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Azerbaijan’s Bank Respublika raises loan of 20M manats from CBA

Business Materials 19 June 2017 20:38 (UTC +04:00)

Baku, Azerbaijan, June 19

By Azad Hasanli – Trend:

Azerbaijan’s Bank Respublika OJSC raised a loan of 20 million manats from the Central Bank of Azerbaijan (CBA) in 2016, according to the bank’s financial report audited by KPMG.

According to the report, the bank’s total loan debt to the CBA amounted to 155.03 million manats, which makes 66.3 percent of all loans taken by Bank Respublika. All loans were attracted at an annual interest rate of 3.5 percent.

During the period, the bank also had loan obligations to the State Fund for the Development of Information Technologies (605,000 manats), the European Bank for Reconstruction and Development (14.75 million manats), and the European Fund for Southeast Europe (2.5 million manats).

As of late 2016, the volume of the bank’s loans from the Azerbaijan Mortgage Fund OJSC totaled 23.3 million manats at an annual interest rate of 1-4 percent.

The bank’s loans from the National Fund for Entrepreneurship Support totaled 37.55 million manats (interest rate of 1 percent).

Bank Respublika has been operating in Azerbaijan since 1992.

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