Baku, Azerbaijan, June 10
By Azad Hasanli – Trend:
Crediting of the fields of energy, chemistry and natural resources in Azerbaijan increased by almost twofold in April 2017, as compared to the same period of 2016 and by 32.98 percent as compared to March 2017, according to a report of the country’s Central Bank.
The report says that about 549.2 million manats accounted for the share of loans in this sector. The specific weight of loans, issued for the projects in the sphere of energy, chemistry and natural resources, was 3.6 percent. In April 2016, this figure was 296.3 million manats (1.6 percent).
A major part of loans still accounts for consumer loans in Azerbaijan – 5,230.2 million manats (decrease by 27.21 percent as compared to the same figure in 2016). The figure decreased by 3.03 percent as compared to March 2017.
The reduction in consumer lending in Azerbaijan began after the first devaluation of Azerbaijan’s national currency – the manat [on February 21, 2015, when the exchange rate of the US dollar against the manat increased by almost 34 percent]. However, a lion’s share of banks’ total loan portfolio – 33.8 percent – still accounts for the share of consumer loans [as of late April 2017]. This figure was 38.3 percent in April 2016.
The sphere of trade and services (14.2 percent or 2,198.9 million manats) ranks second and is followed by the construction and real estate sector (12.1 percent or 1,863.7 million manats).
In April 2017, loans for transportation and communication were almost equal to the loans issued for the industrial and production sector and totaled 1,208.9 million manats (7.8 percent). Agriculture and processing sphere accounted for 2.9 percent (449 million manats) during the period.
(1.7022 manats = $1 on June 10)