Private banks account for 70% of loans to Azerbaijan's economy

Loans to Azerbaijan's economy reached 31.17 billion manats ($18.3 billion) as of November 1, rising 0.4% month-on-month, 6.4% year-to-date, and 8.3% compared with the same date last year, Report informs, citing the Central Bank of Azerbaijan (CBA).

Private banks provided 21.84 billion manats, or 70% of total lending, marking an 8.8% increase year-on-year.

State-owned banks extended 7.56 billion manats in loans, up 7.9% from a year earlier, though their share of total lending edged down slightly to 24.3% from 24.4%.

Non-bank credit institutions contributed 1.77 billion manats ($1.04 billion), a 3.9% annual increase, while their share of overall lending declined to 5.7% from 5.9%.

Azerbaijan currently has 22 operating banks, including two state-owned institutions, along with 54 non-bank credit organizations.