Azerbaycan Kredit Banki Financial Summary of H1
Assets of Azerbaycan Kredit Banki increased during the first six months of this year by 1.31 million or 5% to 27.31 million manat. Lending to individuals and businesses increased by 3% and was equal to 24.39 million manat.
The total liabilities of the bank increased from 18.27 million to 19.91 million manat. The total volume of customer accounts increased 2.01 million or 20.4 percent to 12.06 million manat.
Balance capital for the period decreased by 4.4% to 7.39 million manat, and paid charter capital remained at 11.43 million manat. - 15B -
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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