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Azerbaijan ramps up nationwide household lending volume

Finance Materials 2 July 2024 22:13 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, July 2. The volume of loans issued to households (the top lending sector with 56.9 percent) in Azerbaijan grew as of May 31, 2024, Trend reports.

Data from the Central Bank of Azerbaijan (CBA) shows that this figure amounted to 15 billion manat ($8.8 billion), up 2.7 billion manat ($1.6 billion), or 21.94 percent (from 12.36 billion manat or $7.27 billion as of May 31, 2023).

Meanwhile, crediting in the trade and services sector increased by 473.14 million manat ($278.32 million), or 14.08 percent, to 3.8 billion manat ($2.2 billion) against almost 3.36 billion manat ($1.98 billion) in the same period last year.

The share of the trade and services sector in the total volume of lending amounted to 14.5 percent.

Scope of the economy:

Volume of loans, 2024 (as of May 31)

Volume of loans, 2023 (as of May 31)

Share (%), 2024

Share (%), 2023

Trade and services

3.8 billion manat ($2.2 billion)

3.36 billion manat ($1.98 billion)

14.5

15.78

Energy, chemistry, and natural resources

851.68 million manat ($501 million)

697 million manat ($410 million)

3.2

3.27

Agriculture and processing

463.6 million manat ($272.7 million)

539 million manat ($317 million)

1.7

2.53

Construction and property

1.16 billion manat ($680 million)

1.11 billion manat ($650 million)

4.4

5.23

Industry and manufacturing sector

1.97 billion manat ($1.16 billion)

1.03 billion manat ($610 million)

7.5

4.87

Transportation and communication

1.68 billion manat ($990 million)

860 million manat ($505.9 million)

6.4

4.04

Households

15 billion manat ($8.8 billion)

12.36 billion manat ($7.27 billion)

56.9

58.08

To note, crediting of the real sector of Azerbaijan's economy as of May 31, 2024, as a whole increased by 24.49 percent, or 5.2 billion manat ($3.3 billion), compared to the same period in 2023 (from 21.28 billion manat or $12.5 billion) to almost 26.5 billion manat ($15.6 billion).

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