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Lending to legal entities in real estate sector in Azerbaijan grows

Finance Materials 21 May 2021 12:11 (UTC +04:00)
Lending to legal entities in real estate sector in Azerbaijan grows

BAKU, Azerbaijan, May 21

By Zeyni Jafarov – Trend:

The volume of loans issued to legal entities engaged in the real estate sector of Azerbaijan amounted to 248 million manat ($145.8 million) by early April 2021, having soared 5.8 times compared to the same period of 2020, Trend reports citing the statistical report of the Central Bank of Azerbaijan (CBA).

“Excluding problem loans, as well as loans issued by non-bank credit organizations, 14.2 million manat ($8.35 million) were short-term loans. Of these, 6.6 million manat ($3.88 million) were issued in national currency, 7.6 million manat ($4.47 million) - in foreign currency,” the CBA report said.

“Long-term loans issued to legal entities engaged in the real estate sector amounted to 233.7 million manat ($137.4 million). Loans worth 6.7 million manat ($3.94 million) were issued in national currency, and 227 million manat ($13.3 million) – in foreign currency,” the report reads.

In the first quarter of 2021, lending in this sector was mainly provided to private institutions, and operations 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, having increased by 2.1 percentage points on annual basis.

In general, lending to the real sector of the economy in Azerbaijan for the first quarter of 2021 amounted to 14.7 billion manat ($8.64 billion).

(1 USD = 1.7 AZN on May 21)

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