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Lending to industry, manufacturing sector decreases in Azerbaijan

Finance Materials 19 April 2021 17:52 (UTC +04:00)
Lending to industry, manufacturing sector decreases in Azerbaijan

BAKU, Azerbaijan, Apr.19

By Zeyni Jafarov - Trend:

The volume of lending to the industrial and manufacturing sector in Azerbaijan amounted to 908.3 million manat as of early March 2021, which is 227.1 million manat ($133.5 million) or 20 percent less compared to the same period of 2020, Trend reports citing statistics from the Central Bank of Azerbaijan (CBA).

According to the CBA, 180 million manat ($105.8 million), or 19.8 percent of the total lending to industry and production fell on short-term loans. Of these, 146.1 million manat ($85.9 million) was allocated in national currency, and 33.9 million manat ($19.9 million) - in foreign currency.

“The remaining 719.5 million manat ($423.2 million) or 79.2 percent fell on long-term loans. Around 480.7 million manat ($282.7 million) was allocated in the national currency, and the share of loans in foreign currency amounted to 238.8 million manat ($140.4 million),” the CBA report said.

As reported, total operations in foreign currency amounted to 30 percent, or 272.7 million manat ($160.4 million) of the total amount of loans to the industrial and manufacturing sector, in national currency - 626.8 million manat ($368.7 million), or 69 percent.

In the first 2 months of 2021, the share of this sphere in lending to the real sector amounted to 6.2 percent, which is 1 percent less compared to the same period of 2020.

Lending to the real sector of the economy in Azerbaijan for the reporting period amounted to 14.6 billion manat ($8.58 billion), has dropped by 1.08 billion manat ($635.2 million) or 6.9 percent year on year.

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