...

Azerbaijani banks up lending to economy by 1.5 percent

Business Materials 1 July 2010 17:15 (UTC +04:00)

Azerbaijan, Baku, July 1 / Trend N.Ismayilova /

The banks increased lending to the economy of Azerbaijan by 1.5 percent in May 2010, but compared to the same period of 2009 by 37.4 percent, the Central Bank of Azerbaijan (CBA) said.

As of late May, 2010 the banks provided loans totaling 8733.5 million manat (including 5223.3 million manat in national currency and 3510.2 million in hard currency) compared to 8605.5 million manat (5126.1 million manat in national currency and 3479.4 million manat in hard currency) as of May 1, 6356 million manat (3446.5 million manat and 2909.5 million manat) as of June 1, 2009.

The share of loans provided in national currency was 59.8 percent, in foreign currency - 40.2 percent in May 2010,

Of the total portfolio of loans, 383.6 million manat were overdue compared to 365.2 million manat as of may 1, 209.2 million manat as of June 1, 2009. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.

Short-term loans as of late May amounted to 2345million manat compared to 2314.1 million manat as of late April, 2113.3 million manat as of June 1, 2009. In May the amount of short-term credit in the economy increased by 1.3 percent but 11 percent compared to May 2009

Long-term loans amounted to 6388.5 million manat compared to 6291.2 million manat as of  May 1, 4242.7 million manat  as of June 1, 2009. In May, the amount of long-term loans grew by 1.5 percent, compared to May 2009 - by 50.6 percent.

As of late May, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 4017.4 million manat with a specific weight of 46 percent (increased by 0.9 percent in  may), and private banks - 4533.6 million manat with a specific weight of 51.9 percent (increased by 2.1 percent). The remaining 2.1 percent fall on the share of non-bank credit organizations, which provided loans of 182.4 million manat.

The official exchange rate is 0.8039 manat to $1 July 1.

Do you have any feedback? Contact our journalist at: [email protected]

Tags:
Latest

Latest