Credit investment surged in 2008
Credit investment in the Azerbaijani economy
significantly increased in 2008, a source from the National Bank of
Azerbaijan has said.
A total of 7.163 billion manats ($8.843 billion) in loans was invested in the economy as of January 1, 2009, which is 53% more than in the previous year. Of this volume, 68% were long-term credits and 32% short-term, the source said.
State banks invested 3.027bn manats ($3.737bn), or 42%, in the economy, while private banks contributed 3.961bn manats ($4.89bn), or 55%. Non-bank credit institutions invested 174.8 million manats ($215.8 million).
Banks with a share of foreign capital have invested 2.024bn manats ($2.5bn) in the economy, or 28.3% of total credit investment, while foreign banks invested 379.9m manats ($469m), or 5.3%.
Of the credit investments, 3.649bn manats, or 51%, was made up of manats, while 3.514bn manats, or 49%, were foreign currencies.
There are 140 licensed credit organizations in Azerbaijan, of which 94 are non-bank organizations. At the same time, there are 46 licensed banks, with one being state-owned. There are 23 banks with a share of foreign capital.
A total of 7.163 billion manats ($8.843 billion) in loans was invested in the economy as of January 1, 2009, which is 53% more than in the previous year. Of this volume, 68% were long-term credits and 32% short-term, the source said.
State banks invested 3.027bn manats ($3.737bn), or 42%, in the economy, while private banks contributed 3.961bn manats ($4.89bn), or 55%. Non-bank credit institutions invested 174.8 million manats ($215.8 million).
Banks with a share of foreign capital have invested 2.024bn manats ($2.5bn) in the economy, or 28.3% of total credit investment, while foreign banks invested 379.9m manats ($469m), or 5.3%.
Of the credit investments, 3.649bn manats, or 51%, was made up of manats, while 3.514bn manats, or 49%, were foreign currencies.
There are 140 licensed credit organizations in Azerbaijan, of which 94 are non-bank organizations. At the same time, there are 46 licensed banks, with one being state-owned. There are 23 banks with a share of foreign capital.
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