BAKU, Azerbaijan, March 11
By Zeyni Jafarov - Trend:
The volume of credit transactions through letters of credit in Azerbaijan amounted to 8.9 million manat ($5.23 million) in January 2021, having fallen 2.5 times or 13.2 million manat ($7.76 million) compared to January 2020, Trend reports citing the Central Bank of Azerbaijan (CBA).
As reported, factoring operations in the specified month amounted to 29.8 million manat ($17.5 million), and thereby dropping by 6.9 percent year on year.
“The volume of lending by banks to clients' settlement accounts to pay for settlement documents in case of insufficient or absence of funds on the borrower's settlement account (credit overdraft) in January 2021 amounted to 31.7 million manat ($18.6 million), which demonstrates a decrease in annual terms by 45.9 percent, or 26.9 million manat ($15.8 million). The share of these loans in lending to the real sector amounted to 0.2 percent, having decreased by 0.2 percentage points over the year,” the CBA report said.
The volume of lending to the financial sector in the reporting month increased by 43.3 percent and reached 487.8 million manat ($286.9 million), the report reads.
Totally, the volume of lending to the real sector in the specified month surpassed 14.5 billion manat ($8.53 billion).
(1 USD = 1.7 AZN on Mar. 11)
---
Follow the author on Twitter: @jafarov_zeyni