The Central Bank of Azerbaijan : probability of the banks issuing new direct credits under government guarantees is very low
Baku, Fineko/abc.az. The Central Bank of Azerbaijan is curtailing the program of direct crediting under the government guarantees.
Deputy Chairman of the CBA Aftandil Babayev has reported that direct crediting of economy by the Central Bank was applied as anti-crisis measure to compensate for the closure of foreign loan channels and increase of rates for local loan- borrowers.
" Currently the tasks set at direct crediting have been achieved and probability of issuing new such credits is minimal. As a result we only issue surpluses on the earlier approved direct credits. The volume of surplus for the start of the year made AZN 216 million ",- A. Babayev said.
For the entire history the CBA has issued credits to 4 organizations. From them only State Oil Company (SOCAR) completely used the credit for AZN 750 million.
CJSC " Azerbaijani Airlines " (AZAL) received AZN 312 million on the first tranche and the surplus for it is AZN 67 million. Credit for OJSC Azeraluminium was approved at the size of AZN 48 million. AZN 15 million of it was provided and the surplus makes up to AZN 33 million. Out of AZN 300 million credit national energy operator OJSC Azerenerj used AZN 200 million in 2010. In the next few days the operator will receive the next tranche of credit and its surplus will contract to AZN 30 million ",- A. Babayev added.
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