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Loan portfolio of trade and services sector increases in Azerbaijan

Finance Materials 24 February 2021 00:04
Loan portfolio of trade and services sector increases in Azerbaijan

BAKU, Azerbaijan, Feb. 24

By Zeyni Jafarov - Trend:

The volume of lending to the trade and services sector in Azerbaijan during 2020 amounted to about 2.6 billion manat ($1.5 billion),Trend reports citing a statistics report of the Central Bank of Azerbaijan (CBA).

According to the CBA, this figure is by 115.5 million manat ($67.9 million) or 4.6 percent more compared to 2019.

Some 653.1 million manat ($384.2 million) or 25.1 percent of loans accounted for short-term loans. Some 471.3 million manat ($277.2 million) of that volume was issued in national currency while 181.7 million - in foreign currency.

The remaining 1.9 billion manat ($1.1 billion) or 74.6 percent accounted for long-term loans, and this figure is by 68.7 million manat ($40.4 million) or 3.7 percent more compared to 2019.

The loans in the national currency were issued in the amount of 1.1 billion manat ($647 million), while the share of foreign currency accounted for 798.5 million manat ($469.7 million).

Private organizations were mainly provided with loans in this sector and transactions were mainly carried out in the national currency, amounting to 62.1 percent (1.6 billion manat that’s $941 million) of the total amount of 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 17.9 percent, having increased by 1.6 percentage points for the year.

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