Azerbaijani banks up crediting of economy in June
Azerbaijan, Baku, July 28 / Trend , N. Ismayilova/
In June 2009, Azerbaijani banks increased crediting of economy by 1.7 percent and decreased by 9.8 percent in January-June and increased by 4.8 percent in annualized pace, a source in the Central Bank of Azerbaijan (NBA) said.
According to the CBA, as of July 1, banks issued credits worth 6.463 million manats (3.469 million manats in national currency and 32.993 million manats in hard currency) compared to 6.356 million manats to June 1 (3.446 million manats in national currency and 2.909 million manats in hard currency) and 7.163million manats (3.649 million in national and 3.514 million in hard currency) on Jan.1, 2009 and 6.166 million manats (3.278 million manats and 2.887 million manats) on July 1, 2008.
As for June 1, 2009 the share of loans were granted in national currency was 53.7 percent and in foreign currency - 46.3 percent (a 24.6-percent increase).
As many as 242.8 million manats of lending out of the total portfolio are overdue as compared to 209.2 million manats on June 1, 159.8 million manats on Jan.1, 2009 and 99.9 million manats on July 1, 2008. Statistics of the overdue credits doesn't include analogous loans of non-bank credit organization Aqrarkredit.
Short-term credits made up 2.119 million manats (including 127.8 million manats of overdue loans) compared to 2.113 million manats (including 112.2 million manats of overdue loans) on June 1, and 2.295 million manats (96.7 million manats of overdue loans) on Jan. 1 in 2009. Volume of short-term loans in the economy increased by 0.3 percent in June and decreased by 7.7 percent in January-June. As of July 1, 2009, as many as 41.5 percent of short-term credits and 39.7 percent of overdue credits were in hard currency.
Long-term crediting made up 4.344 million manats (including 114.9 million manats of overdue loans) as compared to 4.242 million manats (including 97 million overdue loans) on June 1, and 4.867 million manats (63.1 million manats) on Jan. 1, 2009. Volume of long-term loans in the economy increased by 2.4 percent in June and dropped by 10.7 percent in January-June. As of June 1, 2009, as many as 48.7 percent of long-term credits and 30.8 percent of overdue credits were in hard currency.
According to the CBA, as of July 1, 2009, the only state bank (International Bank of Azerbaijan) in the country issued 2.555 million manats of credits with specific weight of 39.5 percent (increase by 3.03 percent as of June). Private banks issued credits worth 3.732 million manats with specific weight of 57.7 percent (increase by 0.9 percent as of June), the rest 2.7 percent accounts for non-bank loan organizations (they issued 176.1 million manats).
On July 28, the official exchange rate is 0.8041 manat to $1.
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