Finance
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Azerbaijan is accelerating its transition toward a cashless economy, turning digital payments into one of the key pillars of the country’s financial modernization. Amid the rapid expansion of mobile banking, QR payments, and e-commerce, the Central Bank of Azerbaijan (CBA) is effectively shaping a new consumer behavior model in which cash is gradually losing its dominant role.
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Money supply growth in Azerbaijan continued to accelerate at double-digit rates in early 2026 amid rising government spending and high liquidity in the banking sector.
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After several years during which many Azerbaijanis preferred to keep their money in cash, real estate, or consumer spending, bank deposits are once again returning to the center of household financial behavior. Rising inflation, the relative stability of the manat, and higher deposit yields are encouraging people to place more money into banks, while banks themselves are competing for customer funds almost as aggressively as they compete for borrowers.
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PASHA Bank’s initial public offering was expected to become a landmark event for Azerbaijan’s financial market, with the country’s largest private bank offering investors the opportunity to purchase 5% of its shares for the first time. However, the decision to extend the subscription period by nearly two months showed that even a strong banking brand faces difficulties selling shares quickly in a market where investment culture is still developing.
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