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Azerbaijan's lending to construction sector surges for 11M2021

Finance Materials 28 December 2021 10:00 (UTC +04:00)
Azerbaijan's lending to construction sector surges for 11M2021

BAKU, Azerbaijan, Dec. 28

By Nazrin Israfilova - Trend:

The volume of loans issued by banks to the construction sector in Azerbaijan rose from January through November 2021, Trend reports referring to the Central Bank of the country (CBA).

According to the CBA, this indicator reached 916 million manat ($538.8 million), up by 438.6 million manat ($258.8 million) or 91.87 percent on annual basis, which is 3.3 percent of the total lending of the economy’s real sector.

In the first 11 months of this year, the short-term loans issued to legal entities operating in this sector totally equaled 269.2 million manat ($158.3 million), of which 177.5 million manat ($104.4 million) were issued in national currency, while 91.5 million manat ($53.8 million) - in foreign currency.

Long-term loans issued to the legal entities accounted for 376.2 million manat ($221.3 million). Loans in the amount of 222.7 million manat ($131 million) out of those long-term loans were issued in national currency while 153.5 million manat ($90.3 million) - in foreign currency.

The share of lending to this sector in terms of lending to the real sector amounted to 5.5 percent, which is by 2.2 percent more than in the same period of 2020.

(1 USD = 1.7 AZN on Dec. 28)

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