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Needs of Azerbaijani economy’s real sector assessed (UPDATE)

Business Materials 26 May 2016 15:24
For Azerbaijan’s economy to function smoothly, its real sector requires 15-20 billion manats.

details added (first version posted at 12:45)

Baku, Azerbaijan, May 26

Trend:

For Azerbaijan's economy to function smoothly, its real sector requires 15-20 billion manats, said Elman Sadiqov, director of Atabank's Risk Management Department, head of the expert group on risk assessment of the Azerbaijan Accountants and Risk Professionals Association (ARPA).

Sadiqov made the statement at the second Risk Management Forum in Baku May 26.

Sadiqov said that taking into account the harm as a result of consumer lending, which is unable to contribute to the growth of domestic production, the development and creating of new jobs, it should be brought down to a minimum.

"Consumer lending leads to an outflow of currency from Azerbaijan," he said.

"Around 80-90 percent of consumer loans are directed to purchase the products abroad."

Moreover, as one of the negative aspects of retail loans, Sadiqov called overlending of population and the suppression of the production.

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