Azerbaijani banks increase lending by 1.3 percent in May
Azerbaijan, Baku, July 21 / Trend N.Ismayilova /
Azerbaijani banks increased lending to the Azerbaijani economy by 1.3 percent in May and by 0.2 percent compared to May 2010, the Central Bank of Azerbaijan (CBA) reported.
As of early June, the banks provided loans totaling 8.750.4 billion manat (including 5.346 million manat in national currency and 3.404.4 billion in hard currency) compared to 8.639.6 billion manat (5.248.7 billion manat in national currency and 3.390.9 billion manat in hard currency) as of April and 8.733.5 billion manat (5.223.3 billion manat and 3.510.2 billion manat) as of June 1, 2010.
Of the total portfolio, loans worth 551.8 million manat (6.3 percent to the total volume of loans) were overdue compared to 553.2 million manat (6.4 percent) as of May 1, about 383.6 million manat (4.4 percent) as of June 1, 2010. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.
Short-term loans as of early June amounted to 2.891.9 billion manat (including overdue loans worth 281.8 million manat) compared to 2.822.7 billion manat (including overdue loans worth 283.6 million manat) as of May 1, about 2.345 million manat (183.2 milion manat) as of June 1, 2010. In May, the amount of short-term credit in the economy increased by 2.5 percent, but by 23.3 percent compared to May 2010. Some 40.5 percent short-term credit and 35.3 percent of overdue loans were in hard currency as of late May.
Long-term loans amounted to 5.858.5 billion manat (including overdue loans worth 270.1 million manat) compared to 5.816.9 billion manat (269.5 million manat) as of May 1, about 6.388.5 billion manat (200.4 million manat) as of June 1, 2010. In May, the amount of long-term loans increased by 0.7 percent and reduced by 8.3 percent compared to May 2010. As of May 1, some 38.1 percent of long-term loans and 28.1 percent of overdue loans were in hard currency.
As of early June, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3.103.2 billion manat with a specific weight of 35.5 percent (increased by 1.03 percent in May), and private banks - 5.428.1 million manat with a specific weight of 62 percent (1.5 percent). The remaining 2.5 percent fall on the share of non-bank credit organizations, which received loans worth 219.1 million manat.
The official exchange rate is 0.7864 manat to $1.