Amount of Overdue Credits in Azerbaijan Increases
Azerbaijan, Baku, 28 September /corr. Trend N.Ismaylova / In August the Azerbaijani banks increased crediting the economy by 1.5% and in January to August by 37.9% as compared to the same period of the last year, a source said at the National Bank of Azerbaijan.
As of 1 September 2008 the banks gave credits in amount of AZN 6455mln (including AZN 3526.2mln in national currency and AZN 2928.8mln in hard currency) compared to AZN 3573mln (including AZN 1979.3mln in national currency and AZN 1593.7mln in hard currency) as of 1 September 2007.
Of the gross portfolio of the loans, AZN 122.9mln were overdue against overdue AZN 103.1mln as of 1 September 2007. The statistics of overdue credits does not consider the analogous loans of the non-banking credit organization Aqrarkredit.
Short-term credits were allocated in the amount of AZN 1979.8mln (including AZN 79.1mln overdue credit) compared to AZN 1409.1mln (including AZN 53.4mln over due loan) as of 1 September 2007.
During the reported period, 31.2% of short-term crediting and 38.4% of overdue debts fell on hard currency. The longїterm crediting made up AZN 4475.2mln (AZN 43.8mln) compared to AZN 2163.9mln (AZN 31mln) as of 1 September 2007. During this period, 51.6% of long-term crediting and 56.6% of overdue debts fell on hard currency.
As of 1 September 2008 two State banks allocated AZN 2800.6mln in credits ( -0.52 in August) and private banks AZN 3494.6mln (3.2%).
As of 1 September 2008 the credit portfolio of banks with foreign capital made up AZN 1980.3mln (3.3% in August), including AZN 315.6mln of credits fully by foreign banks (3.9%).
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