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Lending to transport, communications sector drops in Azerbaijan

Economy Materials 24 July 2021 12:05 (UTC +04:00)
Lending to transport, communications sector drops in Azerbaijan

BAKU, Azerbaijan, July 24

By Sadraddin Aghjayev - Trend:

Lending to the transport and communications sector in Azerbaijan amounted to 825.9 million manat ($485.8 million) in the first 5 months of 2021, which is 16.5 percent less compared to the same period of 2020, Trend reports citing the statistics of the Central Bank of Azerbaijan (CBA).

“Of the total volume of lending to the sector, 111 million manat or $65.3 million (13.44 percent) were short-term loans. Of these, loans for 26.5 million manat ($15.6 million) were issued in national currency, 84.5 million manat ($49.7 million) - in foreign currency,” the CBA said.

“The remaining 713.9 million manat or $419.9 million (84.3 percent) amounted to long-term loans. Loans were issued in the national currency in the amount of 205.6 million manat ($120.9 million), in foreign currency - 508.3 million manat ($299 million),” the report said.

Lending in this period was mainly provided to private institutions, and operations were carried out mainly in foreign currency. Loans in foreign currency amounted to 71.7 percent or 592.8 million manat ($348.7 million) of the total lending to the sector.

At the same time, the share of transport and communications in lending to the real sector amounted to 5.5 percent, which is a decrease of 1 percent on annual basis.

In total, lending to the real sector of the economy of Azerbaijan in the first 5 months of 2021 amounted to over 15 billion manat ($8.82 billion), which is 2 percent or 301.4 million manat ($177.3 million) more than the same period of 2020.

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