BAKU, Azerbaijan, Mar.22
By Zeyni Jafarov - Trend:
The volume of loans issued to legal entities engaged in the real estate sector amounted to 2.12 billion manat ($1.24 billion) by early February 2021, Trend reports citing a statistical report of the Central Bank of Azerbaijan (CBA).
According to the CBA, this figure is 194.1 million manat ($114.1 million), or 10.1 percent more compared to the same month of 2020.
"Excluding problem loans, as well as loans issued by non-bank credit organizations (NBCOs), 15.8 million manat ($9.29 million) were short-term loans. Of these, 6.5 million manat ($3.82 million) were issued in national currency, and 9.3 million manat ($5.47 million) - in foreign currency," the CBA report reads.
"Long-term loans issued to legal entities engaged in the real estate sector amounted to 89 million manat ($52.3 million). Loans issued in the national currency amounted to 5.6 million manat ($3.29 million), and the share of foreign currency amounted to 83.3 million manat ($49 million)," said the report.
"Lending in this sector was mainly provided for the specified period to private institutions, and transactions were carried out mainly in foreign currency. The share of lending to the real estate sector in lending to the real sector amounted to 14.5 percent and compared to the beginning of February 2020, this figure increased by 2.1 percentage points," the bank said.
The total volume of lending to the real sector in January 2021 amounted to 14.5 billion manat ($8.52 billion). The largest share of loans in Azerbaijan during the reporting period fell on households, amounting to 46.5 percent, or 6.78 billion manat ($3.98 billion) of the total volume of lending to the real sector.
(1 USD = 1.7 AZN on Mar.22)
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