Banks reduce lending in Azerbaijani districts

Business Materials 15 June 2016 16:18 (UTC +04:00)

Baku, Azerbaijan, June 15

By Azad Hasanli - Trend:

The loans given to the population in Azerbaijan's districts totaled 3.029 billion manat as of April 2016, or 16.14 percent of the banks' total loan portfolio and 11.7 percent less than in the same period of 2015, the Azerbaijani Central Bank (CBA) said.

The official exchange rate is 1.512 AZN/USD as of June 15.

The loans worth 15.730 billion manat were delivered in Baku. Here the loans in national currency (manat) amounted to 7.653 billion manat.

For comparison, Baku granted loans amounting to 17.165 billion manat in April 2015. Some 9.508 billion manat accounted for the loans in national currency.

The average interest rate on loans throughout the country was 12.3 percent in April 2016, while in Baku this index stood at 10.8 percent.

The lending volume in the Absheron economic district totaled 617.7 million manat at an average rate of 16.9 percent.

In other economic districts the lending index was as follows: Aran - 795.7 million manat at a rate of 21.9 percent, Mountainous Shirvan - 114.1 million manat at a rate of 21.5 percent, Ganja-Gazakh - 640.17 million manat at a rate of 19.8 percent, Guba-Khachmaz - 222.15 million manat at a rate of 20.7 percent, Lankaran - 267.28 million manat at a rate of 22.3 percent, Shaki-Zagatala - 202.3 million manat at a rate of 21.4 percent, the Upper Karabakh - 48.1 million manat at a rate of 19 percent, Kalbajar-Lachin - 0.93 million manat at a rate of 17 percent, Nakhchivan - 120.5 million manat at a rate of 13.6 percent.

Some 35 banks operate in Azerbaijan, including two state owned banks.