Azerbaijani banks ups lending to economy by 20 percent
Azerbaijan, Baku, Aug. 28 / Trend N.Ismayilova /
The banks increased lending to the economy of Azerbaijan by 19.7 percent in July 2010 compared to the same period of 2009, the Central Bank of Azerbaijan (CBA) said.
As of Late July, 2010 the banks provided loans totaling 8656.2 million manat (including 5357.6 million manat in national currency and 3293.6 million in hard currency) compared to 8840.7 million manat (5311.3 million manat in national currency and 3529.4 million manat in hard currency) to 2009, 7229.2 million manat (3856.5 million manat and 3372.7 million manat) as of Aug.1, 2009.
In July 2010, the share of loans provided in national currency was 61.9 percent, in foreign currency - 38.1 percent.
Of the total portfolio of loans, 400 million manat were overdue compared to 408.6 million manat as of July.1, 262.4 million manat as of Aug.1, 2009. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.
Short-term loans as of late July amounted to 2401.5 million manat compared to 2266.8 million manat as of late June, 2295.9 million manat as of Aug.1, 2009. In July the amount of short-term credit in the economy increased by 5.9 percent but 13.5 percent compared to July 2009.
Long-term loans amounted to 6249.7 million manat compared to 6492.9 million manat as of July 1, 5112.6 million manat as of Aug.1, 2009. In July the amount of long-term loans decreased by 3.7 percent, compared to July 2009 - by 22.2 percent.
As of late July, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3829.1 million manat with a specific weight of 44.2 percent (decreased by 5.4 percent in July), and private banks - 4644.7 million manat with a specific weight of 53.7 percent (increased by 0.7 percent). The remaining 2.1 percent fall on the share of non-bank credit organizations, which provided loans of 182.4 million manat.
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