Crediting of Azerbaijan’s energy sector up
Baku, Azerbaijan, Sept. 12
By Anvar Mammadov – Trend:
Crediting of the fields of energy, chemistry and natural resources in Azerbaijan increased by 2.8 percent in July 2017, as compared to the same period of 2016, and decreased by 30.3 percent compared to June 2017, reads a report of the country’s Central Bank (CBA).
The report says that 382.1 million manats accounted for the share of loans in this sector. The specific weight of loans, issued for the projects in the spheres of energy, chemistry and natural resources, was 3 percent. In July 2016, this figure was 371.6 million manats (2.2 percent).
A major part of loans still accounts for consumer loans in Azerbaijan – 4.97 billion manats (decrease by 20.4 percent as compared to the same figure in 2016). The figure decreased by 2.5 percent as compared to June 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 – 38.6 percent – still accounts for the share of consumer loans [as of late July 2017]. This figure was 37.3 percent in July 2016.
The sphere of trade and services (16.8 percent or 2.16 billion manats) ranks second and is followed by the transport and communications sector (8.2 percent or 1.06 billion manats).
In July 2017, loans for industry and production amounted to 639 million manats (5 percent), while the loans issued for the construction and real estate sector totaled 620.8 million manats (4.8 percent). Loans for agriculture and processing sphere accounted for 3.5 percent (451.8 million manats) during the period.
($1 = 1.7009 manats on Sept.12)