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Lending to Azerbaijan’s Nakhchivan Autonomous Republic increases

Finance Materials 26 January 2021 16:31
Lending to Azerbaijan’s Nakhchivan Autonomous Republic increases

Baku, Azerbaijan, Jan. 26

By Zeyni Jafarov - Trend:

The banks and credit organizations of Azerbaijan’s Nakhchivan Autonomous Republic issued the loans to legal entities and individuals in the amount of about 179.5 million manat ($105.6 million) in 2020, Trend reports with reference to the report of the State Statistics Committee of the Nakhchivan Autonomous Republic.

This figure reflects an annual growth of 25.3 percent.

In accordance with the data, 18.9 million manat ($11.1 million) or 10.5 percent of the issued loans accounted for short-term loans while 160.6 million manat ($94.5 million) or 89.5 percent - long-term loans.

The lowest average interest rate on loans issued in the banking sector is applied in the Nakhchivan Autonomous Republic, in comparison with other economic regions of Azerbaijan, which is one of the important factors in the development of the private sector.

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