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Volume of lending to Azerbaijani financial sector up in 2020

Finance Materials 9 February 2021 16:44
Volume of lending to Azerbaijani financial sector up in 2020

BAKU, Azerbaijan, Feb. 9

By Zeyni Jafarov - Trend:

The volume of credit transactions through letters of credit as of early January 2021 amounted to 7.4 million manat ($4.3 million) in Azerbaijan, Trend reports citing data from the Central Bank of Azerbaijan (CBA).

According to the bank, this figure shows a decrease in annual circulation by 62.4 percent or 12.3 million manat ($7.2 million). Factoring operations in 2020 amounted to 40 million manat ($23.5 million). This, in turn, is by 11.9 percent less than in 2019.

According to the CBA’s report, the volume of lending by banks to the client's current account for payment of settlement documents in case of insufficient or absent funds on the client's current account (overdraft) by January 1, 2021 amounted to 36.8 million manat ($21.6 million), which shows a decline in annual terms by 38.4 percent, or 22.9 million manat ($13.5 million).

The share of overdraft loans in lending to the real sector amounted to 0.3 percent, having decreased by 0.1 percentage points compared to 2019.

The volume of lending to the financial sector as of early January 2021 increased by 47.2 percent for the year and reached 472.4 million manat ($277.9 million).

In general, the volume of lending to the real sector by early January 2021 amounted to 14.5 billion manat ($8.5 billion), which shows an annual decline of 767.8 million manat ($451.6 million), or five percent.

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