Azerbaijani banks significantly cut consumer lending: FIMSA
Consumer lending portfolio of Azerbaijani banks in real terms shrank by 2.35 billion manats during 2016, said Rufat Aslanli, chairman of Azerbaijan’s Financial
He was addressing a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship in Baku Mar. 30, according to AzVision.
The real decline in the volume of consumer loans significantly exceeds the nominal decline, according to Aslanli.
"Last year, the volume of consumer lending decreased by 20 percent, or about 1.2 billion manats. But this is a nominal reduction. In real terms, portfolio reduction was even higher, as it should also be taken into account that half of consumer loans were issued in foreign currency,” he said.
“After we restricted issuance of loans in foreign currency, lending volume decreased and, accordingly, the actual reduction amounted to 2.35 billion manats," Aslanli said.
News.Az
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