BAKU, Azerbaijan, Dec. 7
By Zeyni Jafarov – Trend:
The volume of credit transactions through letters of credit as of early November 2020 amounted to 26 million manat ($15 million) in Azerbaijan, Trend reports citing the data from the Central Bank of Azerbaijan (CBA).
According to the bank, this figure reflects a decrease in annual circulation by 2.25 percent or 600,000 manat ($352,941).
The share of lending through letters of credit in lending to the real sector amounted to 0.2 percent and remained unchanged compared to the same period of last year.
Factoring operations amounted to 32 million manat ($18 million) as of early November 2020. This, in turn, is by 7.8 percent less than the indicator for the same period of 2019.
In accordance with the CBA report, the volume of lending by banks to the client's current account for payment of settlement documents in case of insufficient amount of funds or a lack of funds on the client's current account (credit overdraft) for 10 months of this year amounted to 37.6 million manat ($22.1 million), which shows a decline in annual terms by 25.2 percent or 12.7 million manat ($7.5 million).
The share of overdraft loans in lending to the real sector amounted to 0.3 percent, remaining unchanged compared to the same period of last year.
The volume of lending to the financial sector as of November 1, 2020, amounted to 437.3 million manat ($257.2 million), an increase of 46.5 percent for the year.
In general, the volume of lending to the real sector as of November 1, 2020, amounted to 14.8 billion manat ($8.7 billion), which shows an annual growth of 340.1 million manat ($200 million) or 2.35 percent.
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