Total assets of Azerbaijani banks increased in November by AZN 511.29 million or 3.1% to AZN 16,821.2 million ($ 21.4 billion). Since the beginning of the year banking assets grew by 20.6% and for the year they grew by 3,156.5 million or 23.1%.
According to the Central Bank of Azerbaijan, on December 1, 2012 the amount of cash in banks totaled 624.2 million manat, funds in correspondent accounts amounted to 1,080.5 million manat, lending financial sector - 736.4 million manat, crediting customers - 10,493.3 mln AZN, investments - 1,436.4 million manats, and other assets - up to 2,450.3 million manat.
The banks' liabilities increased in the reported period by 446.32 million or 3.2% to 14,352.87 mln. Of these, 7,428.8 million manat was provided by deposits, 4,883.3 million manat - by the financial sector and 2,040.8 million manat - by other liabilities.
The total capital of banks increased over the year by 116.1 million or 5%, and in November - by AZN 65 million, or 2.7 percent to 2,468.3 million ($ 3.1 billion). - 15B -
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review