In August, Average Rate of Manat and Foreign Currency Loans Grew in Proportion

Residual volume of lending to the economy of the country has increased in July 2013 and 425.2 million or 3.1% to 14,199.3 million manat.

According to the Central Bank of Azerbaijan, the increase in lending over the past 12 months amounted to 3,472.9 million or 33%. The share of overdue loans in the total reached on August 1 this year, 5.5% against 6.7 % a year earlier.

Short-term loans for the year rose to 425.5 million or 14.7 %, while the long-term - up to 3047.5 million or 38.9 %. The residue was last equaled 10,872.6 million manats. The share of long-term debt amounted to 76.6 % (against 72.9 % a year earlier).

The share of private banks in total credit portfolio decreased to 62.8 %, the share of the country's largest International Bank of Azerbaijan fell to 34.4 %, while the remaining 2.8 % were non-bank credit organizations

In the real sector of the economy by the banks granted 98.6 % of all loans in the financial sector - 1.13%. As of August 1, 2013 , individuals were granted loans totaling 5424.4 million or 38.2% of the total, in the sphere of trade and services - 2,167 million or 15.3% , in the field of energy and natural resources -321.4 million or 2.3% , to construction and property - 2201.7 million or 15.5% , in the sphere of industry and manufacturing - 1,372 million or 9.7% , in transport and communications - 488.9 million or 3.4% , in the sphere of agriculture and processing - 692.6 million manat or 4.9 %, etc.

The share of loans in foreign currency amounted to 29.2%. At the corresponding date last year, the share of foreign currency lending economy was 33.9 %.

According to the regional structure of credit investments, Baku accounted for 90.3 per cent of them. The capital also accounted for 84.7 percent of overdue accounts. The average lending rate in the country in July amounted to 15.5 % (previous month, it was 14.3 %).

According to the Central Bank of Azerbaijan, the average rate of the manat credits in July rose by 0.12 % to 14.33 %, for loans in foreign currency - by 0.12 % to 14.83 %. In annual terms manat resources decreased by 1.30 percentage points, while currency - by 0.70 percentage points As of August 1 this year, the manat loans were given to individuals under the 18.36 % and 21.86 %, respectively. For legal entities, the figures were 11.47% and 10.98 %, respectively. - 15V -