Financial regulator: business crediting grows in Azerbaijan (UPDATED)

Finance Materials 13 February 2019 11:32 (UTC +04:00)
Details added (first version published at 10:21)

Baku, Azerbaijan, Feb. 13


In 2018, banks in Azerbaijan issued loans worth 7.6 billion manats, 4.3 billion of which were expended for business lending, Asim Zulfugarov, Deputy Chairman of the Board of the Chamber of Financial Market Supervision, said at the “Using financing opportunities to secure movable property” conference, Trend reports.

As noted by Zulfugarov, crediting in the country largely went up by 11 percent, and credits to businesses by 7.2 percent.

"Loans in the national currency amounted to approximately 70 percent," added Zulfugarov.

Citing the results of international studies, he noted that the formation of a national movable property register contributes to the development of the economy and expanding access to financial resources.

"For example, the experience of seven European countries shows that the formation of a registry contributed to an average lending growth rate of 8 percent. We are confident that forming a registry, accompanied with credit growth, ultimately contributes to economic development," said Zulfugarov.

Zulfugarov added that large international structures, such as the State Secretariat for Economic Cooperation of Switzerland (SECO) and the International Finance Corporation (IFC), assisted in the study of international experience to create a register of moving assets.

"Currently, the registry contains information on over 36,000 objects of movable property, including agricultural and consumer goods, among others," Zulfugarov said.

A three-day conference titled “Using financing opportunities to secure movable property” began in Baku on Wednesday. The event is attended by representatives of the Financial Market Supervisory Authority, IFC, and SECO, along with experts and representatives of the private sector.