Lending to Azerbaijani economy rises 12%

Credit investments in Azerbaijan's economy totaled 33.881 billion manat ($19.9 billion) as of July 1 this year, Report informs, citing the Central Bank of Azerbaijan, CBA.

This is 3% more than on June 1, 6.1% higher than at the beginning of the year, and 12.1% more than on July 1 last year.

Private banks accounted for 23.391 billion manat ($13.8 billion), or 69%, of total credit investments. This is 11.3% more than a year earlier.

As of the reporting date, credit investments by state-owned banks stood at 8.43 billion manat ($5 billion), up 13.2% year-on-year. Over the past year, the share of state-owned banks in total credit investments rose from 24.6% to 24.9%.

As of July 1, credit investments by non-bank credit organizations, NBCOs, amounted to 2.06 billion manat ($1.2 billion). This is 17.1% more year-on-year. Over the past year, the share of NBCOs in total credit investments increased from 5.8% to 6.1%.

A total of 21 banks operate in Azerbaijan, including three with state participation. The number of NBCOs is 53.