Azerbaijani banks increase lending

3 April 2019 11:36 (UTC+04:00)

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Azerbaijani banks issued loans worth 12.6 billion manats in February 2019, which is 13.3 percent more than in the same period last year, Trend reports with reference to the Financial Market Supervisory Authority of Azerbaijan (FIMSA).

Since the beginning of the year, this figure hasn’t changed much, and increased by 0.7 percent for the month.

During the reporting period, banks created reserves to cover possible losses on loans issued totaling 1.5 billion manats.

The volume of loans issued to financial institutions (including banks) amounted to 250.9 million manats.

In general, the total assets of banks in February amounted to 29.95 billion manats, which is 5.09 percent more than in the same period last year and 1.5 percent more than at the beginning of the year.

In the asset structure, almost 1.3 billion manats accounted for cash, 1.9 billion manats for funds in correspondent accounts at the Central Bank of Azerbaijan, 2.4 billion manats accounted for funds in nostro accounts. The value of bank deposits in other banks and financial institutions amounted to 6.4 billion manats, investments in securities stood at 4.22 billion manats.

There are 30 banks in Azerbaijan, including 2 state-owned ones.

(1.7 manats = 1 USD on April 2)

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