last three years, a senior banking official said.

Hossein Ghazavi, the head of department for banking and insurance affairs at ministry of economic affairs and finance, has said that the total capital of the state-run banks over the last Iranian calendar year (starting March 20) has reached 540 trillion rials (about $16.8 billion according to official rate), Ibena (Iranian banks and economy news agency) reported.

The figure in the year corresponding to 2013/14 stood at 110 trillion rials ($4.439 according to then rate of rial against US dollar), the official added.

According to the World Bank, Iran’s GDP growth stood at 6.4 percent in 2016, largely as a result of the oil sector bouncing back, both in production and exports, following the removal of sanctions in January 2016 through the nuclear deal.

According to Central Bank of Iran, there are eight state-run banks in the country.