Lending to Azerbaijan's economy rises 13%

Credit investments in Azerbaijan's economy stood at 34.16 billion manats ($20.09 billion) as of August 1 this year.

According to the Central Bank of Azerbaijan (CBA), cited by Report, this was 0.8% higher than on July 1, 6.9% higher than at the beginning of the year, and 12.9% higher than on August 1 last year.

Private banks accounted for 23.59 billion manats ($13.88 billion), or 69.1% of total lending, up 11.8% from a year earlier.

As of the reporting date, credit investments by state-owned banks amounted to 8.50 billion manats ($5.00 billion), up 14.9% year-on-year. Over the year, the share of state-owned banks in total credit investments increased from 24.5% to 24.9%.

As of August 1, credit investments by non-bank credit organizations (NBCOs) amounted to 2.06 billion manats ($1.21 billion), up 17.1% year-on-year. Over the year, the share of NBCOs in total credit investments increased from 5.8% to 6%.