Bank Of Baku

Devaluation causes 33% decline in foreign currency loans

Devaluation causes 33% decline in foreign currency loans
# 24 October 2017 10:27 (UTC +04:00)

According to the concept of socio-economic development and the forecast figures of Azerbaijan for 2018 and next 3 years, share of national currency loans in total loan loans made up 57.3% as of July 1, 2017.

 

According to the document, national and foreign currency loans relevantly declined 16.8% and 33.2% due to the devaluations and depreciation of manat against dollar, as well as banks’ efforts to reduce their risks by preferring foreign currency loans and conversion.  

 

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