Crediting of Azerbaijani economy increases by more than 17 percent

Business Materials 7 September 2012 17:16

Azerbaijan, Baku, Sept 7 /Trend A.Hasanov/

In July 2012, Azerbaijani banks decreased crediting of economy by 1.2 percent but increase it by 4.8 in the annualized pace, the Central Bank of Azerbaijan said.

According to the CBA, as of late August, banks issued credits worth 10.826.4 million manat 7.183.9 million manat (66.35 percent) in national currency and 3.624.5 million manat (33.65 percent) in hard currency compared to 10.834.8 million manat in the beginning of July (7.174.3 million manat in national currency and 3.660.5 million manat in hard currency) and 9.120.2 million manat (5.723.3 million in national and 3.369.9 million in hard currency) on August 1 2011.

As many as 715.1 million manat (6.6 percent) of lending out of the total portfolio are overdue as compared to 706.7 million manat on July 1, 2012, 581.1 million manat on Aug.1, 2011. Statistics of the overdue credits doesn't include analogous loans of non-bank credit organization Aqrarkredit.

Short-term credits made up 3.001.3 million manat (including 376.9 million manat of overdue loans) compared to 3.029.9 million manat (including 377.2 million manat of overdue loans) on July 1 and 3.014.4 million manat (293.6 million manat of overdue loans) on Aug.1, 2011. As of June, 2012, as many as 34.45 percent of short-term credits were in hard currency.

Long-term crediting made up 7.825.1 million manat (including 328.9 million manat of overdue loans) as compared to 7.805 million manat (including 329.9 million overdue loans) in July 1, and 6.106.1 million manat (287.51 million manat) on Aug. 1, 2011. As many as 33.3 percent of long-term credits were in hard currency in the beginning of June 1.

Official exchange rate on Sept 7 is 0.7852 AZN/USD