Azerbaijan increases significantly lending of construction sector in January 2022

Finance Materials 23 February 2022 19:22 (UTC +04:00)

BAKU, Azerbaijan, Feb. 23


Azerbaijan’s volume of loans issued for the construction sector increased by 383.3 million manat ($225.59 million), or 72.7 percent in January 2022 compared to the same period in 2021, settling at 910.4 million manat ($535.8 million), Trend reports citing the Central Bank of Azerbaijan (CBA).

According to the CBA, lending to the real sector of the Azerbaijani economy in January 2022 rose by 18.2 percent, or 2.65 billion manat ($1.5 billion) compared to the same period in 2021, from 14.587 billion ($8.5 billion) to 17.242 billion manat ($10.1 billion).

Short-term loans issued to legal entities in the construction sector equaled 241.7 million manat ($142.2 million), out of which 156.2 million ($91.9 million) fell on loans in the national currency, and 85.5 million in foreign currency.

Some 391.9 million manat ($230.6 million) of the lending for the legal entities accounted for long-term loans. The loans worth 245.9 million manat ($144.7 million) out of that volume were issued in manat while 146 million manat ($85.9 million) – in foreign currency.

The share of lending to the construction industry in crediting to the real sector of Azerbaijan's economy totaled 5.3 percent in January 2022, up by 1.7 percent compared to the same month in 2021.