Baku, Azerbaijan, Mar. 13
By Azad Hasanli – Trend:
In January 2017, Azerbaijani banks decreased the issuance of consumer loans by 0.76 percent compared to December 2016 and by 28 percent compared to January 2016, said a report of the Central Bank of Azerbaijan (CBA).
The report said the aggregate portfolio of consumer loans amounted to 5.814 million manats in late January.
The decline in the volume of consumer loans began after the first devaluation of manat in Azerbaijan (the US dollar rate increased by almost 34 percent on Feb. 21, 2015).
About 34.8 percent of the Azerbaijani banks’ total loan portfolio accounted for consumer loans as of late January 2017, while this figure was 38.1 percent in January 2016.
Trade and services (14.6 percent or 2.43 billion manats) ranked the second, and the construction and real estate sector (11.9 percent or 1.98 billion manats) ranked the third for their shares in total loan portfolio of the banks.
The share of loans for transportation and communication was 8.4 percent of total loans (nearly 1.39 billion manats), the share of loans for industrial and production sector was 7.8 percent (almost 1.3 billion manats), and the share of loans for agriculture and processing was 2.7 percent (447.6 million manats).
Thirty-two banks operate in Azerbaijan.
(1.7437 manats = $1 on Mar. 13)