Baku. Vahab Rzayev – APA-Economics. As of May 1, 2010, Azerbaijan-based banks’ total volume of documentary operation on issuance of letter of credits (L/C) stood at AZN 332.5 mln, up 54.7% compared with a year ago. On the framework of L/C bank pays money to seller instead of purchaser. The paid sum by the bank is accounted as credit for purchaser.
Besides, as of May 1, 2010, the volume of operations on guarantees given by banks made AZN 18.5 mln. On the framework of guarantee operations, bank references about the payment of required sum and this is made official as a documented bank liabilities.
The factoring operations made AZN 6.6 mln, up by 22 times compared with a year ago. This operation means the selling of loan receivables of customer to bank via discounted.
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