Azerbaijani banks increase lending to economy by over 20 percent
Azerbaijan, Baku, July 7 / Trend A. Hasanov /
Azerbaijani banks increased lending to the Azerbaijani economy by 1.4 percent in May 2012 and by 21.26 percent during the year, the Azerbaijani Central Bank's report said today.
According to the CBA, as of June 1, 2012, the banks delivered loans totaling 10.611.5 billion manat (including 6.944.3 billion manat in national currency (65.9 percent) in national currency and 3.617.2 billion manat in freely convertible currency) 34.1 percent.
As of early May 2012, the figure was equal to 10.463.3 billion manat (6.820.9 billion in national currency and 3.642.3 billion manat in freely convertible currency), and as of June 1, 2011 - 8.750.4 billion manat (5.346 billion manat and 3.404.4 billion manat in freely convertible currency).
Of the total portfolio, loans worth 720.1 million manat (6.78 percent) were overdue compared to 719.4 million manat as of May 1, 2012, about 551.8 million manat as of June 1, 2011. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.
Short-term loans as of June 1, 2012, amounted to 2.958.8 billion manat (including overdue loans worth 376.9 million manat) compared to 2.977.7 billion manat (including overdue loans worth 376.1 million manat) as of May 1, about 2.891.9 billion manat (281.8 million manat) as of June 1, 2011.
The volume of short-term loans in the economy increased by 2.3 percent per year. As of early June 2012, about 34.81 percent of short-term lending fell to freely convertible currency.
Long-term loans amounted to 7.652.7 billion manat (including 343.1 million manat overdue loans) as of early June, 2012 compared to 7.485.7 billion manat (343.3 million overdue loans) as of May 1, 5.858.5 billion manat (270.1 million manat) as of June 1, 2011. The amount of long-term loans increased by 30.6 percent per year. As of early June 2012, 33.8 percent of long-term lending fell to freely convertible currency.
The official exchange rate is 0.7856 AZN to $1 on July 7.