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Azerbaijani banks increase economy lending by almost 20 percent

Business Materials 4 September 2014 17:36 (UTC +04:00)

Baku, Azerbaijan, Sept.4

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Azerbaijani banks increased lending to the economy by 19.96 percent in January-July 2014, compared to the same period of 2013, the Azerbaijani Central Bank (CBA) said in its report on Sept.4.

The banks issued loans totaling 17.034 billion AZN, including over 12,467 billion AZN (73.2 percent) in national currency and 4.567 billion AZN (26.8 percent) in freely convertible currency as of Aug.1, according to the CBA report.

By comparison, the figure exceeded 14.199 billion AZN (around 10.059 billion AZN in national currency and over 4.140 billion AZN in freely convertible currency) in January-July 2013.

Of the total portfolio, loans worth 900.1 million AZN (5.3 percent) were overdue compared to 776.6 million AZN (5.5 percent) as of January-July 2013.

The statistics of overdue loans does not include similar loans of Aqrarkredit non-banking credit institution. Overdue loans increased by 15.9 percent over a year.

Short term loans amounted to about 3.559 billion AZN (including overdue loans worth 379.6 million AZN) compared to around 3.327 billion AZN (including overdue loans worth 364.4 million AZN) as of January-July 2013. The volume of short term loans in the economy increased by seven percent over a year.

The volume of long term loans exceeded 13.475 billion AZN, including 520.5 million AZN in overdue loans compared to about 10.873 billion AZN, including 412.2 million AZN of overdue loans as of July 2013. The long term loans increased by 23.9 percent over a year.

The credit portfolio of the only state bank in the country, the International Bank of Azerbaijan, exceeded 5.894 billion AZN with the specific weight of 34.6 percent, while private banks issued loans worth around 10.638 billion AZN with a specific weight of 62.4 percent.

The remaining 2.9 percent fell to the share of non-bank credit organizations. They issued 502.1 million AZN, according to the CBA.

The official exchange rate on Sept.4 is 0.7843 AZN/USD.

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