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Azerbaijan sees growth in volume of loans issued for local households

Finance Materials 23 January 2024 14:58 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 23. The largest share of loans issued to households in Azerbaijan as of December 31, 2023, accounted for 58.41 percent of the total volume of lending, Trend reports via the Central Bank of Azerbaijan (CBA).

According to CBA data, the volume of loans provided to households increased by 2.7 billion manat ($1.6 billion), or 24.25 percent, year on year (from 11.273 billion manat to 14 billion manat, or from $6.6 billion to $8.2 billion).

Simultaneously, lending in the commerce and services sector climbed by 236 million manat ($139 million), or 7.15 percent, from 3.5 billion manat to 3.3 billion manat, or from $2.08 billion to $1.9 billion previously. The trade and services sector accounted for 14.76 percent of overall lending volume.

Distribution of loan portfolio by economic sectors:

Loan volume, 2023 (as of December 31)

Loan volume, 2022 (as of December 31)

Share (%), 2023

Share (%), 2022

Trade and services

3.5 billion manat ($2 billion)

3.3 billion manat ($1.9 billion)

14.76

16.36

Energy, chemistry, and natural resources

752.9 million manat ($442.9 million)

649.8 million manat ($382.2 million)

3.14

3.22

Agriculture and processing

532.8 million manat ($313.4 million)

629.1 million manat ($370 million)

2.22

3.12

Construction and property

1.13 billion manat ($664.7 million)

1.1 billion manat ($647 million)

4.73

5.44

Industry and manufacturing sector

1.2 billion manat ($705.8 million)

1.06 billion manat ($623.5 million)

5.05

5.25

Transportation and communication

1.4 billion manat ($823.5 million)

792.7 million manat ($466.3 million)

5.95

3.93

Households

14 billion manat ($8.2 billion)

11.3 billion manat ($6.6 billion)

58.41

55.85

Crediting of the real sector of Azerbaijan's economy for December 31, 2023 as a whole increased by 18.8 percent, or 3.8 billion manat ($2.2 billion) year-on-year, from 20.2 billion ($11.88 billion) to 23.97 billion manat ($14.1 billion).

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