The International Bank of Azerbaijan (IBA) this year installed new ATMs in 35 locations across the country. Now ATM network of this financial structure has 725 ATM units (29.2% of the total for the country).
As said in a statement, on the IBA account there are 64% of all ATMs installed by local banks since the beginning of the year.
In addition, from January to August, the bank has established POS terminals in 2448 trade facilities and services, which allowed to bring the total to 7399 units.
The International Bank of Azerbaijan was established in 1992 and is the largest bank in the country. More than half of its shares (50.2%) belongs to the state, and the rest is private shareholders. IBA shareholders are 14 legal entities and 1,556 individuals. -17D-
Economics
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Azerbaijan's Consumer Price Index (CPI) in December 2024 marked a year-on-year increase of 4.9%, with food and beverage inflation leading the surge, according to data from the State Statistics Committee. The overall CPI stood at 104.9%, driven by a 5.5% rise in food products, beverages, and tobacco, 2.4% in non-food products, and a sharp 6.3% hike in paid services provided to the population.
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In 2024, Azerbaijan produced 29.1 million tonnes of oil together with condensate, down from 30.2 million tonnes in 2023, according to preliminary information published by the country’s Ministry of Energy.
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Azerbaijan’s inflation rate in 2024 remained relatively stable, averaging 2.2% for the year, according to data from the State Statistics Committee. While this marks a period of subdued price growth compared to global trends, the numbers reveal nuanced dynamics across sectors and reflect both domestic policy measures and external influences.
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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