Over the past five years, the ratio of debt burden to disposable income of Azerbaijan’s population has increased from 11.5% to 18%, Azerbaijani MP Vugar Bayramov said at a plenary session of parliamen.
He noted that more than 3 million citizens have consumer loans, and there is an average of $8,117 of debt per one economically active resident.
“Last year, the volume of consumer loans increased from 6.937 billion ($4.080 billion) to 8.445 billion manats ($4.967 billion), while the number of problem loans also increased. In the first quarter of this year alone, overdue loans increased from 449.1 million manats ($264.176 million) to 481.6 million manats ($283.294 million). Last year, non-performing loans increased by 41 million manats ($24.117 million) to 655 million manats ($385.294 million). Of this amount, 246 million manats ($144.705 million) are consumer loans, that is, they fall to individuals,” Bayramov added.
