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The number of active borrowers decreased from 576.48 thousand in FY 2014 to 466.57 thousand in FY 2015, which aggregated to a decline of 19.07% that was mostly driven by Banks and large scale FSPs. FSPs were reluctant to supply loans in local currency (LOC) due to thread of another upcoming devaluation as the lending amount could potentially worthless in USD in the future. At the same time, borrowers were reluctant to borrow money in USD for the same reason as its’ value in LOC could be unexpectedly increased.


Read the full report: Annual Benchmark Report for Azerbaijan FY2015


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