Consumer lending grows in Azerbaijan
Baku, Azerbaijan, Jan. 12
By Azad Hasanli - Trend:
Azerbaijani credit institutions increased the consumer lending volume to 5.93 billion manats in November 2016, which is 0.37 percent more than in October 2016, said the report of the Central Bank of Azerbaijan.
The volume of consumer lending in Azerbaijan was gradually decreasing after the first devaluation of the manat rate [the US dollar rate increased by almost 34 percent February 21, 2015]. The retail lending decreased by 21.3 percent in November 2016, compared to November 2015.
However, the largest part of the total loan portfolio of Azerbaijani banks - 36.4 percent (as of November 2016) accounts for the consumer loans.
The trade and services (14.6 percent or 2.38 billion manats) ranked second, the construction and real estate sector (11.6 percent or 1.89 billion manats) ranked third on the share in the total loan portfolio of banks.
Some 7.6 percent of loans (1.24 billion manats) were directed to the industry and production.
The share of transport and communication also accounted for 7.6 percent of loans (1.23 billion manats), agriculture and processing reached 2.6 percent (421.8 million manats).
The growth of consumer lending for the development of the sphere of energy, chemistry and natural resources was observed. The share of loans for this sector amounted to 3.7 percent (601.8 million manats) in November 2016 for the first time since 2011.