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Volume of lending to Azerbaijan's agricultural sector edges up

Finance Materials 19 November 2020 16:27 (UTC +04:00)

BAKU, Azerbaijan, Nov.19

By Zeyni Jafarov - Trend:

The volume of lending to agriculture, forestry, and fishing sectors in Azerbaijan amounted to 563.4 million manat ($331.6 million) as of Oct. 1, 2020, Trend reports citing data from the Central Bank of Azerbaijan (CBA).

The CBA said that lending to agriculture increased by 46.2 million manat ($27.1 million) or 8.9 percent compared to the same period last year, and by 23.1 million manat ($13.6 million) or 4.3 percent compared to early 2020.

Some 498.3 billion manat ($293.2 million) or 88.4 percent accounted for long-term loans, and this figure is 29.8 million manat ($17.5 million) or 6.4 percent more compared to the beginning of October last year. Loans worth 373.3 million manat ($219.7 million) were issued in national currency, and 124.9 million manat ($73.5 million) fell to the foreign currency.

The number of short-term loans issued for agriculture, forestry, and fishing sectors made up 36.2 million manat ($21.3 million) or 6.4 percent of total respective loans. Of these, 23.5 million manat ($13.8 million) were issued in national currency and 12.6 million manat ($7.4 million) in foreign currency.

The loans were mainly provided to private institutions in national currency, accounting for 70.4 percent (396.8 million manat, or $233.5 million) of the total amount of loans to the agriculture, forestry, and fishing sectors. The operations carried out in foreign currency were estimated at 137.5 million manat ($80.9 million).

The share of lending to the agricultural sector in lending to the Azerbaijani real sector amounted to 3.8 percent and compared with a year earlier, this figure increased by 0.2 percent points.

In general, the volume of lending to the Azerbaijani real sector amounted to 14.87 billion manat ($8.75 million) as of October 1, 2020, showing annualized growth of 630.7 million manat ($371.2 million) or 4.4 percent.

(1 USD = 1.7 manat on Nov.19)

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