Azerbaijan Economy Minister Sacked

Friday, 11 December 2009 07:16

Loan allocations in the Azerbaijani economy exceeded 7.963 billion manats ($9.953 billion) in January-October 2009, or 18.9% over the same period of 2008, according to the Central Bank.
Overdue loans accounted for 290 million manats ($362.5 million) of the amount, or 3.6%.
About 28.4% of the total bulk of allocations was made up by short-term credits, while 71.6% – by long-term ones.
State banks invested almost 3.765bn manats ($4.706bn), or 47.3% of the overall volume of lending, in the economy, while private banks loaned nearly 4.022bn manats (over $5.027bn), or 50.5%. Non-bank credit institutions allocated the remaining 2.2%.
Banks operating with a share of foreign capital channeled some $2.55bn into the economy, or 25.6% of the total amount of the allocated loans, while fully foreign-owned banks allotted $466.12m, or 4.7%.
55.6% of the funds were allocated in manats, while 44.4% – in foreign currencies.
In October, lending in the domestic industrial and production sectors decreased 10.8%, but allocations in the highly profitable oil sector increased