OREANDA-NEWS. October 5, 2009. Growth of factoring operations of Azerbaijani commercial banks stopped quite sharply in August.

The Central Bank of Azerbaijan (CBA) informs that by 1st September 2009 commercial banks gave guarantees in the amount of AZN 360,000 versus AZN 400,000 by 1st August, AZN 0.41 million by 1st July, setting the banks’ portfolio to zero by early 2009 and portfolio in the amount of AZN 260,000 by 1st August 2008.

By 1st September guarantees made only 0% of the banks’ loan portfolio over reported period (AZN 7.629 bn).

By 1st September volume of banks’ factoring operations (crediting under hypothecation of goods) made up AZN 7.47 million and 0.1% of their overall credit portfolio versus 19.28 million (0.27%) by 1st August, AZN 11.09 million ( 0.17%) by 1st July, AZN 260,000 (0%) by 1st June , AZN 300,000 (0%) by 1st May, AZN 340,000 by 1st April 2009, AZN 410,000 (0.01%) by 1st March 2009, AZN 460,000 (0.01%) by 1st February and AZN 520,000 (0.01%) by 1st January 2009.

By 1st September 2009 volume of factoring totaled AZN 20.83 million (0.58%). In June growth of financing for factoring reached AZN 10.83 million or 42.65 fold (!) and in July, AZN 8.19 million or 73.85%.

At the same time by 1st September of the year letters of credits were opened in the amount of AZN 238.5 million (3.13% of overall credit portfolio) versus AZN 222.83 million (3.08%) by 1st August, AZN 226.35 million (3.6%) by 1st July, AZN 226.36 million (3.56%) by 1st June, 214.9 million (3.42%) by 1st May, AZN 209.37 million (3.37%) by 1st April, AZN 200.66 million (3%) by 1st March, AZN 187.79 million (2.61%) by 1st February and AZN 46.63 million (0.61% of credit portfolio) by 1st January 2009.

In 2009 portfolio of letters of credit grew 5.1 fold and the highest growth of AZN 11.46 million (5.3%) was registered in May.

By 1st September 2009 exchange rate was AZN 0.8039 to the US dollar.