Azerbaijani banks up lending to economy by 1,5 percent in August
Azerbaijan, Baku, Oct. 2 / Trend N.Ismayilova /
Azerbaijani banks increased lending to the economy of Azerbaijan by 1,5 percent in August 2010 and by 15,2 percent compared to the same period of 2009, the Central Bank of Azerbaijan (CBA) said.
As of late August, 2010 the banks provided loans totaling 8788,6 million manat (including 5448,7 million manat in national currency and 3339,9 million in hard currency) compared to 8656,2 million manat (5357,6 million manat in national currency and 3293,6 million manat in hard currency), about 7629,8 million manat (4245,7 million manat and 3384,2 million manat) as of Sept.1, 2009.
In August 2010, the share of loans provided in national currency was 62 percent, in foreign currency - 38 percent.
Of the total portfolio, loans worth 423,7 million manat were overdue compared to 400 million manat as of August 1, about 274,9 million manat as of Sept.1, 2009. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.
Short-term loans as of late August amounted to 2445,8 million manat compared to 2401,5 million manat as of late July, about 2133,3 million manat as of Sept.1, 2009. In August the amount of short-term credit in the economy increased by 1.8 percent but 14.6 percent compared to August 2009.
Long-term loans amounted to 6342,7 million manat compared to 6249,7 million manat as of August 1, about 5496,6 million manat as of Sept.1, 2009. In August the amount of long-term loans increased by 1.5 percent, compared to August 2009 - by 15.4 percent.
As of late August, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3865,8 million manat with a specific weight of 44 percent (increased by 1 percent in August), and private banks - 4740,6 million manat with a specific weight of 53,9 percent (increased by 2.1 percent). The remaining 2.1 percent fall on the share of non-bank credit organizations, which received loans worth 182.2 million manat.
As of Oct. 2, the official exchange rate is 0.8026 manat to $1.