Banks allocate 80B manats for Azerbaijan’s economy
By Azad Hasanli - Trend:
Azerbaijan's banking sector allocated 80 billion manats for lending to the economy over the past 10-12 years, Elman Rustamov, head of the Central Bank of Azerbaijan (CBA), told reporters Jan. 19.
"The banking sector has played an important role in economic development, and now it is stable enough. Except for a few banks, the sector's core is very stable," he said.
According to the CBA, banks issued loans by 18.744 million manats by Dec.1, 2015, including 10.893 million manats (58.1 percent) - in national currency, and 7.851 million manat (41.9 percent) - in freely convertible currency.
Consumer loans takes the largest volume in the loans' structure - 7.53 billion manats (40.2 percent), which is 0.4 percent less than the same figure of October. Over the year, consumer loans' volume increased by 0.03 percent.
Construction and real estate sector is in the second place (14 percent, or 2.63 billion manats), followed by trade and services field (13.5 percent or 2.54 billion manats).
The share of loans directed to the industry and production sector amounted to 9.7 percent (1.8 billion manats) in November. The share of transport and communication amounted to 5.7 percent (1.06 billion manats), agriculture and processing fields - 3.3 percent (621.5 million manats), energy, chemistry and natural resources - 1.4 percent (254, 7 million manats).
Currently, 42 banks operate in Azerbaijan (two of them with state participation).
The official exchange rate for Jan. 19 was set as 1,6028 AZN/USD.