BAKU, Azerbaijan, Dec.10
By Zeyni Jafarov – Trend:
The volume of loans issued to legal entities engaged in the Azerbaijani real estate sector as of early November 2020 made up 2.1 billion manat ($1.2 billion), Trend reports citing the data from the Central Bank of Azerbaijan (CBA).
“This figure is 206.8 million manat ($121.6 million) or 11 percent more compared to the same period of 2019,” the CBA said. “There is an 8.7-percent increase (by 168.4 million manat that’s $99 million) compared to the beginning of this year.”
After deducting problem loans and loans issued by non-bank credit institutions, 9.4 million manat ($5.5 million) accounted for short-term loans. Of these, 2.6 million manat ($1.5 million) were issued in national currency, and 6.8 million manat ($4 million) - in foreign currency.
Long-term loans issued to legal entities engaged in the real estate sector amounted to 66.9 million manat ($39.3 million), which is 2 times more than at the beginning of November 2019. Loans in the national currency were issued in the amount of 3.1 million manat ($1.8 million), and foreign currency accounted for 63.8 million manat ($37.5 million).
Lending in this sector was mainly provided to private institutions and the transactions were largely carried out in foreign currency. In total, such transactions amounted to 92.6 percent (70.6 million manat or $41.5 million) of the total lending to the real estate sector.
The share of lending to the sector in lending to the real sector equaled 14.2 percent, having grown by 1.1 percentage points over the year.
(1 USD = 1.7 AZN on Dec.10)
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