(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 17. A total of 55
percent of the banks' loan portfolio consists of business loans,
First Deputy Chairman of the Central Bank of Azerbaijan (CBA)
Rashad Orujov said at a meeting of the committee of the Milli
Majlis (Parliament) on economic policy, industry and
entrepreneurship, Trend reports.
Orujov noted that consumer loans make up 30 percent of the
banking sector's loan portfolio, and the remaining 15 percent are
mortgage loans.
In addition, he said that the financial and banking sectors play
an important role in ensuring economic growth.
"The CBA together with the Ministry of Economy of Azerbaijan and
the banking sector over the past period defined a strategy to
increase the role of banks in ensuring economic growth. It provides
for measures to eliminate existing barriers in the direction of
supply and demand, improve access of economic agents to loans. We
are currently working on a new strategy for the development of the
financial sector. Probably, by the end of the year, the work on the
strategy will be completed," he said.
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