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Lending to electricity sector in Azerbaijan increases

Finance Materials 12 May 2021 00:04 (UTC +04:00)
Lending to electricity sector in Azerbaijan increases

BAKU, Azerbaijan, May 11

By Zeyni Jafarov - Trend:

The volume of lending to the electricity, gas steam, and water sectors in Azerbaijan amounted to 267.6 million manat ($157.4 million) in the first quarter of 2021, having soared 10 times as compared to the same period of 2020, Trend reports with reference to the data of the Central Bank of Azerbaijan (CBA).

According to the report, long-term loans accounted for 256.4 million manat ($150.8 million), or 95.8 percent of the total lending to the sector. Loans were issued in the national currency in the amount of 1 million manat ($588,235), and in foreign currency - 255.3 million manat ($150.1 million).

"Short-term loans to the electricity, gas, steam, and water sectors amounted to 11.2 million manat ($6.58 million), or 4.2 percent of the total lending to the sector. Of these, 3.1 million manat ($1.82 million) were issued in national currency, and 8.2 million manat ($4.82 million) in foreign currency," the report reads.

"Loans were mainly provided to state-owned enterprises and in foreign currency, which amounted to 98.5 percent, or 263.5 million manat ($155 million) of the total lending to the sector. Transactions in national currency amounted to 4.1 million manat or $2.41 million (1.5 percent)," the CBA said.

Total ending to the real sector of the economy in Azerbaijan in the first quarter of 2021 surpassed 14.7 billion manat ($8.67 billion), which is 909.4 million manat ($534.9 million), or 5.8 percent less compared to the same period of last year. The largest share of loans in Azerbaijan during the reporting period fell on households, amounting to 46.6 percent, or 6.87 billion manat ($4.04 million) of the total volume of lending to the real sector.

(1 USD =1.7 AZN on May 11)

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