Credit investments in Azerbaijan's economy decreased by 8% in 2016

Baku. 6 May. REPORT.AZ/ Total volume of credit investments in Azerbaijan's economy as of April 1, 2016 amounted to 22 589,7 mln AZN. 

Report informs referring to the Central Bank of Azerbaijan (CBA) the the volume of credit investments in the economy since the beginning of the year decreased by 1 991,2 mln AZN, or 8.1%, 728.1 mln AZN or 3.12% compared to the March.

Credit investments in the economy increased by 73.5 mln AZN or 0.3% compared with the same period last year.

As a result of the devaluation of the manat to the dollar in December 2015, dollar loans increased total credit investments in January. However, in February and March the trend of a reduction in loan investments continued.

The reason for this is suspension of lending by the banking sector.

Analytical group of Report believes that in 2016 according to April statistics, credit investments in economy will further decrease. This is because the exchange rate of manat strengthened against dollar in April and banks have not resumed lending."