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Overdue loans double in Azerbaijan

07 September 2009 13:11 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of August 1, overdue loans amounted to AZN 262.4million in Azerbaijan, up 2.4 times the same period last year, said the Central Bank of Azerbaijan.

The share of overdue loans reached 3.6% of total loan book, compared to 1.7% a year ago and 2.2% early this year.

However, the portion of overdue loan declined over the recent years given that the share was 27.6% in 2001, 11% in 2004, 3.3% in 2006 and 2.1% in 2008.

According to the world practice, the level of up to 5% is still considered as a permissible level.

In the face of the global financial crisis, the share of overdue loans reached 10-20% in some countries.

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