Long-term lending to economy increases by 21% in Azerbaijan
Baku, Azerbaijan, Feb. 6
By Maksim Tsurkov - Trend:
Azerbaijani banks increased lending to the economy by 20.2 percent in 2014, compared to the same period of 2013, the Azerbaijani Central Bank (CBA) said in its report.
The banks issued loans totaling around 18.543 billion AZN, including around 13.506 billion AZN (72.8 percent) in national currency and 50.37 million AZN (27.2 percent) in freely convertible currency as of January 1, 2015, according to the CBA report.
The official exchange rate on Feb.6 is 0.7844 AZN/USD.
By comparison, the figure neared 15.423 billion AZN (around 11.077 billion AZN in national currency and over 4.346 billion AZN in freely convertible currency) as of 2013.
Of the total portfolio, borrowings and loans worth 976.3 million AZN (5.3 percent) were overdue compared to 792.8 million AZN (5.14 percent) as of 2013.
The statistics of overdue loans does not include similar loans of Aqrarkredit non-banking credit institution. The share of overdue loans has increased by 23.14 percent in a year.
The volume of short-term loans exceeded 3.931 billion AZN (including overdue loans worth 391.6 million AZN) as of 2014, compared to around 3.336 billion AZN (including overdue loans worth 362.1 million AZN) as of 2013. The volume of short-term loans has in the economy increased by 17.9 percent in a year.
The volume of long term loans exceeded 14.611 billion AZN (including 584.6 million AZN worth overdue loans) as of 2014, compared to about 12.088 billion AZN (including 430.6 million AZN worth overdue loans) as of 2013. The volume of long term loans has increased by 20.9 percent in a year.
The credit portfolio of the only state bank in the country, the International Bank of Azerbaijan, neared 6.144 billion AZN with the specific weight of 33.1 percent, while private banks issued loans worth around 11.874 billion AZN with a specific weight of 64 percent.
The remaining 2.8 percent fell to the share of non-bank credit organizations which issued 525.2 million AZN, according to the CBA.
Currently, 45 banks operate in Azerbaijan.
Edited by CN
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