Interest payments on foreign loans decline in Azerbaijan

Baku. 17 December. REPORT.AZ/ In January-September 2018 $289.7 million was paid for the use of foreign loans in Azerbaijan, up $42.2 million or 13% from the previous year, Report informs citing the Financial Markets Supervisory Authority (FIMSA).

"In the reporting period, there was a deficit of $1.8 billion on oil sector, surplus of $307.2 million on non-oil sector. Consequently, the deficit in the balance of initial incomes rose 18% to $1.5 billion. The turnover of receipts and payments on initial incomes amounted to $4 billion. Of this, 68.5% or $2.7 billion was payments to non-residents from Azerbaijan with $1.8 billion of repatriation of incomes (mainly as a crude oil) of foreign investors on international oil and gas consortiums, $358 million was on interests paid to non-residents on securities portfolio and $289.7 million on interests paid for use of foreign loans," the CBA said.