Loan portfolio of trade, services sector up in Azerbaijan
BAKU, Azerbaijan, Jan. 11
By Zeyni Jafarov – Trend:
The volume of lending to the trade and services sector in Azerbaijan amounted to about 2.6 billion manat ($1.52 billion) in the first 11 months of 2020, which is 255.1 million manat ($150 million) or 10.9 percent more compared to the same period of 2019, Trend reports citing a statistical report of the Central Bank of Azerbaijan (CBA).
As compared to the beginning of 2020, the mentioned figure increased by 6.9 percent or 167.7 million manat ($98.6 million), the CBA report noted.
According to the report, 675.5 million manat ($397.3 million) or 26 percent of loans were short-term loans. Of these, 479.9 million manat ($282.2 million) were issued in national currency, and 195.6 million ($115 million) in foreign currency.
“The remaining 1.9 billion manat ($1.1 billion) or 73.4 percent accounted for long-term loans, which rose by 27.4 million manat ($16.1 million) or 1.45 percent in annual terms. oans in the national currency worth over 1.07 billion manat ($629.4 million) were issued, and the share of foreign currency amounted to 829.3 million manat ($487.7 million),” the report reads.
Loans in this sector were mainly issued to private institutions, and transactions were carried out to a greater extent in the national currency, accounting for 60 percent or 1.55 billion manat of the total lending to the trade and services sector.
The share of lending to the trade and services sector in lending to the real sector amounted to 17.7 percent, having increased by 2.2 percentage points over the year.
(1 USD = 1.7 manat on Jan. 11)