Fall of Azerbaijani Banks’ Credit Portfolio Made 7.4% in June 2009
OREANDA-NEWS. July 20, 2009. In June 2009 domestic banks diminished crediting for Azerbaijani economy by 7.4% compared to May versus rise of 1.06% in April and 1.27% in May of the year.
In March 2009 they reduced crediting by 7.3% against growth of 0.02% in January 2009 and decline of 9.3% in February 2009. In 2009 crediting decline already makes 11.8% versus the growth of 54.1% in 2008.
The Central Bank of Azerbaijan has reported that as of 1st July 2009 the banks extended loans for AZN 6.187 bn versus AZN 6.68 bn as of 1st June, AZN 6.1 bn as of 1st May, AZN 6.037 bn as of 1st April, AZN 6.509 as of 1st March, AZN 7.017 bn as of 1st February 2009, AZN 7,016.5 million as of 1st January 2009 and AZN 6.025 bn as of 1st July 2008.
Factual volume of bank crediting for economy meets the indicator as of 1st September 1, 2008 (AZN 6,295.3 million).
As a result, banks’ credit portfolio grew by 2.7% year-on-year and reached USD 7.694 bn on exchange rate by 1st June 2009 (AZN 0.8035 to the US dollar) against the best indicator for the whole country’s banking history of USD 8.699 bn registered on February 1 and USD 8.759 bn on the rate by the end of December 2008 (AZN 0.801 to the US dollar).