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Azerbaijan’s Nakhchivan sees decline in lending

Finance Materials 23 February 2021 17:58
Azerbaijan’s Nakhchivan sees decline in lending

BAKU, Azerbaijan, Feb. 23

By Zeyni Jafarov - Trend:

Banks and credit organizations of Azerbaijan’s Nakhchivan Autonomous Republic issued loans to legal entities and individuals worth over 11.2 million manat ($6.58 million) in January 2021, which is 16.1 percent less compared to Jan. 2020, Trend reports citing the report of Nakhchivan’s State Statistical Committee.

According to the report, 1.14 million manat (nearly $671,000) or 10.2 percent of issued loans are short-term, and about 11 million manat ($6.47 million) or 89.8 percent are long-term.

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

(1 USD = 1.7 AZN on Feb. 23)

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