Promising Report by the CBI
*The Central Bank of Iran announced the economic growth for the first 9 months of the current year to stand at 11.9% taking oil sector into account. The data shows that the oil sector expanded by 65% while the agriculture, industries, mining and services each grew by 4.2%, 5.8%. 0.2% and 2.4%, respectively.
*Referring to the large number of banks and financial institutions in the country as one of the factors causing high cost of funds, the Head of Iran Chamber of Commerce, Industry, Mines and Agriculture called for the consideration of merging banks. Based on the CBI’s latest report, there are 35 banks and credit institutions with more than 21,000 branches in the country.