Baku, Azerbaijan, Feb. 9
By Emin Aliyev - Trend:
Azerbaijani banks increased lending to the economy by 25.97 percent in 2013.
The banks delivered loans totaling 15.422.9 billion manat including 11.076.6 billion manat (71.82 percent) in national currency and 4.346.3 billion manat (28.18 percent) in freely convertible currency for the reporting period, according to the Azerbaijani Central Bank.
For comparison, the figure was equal to 12.243.7 billion manat (8.422.8 billion manat in national currency and 3.820.9 billion manat in freely convertible currency) in 2012, while as of early 2013.
Of the total portfolio, loans worth 792.8 million manat (5.14 percent) were overdue compared to 748.8 million manat as of 2012. Statistics of overdue loans does not include similar loans of the non-banking credit institution Aqrarkredit. Overdue loans increased by 5.88 percent per year.
Short term loans amounted to 3.335.5 billion manat including overdue loans worth 362.1 million manat compared to 3.508.3 billion manat including overdue loans worth 385.4 million manat as of 2012. The volume of short term loans in the economy decreased by 5 percent per year. As of 2013, some 31.12 percent of short term loans fell to the freely convertible currency (1.038.1 billion manat).
As of 2013, the volume of long term loans amounted to 12.087.5 billion manat including 430.6 million manat in overdue loans compared to 8.735.4 billion manat including 363.4 million manat of overdue loans as of 2012. Long term loans increased 39.24 percent in a year. The volume of long-term loans increased by 38.4 percent per year. As of 2013, 27.4 percent of long term loans accounted for freely convertible currency (3.308.2 billion manat).
The credit portfolio of the only state bank in the country, the International Bank of Azerbaijan, hit 5.300.4 billion manat with a specific weight of 34.4 percent, while private banks issued loans worth 9.689.4 billion manat with a specific weight of 62.8 percent. The remaining 2.8 percent fell to the share of non-bank credit organizations. They issued 433.1 million manat, according to the CBA.
There are 43 banks in Azerbaijan.
The official exchange rate is 0.7843 AZN/USD on Feb. 9.
Translated by N.H.