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Lending to real estate sector in Azerbaijan rising

Finance Materials 4 October 2020 10:02 (UTC +04:00)
Lending to real estate sector in Azerbaijan rising

BAKU, Azerbaijan, Oct.3

By Zeyni Jafarov - Trend:

The volume of loans issued to legal entities engaged in the real estate sector amounted to 69.1 million manat ($40.6 million) in September 2020, which is 2.5 million manat ($1.47 million) or 3.8 percent more compared to August 2020, Trend reports citing the Central Bank of Azerbaijan (CBA).

Some 3.9 million manat ($2.2 million) or 5.6 percent out of the loans issued fell on short-term loans, the report said.

The remaining 65.2 million manat ($38.3 million) or 94.4 percent accounted for long-term loans, which increased by 2.5 million manat ($1.47 million) or 3.9 percent compared to early August.

Lending was mainly provided to private institutions and transactions were carried out in foreign currency.

(1 USD = 1.7 manat on Oct. 3)

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Follow the author on Twitter: @jafarov_zeyni

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