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Azerbaijan records increase in loans issued for real estate sector

Economy Materials 27 January 2022 19:19 (UTC +04:00)
Azerbaijan records increase in loans issued for real estate sector

BAKU, Azerbaijan, Jan. 27

By Nazrin Israfilova – Trend:

The volume of loans issued for the real estate industry in Azerbaijan increased by 390 million manat ($229.5 million), or 18.6 percent in 2021 compared to 2020, from 2.093 million manat ($1.2 million) to 2.483 million manat ($1.4 million), Trend reports citing the Central Bank of Azerbaijan (CBA).

According to the CBA, short-term loans issued to legal entities operating in this sector, excluding non-bank credit organizations and excluding problem loans, amounted to 13.5 million manat ($7.9 million), out of which 4.3 million manat ($2.5 million) were issued in the national currency, while 9.2 million manat ($5.4 million) – in foreign currency.

Long-term loans issued to legal entities accounted for 266.4 million manat ($156.7 million). The loans worth 10 million manat ($5.8 million) out of that volume were issued in manat while 256.5 million manat ($150.9 million) – in foreign currency.

The share of lending to the real estate industry in crediting to the real sector of Azerbaijan's economy totaled 14.5 percent in 2021, an increase of 0.1 percent compared to the same period in 2020.

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