IMF recommends Azerbaijan keeping moderate credits to economy
Azerbaijan, Baku, March 3 / Trend , N. Ismailova/
The International Monetary Fund (IMF) recommends Azerbaijan keeping moderate credits to the economy, Chief of the IMF team on Azerbaijan Nienke Oomes reported on Wednesday. She had arrived in the country to conduct consultations under Article IV of the IMF Agreement.
'Last year, in Azerbaijan, there was observed a high pace of economic growth and, correspondingly, credits to the economy continued to grow. But now it is difficult to keep such high paces, and that's why it would be thoughtless for Azerbaijan to keep on high paces of crediting' Oomes said.
According to her, if volumes of credits grow there may emerge credit repayment-related problems, and the tendency of moderate crediting will be kept this year.
In January, Azerbaijan-operating banks increased credits to the economy by 0.3 percent and, as compared to the respective month of 2009, the increase is 17.1 percent. As of February 1, 2010, banks issued credits for the total amount of AZN 8,431.2 million.
In January 2010, Azerbaijan's banks, in having increased credits to the economy by 2.8 percent, decreased credits to consumers by 0.4 percent. In 2009, the credits to consumers decreased by 0.2 percent at a time when the credits to the economy rose by 17.4 percent, and in 2008, the credits to consumers increased by 40.9 percent at a time when the combined credit portfolio increased by 53 percent.