President Ilham Aliyev: Banking sector does not contribute to growth of Azerbaijan`s economy


October 17, Fineko/abc.az. The banking sector does not help us in the growth of the domestic economy, the growth of the real sector of the economy, and the volume of consumer loans has been growing again in the last few years, said President Ilham Aliyev in his statement at the October 15 economic meeting.

"In previous years I said that consumer loans dominate in our portfolio and are one of the causes of the crisis in the banking sector. And now I am informed that these trends are growing again. Loans are given not to the real sector of the economy, but for consumption, i.e. for the purchase of consumer goods. If this continues, we may face unpleasant problems again in the next few years. Therefore, all these matters need to be generalized, analyzed and a decision should be made that all instruments - the banking sector, the Entrepreneurship Development Fund, state investment spending – would have one goal - to increase employment and growth of the non-oil sector," the head of state noted.