Tehran: The loans issued by Iranian banks in the service sector increased by 13 percent during the first four months of the current Iranian year, from March 20 through September 21, 2024, compared to the same timeframe last year, according to statistics from Iran’s Central Bank, Trend reports.

According to Trend News Agency, Iranian banks extended loans worth approximately 9.88 quadrillion rials, or about $22.3 billion, in the service sector over a six-month period in the current Iranian year. In contrast, during the last six months of the previous Iranian year, loans amounted to about 8.74 quadrillion rials, or approximately $19.6 billion, in the same sector.

The report highlights that a significant portion, 7.54 quadrillion rials, roughly $16.9 billion, was allocated as working capital within the service sector over this six-month span. Additionally, the statistics reveal that development loans accounted for 417 trillion rials, about $938 million, and self-employment loans comprised 66 trillion rials, or
$148 million.

Furthermore, the data indicates that in the specified period, Iranian banks issued consumer loans totaling 41.8 trillion rials, or roughly $94 million, alongside 13.3 trillion rials, or about $29.8 million, for renovation projects, and 13.6 trillion rials, or approximately $30 million, for housing purposes.

Overall, Iranian banks extended loans amounting to approximately 24.1 quadrillion rials, equating to around $54.5 billion, during the first six months of the current Iranian year. This marks an 18.2 percent increase in loans compared to the same period in the previous year.