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Azerbaijan's lending to real estate entities surges in 1H2021

Finance Materials 19 August 2021 11:39 (UTC +04:00)
Azerbaijan's lending to real estate entities surges in 1H2021

BAKU, Azerbaijan, Aug.19

By Zeyni Jafarov - Trend:

Lending to legal entities involved in the real estate sector in Azerbaijan has grown in the first half of 2021, Trend reports citing the statistical report of the Central Bank of Azerbaijan (CBA).

According to the report, this indicator amounted to 265.3 million manat ($156 million), up by 5.1 times year on year.

“Excluding problem loans, as well as loans issued by non-bank credit organizations, 11.8 million manat ($6.9 million) of this amount were short-term loans. Of these, loans in national currency amounted to 5.6 million manat ($3.3 million), and in foreign currency – 6.2 million manat ($3.6 million),” the CBA said.

Long-term loans issued to the mentioned legal entities reached 253.5 million manat ($149.1 million). Loans in the national currency were issued in the amount of 8.4 million manat ($4.9 million), and loans in the amount of 245.1 million manat ($144.1 million) fell to the share of foreign currency, the bank noted.

Lending to the real estate sector in the specified period was mainly provided to private institutions, and operations were carried out mainly in foreign currency.

In total, lending to the real sector of the economy of Azerbaijan in the first six months of 2021 amounted to 15.26 billion manat ($8.98 million), which is 707.4 million manat ($416.1 million), or 4.9 percent more than in the same period of last year.

(1 USD = 1.7 AZN on Aug.19)

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