Banks Double Long-term Crediting in Economy in Azerbaijan
Azerbaijan, Baku, 8 May / corr Trend I.Khalilova / In March banks of Azerbaijan increased crediting in economy by 2.5%, while in the first quarter increase reached 71.2% as compared to similar period of last year, the National Bank of Azerbaijan (NBA) said.
As of 1 April 2008 the banks allotted credits in the amount of AZN 4932.1mln (including AZN 2763.3mln in national currency and AZN 2168.8mln in hard currency), as compared to AZN 2880.9mln (including AZN 1429.8mln in national currency and AZN 1541.1mln in hard currency) as on 1 April 2007.
Some AZN 102.8mln of the common loan portfolio became overdue as compared to AZN 130.5mln as of 1 April 2007. Statistics of overdue debts does not take include similar loan of the non-bank credit organization Aqrarkredit.
Short-term credits were allocated in the amount of AZN 1719.2mln (including AZN 66.3mln overdue credit) compared to AZN 1265.2mln (including AZN 103.9mln over due loan) as on 1 April 2007. IN this period, 35.7% of short-term crediting and 53.5% of overdue debts fell on hard currency. The long-term crediting made up AZN 3212.9mln (AZN 36.5mln) compared to AZN 1615.7mln (AZN 26.6mln) as on 1 April 2007. During this period, 48.4% of long-term crediting and 61.1% of overdue debts fell on hard currency.
As on 1 April 2008, two State banks allocated AZN 1913.4mln in credits (1.9% in March) and private banks - AZN 2890.6mln (3%).
As of 1 April 2008, the credit portfolio of banks with foreign capital made up AZN 1633.3mln (2.6%), including AZN 254.1mln of credits fully by the foreign banks (7.4%).
On 8 May official rate of US dollar was AZN 0.8292.
The correspondent can be contacted at [email protected]