2008 bank loans amount to $12bn
Banks and other crediting institutions issued loans
worth 9.8 billion manats (some $12 billion) in Azerbaijan during
2008. Further, credit investments increased 46.5% compared to the
previous year, according to the central bank.
Over half of the debt issued by banks operating in the country - about $6.6bn - was made up of long-term loans. Such credits are mainly allotted for a period of one to three years.
97.6% of the loans disbursed in 2008 were channelled into production.
As for areas with burgeoning activity, 60% of the loans allocated last year were received by entrepreneurs working in the trade and services sectors. These fields are followed by lending slated for the energy and natural resource sectors, which constituted 12%.
Seven percent of the loans were allocated for transport and communications, while 6.6% - for construction and real estate, 6% for industries, and 3.7% for agriculture.
According to the National Bank of Azerbaijan, the average interest rate for loans allocated in the national currency decreased slightly to 17.5%. At the same time, the rates on foreign currency loans went up to an average of 14.5%.
The average interest rate on loans disbursed to natural entities was 21%, while businesses attracted loans at a rate of 13% last year.
Over half of the debt issued by banks operating in the country - about $6.6bn - was made up of long-term loans. Such credits are mainly allotted for a period of one to three years.
97.6% of the loans disbursed in 2008 were channelled into production.
As for areas with burgeoning activity, 60% of the loans allocated last year were received by entrepreneurs working in the trade and services sectors. These fields are followed by lending slated for the energy and natural resource sectors, which constituted 12%.
Seven percent of the loans were allocated for transport and communications, while 6.6% - for construction and real estate, 6% for industries, and 3.7% for agriculture.
According to the National Bank of Azerbaijan, the average interest rate for loans allocated in the national currency decreased slightly to 17.5%. At the same time, the rates on foreign currency loans went up to an average of 14.5%.
The average interest rate on loans disbursed to natural entities was 21%, while businesses attracted loans at a rate of 13% last year.
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