Baku, Azerbaijan, Feb. 8
By Anvar Mammadov - Trend:
Azerbaijani banks increased the consumer lending volume to 8.38 billion manat in December 2015 or by 11.3 percent more than in November, said the Central Bank of Azerbaijan's report.
The consumer lending volume increased by 8.4 percent during the year.
A decrease in consumer lending in Azerbaijan in mid. 2015 began after the first devaluation of the manat rate [the dollar rate increased by almost 34 percent February 21, 2015].
The consumer lending increased by almost nine percent in February. The banks reduced the consumer crediting volume by 1.4 percent in March, 1.2 percent in April, 1.88 percent in May, 1.97 percent in June and 1.5 percent in July.
The consumer lending decreased by 0.4 percent in November (compared to October).
However, the largest part of the total loan portfolio of banks - 38.6 percent (as of December) accounts for the consumer loans.
The trade and services (14.5 percent or 3.15 billion manat) ranked second on the share in the total loan portfolio of banks. The construction and real estate sector (14 percent or 3.05 billion manat) ranked third.
Around 9 percent of the total volume of lending to the real sector of Azerbaijan was directed to the industry and production. In nominal terms it amounts to 1.94 billion manat.
The share of transport and communication hit 6.7 percent (1.46 billion manat), agriculture and processing reached 2.3 percent (508.1 million manat), energy, chemistry, and natural resources - 1.5 percent (316.5 million manat).
According to the CBA, as of January 1, 2016, the total volume of loans granted by banks totaled 21.72 billion manat, including 11.01 billion manat (50.7 percent) - in national currency and 10.71 billion manat (49.3 percent) - in freely convertible currency.
Some 43 banks operated in Azerbaijan as of late 2015 (two of them are state-owned).
The official exchange rate is 1.5819 AZN/USD Feb. 8.