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Big part of lending for households in Azerbaijan accounts for national currency

Finance Materials 22 January 2021 07:57
Big part of lending for households in Azerbaijan accounts for national currency

BAKU, Azerbaijan, Jan. 22

By Zeyni Jafarov - Trend:

The volume of lending for the household sector in Azerbaijan in early December 2020 amounted to 6.7 billion manat ($3.9 billion), Trend reports citing a statistics report of the Central Bank of Azerbaijan (CBA).

According to the CBA, this figure is by 57.3 million manat ($33.7 million) or by 0.8 percent less compared to the same period of 2019.There is a decline of 3.5 percent (by 247.7 million manat that’s $145.7 million) compared to early 2020.

Some 987.2 million manat ($580.7 million) or 14.6 percent of loans for this sector accounted for short-term loans, of which 800.6 million manat ($470.9 million) were issued in national currency while 186.5 million in foreign currency.

Long-term loans amounted to 5.5 billion manat ($3.2 billion) or 81.9 percent and this figure is by 34.7 million manat ($20.4 million) or 0.6 percent more compared to early December 2019. Loans worth 5.2 billion manat ($3.05 billion) were issued in national currency while 332.8 million manat ($195.8 million) accounted for foreign currency.

Household lending transactions were mainly carried out in the national currency. In total, transactions carried out in national currency amounted to 88.8 percent (about six billion manat that’s $3.5 billion) of the total amount of lending to the household sector.

The share of household lending in lending to the real sector amounted to 46 percent by early December 2020, having increased by 0.9 percentage points for the year.

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