The largest trust banks for borrowers are in Baku. According to the report of the Central Bank of AR (CBA) for the first quarter, the volume of commercial and business loans to borrowers in the capital is 83.6% of the total portfolio. In figures, this amounts to 17 billion 250 million 680.3 thousand manat (+ 12% YTD).
The volume of overdue loans to residents of the capital by April 1 was at the level of 982 million 228 thousand manat or 5.7% of all loans granted in Baku. In Baku, there is the lowest interest rate of 12% per annum, while in the country there is an average bar of 13.2% per annum.
Until now, the rate on credits in national currency is higher than in foreign currencies (12.4% to 11.6%). For this reason, the difference is small - the amount of loans issued in manats is 9 billion 753 million 222.5 thousand manat (mainly consumer loans and loans to very large businesses), in dollars and euros - 7 billion 497 million 457.8 thousand manat.
As for the regions, the volume of bank lending by 1 April was at the level of 3 billion 381 million 645.8 thousand manat (+ 7.5% YTD). The largest share belonged to the Aran (Lowland) economic region - 837 million 289.9 thousand manat (average rate of 23.5% per annum), the Ganja-Gazakh economic region - 743 million 662.7 thousand manat (10%), the Absheron economic region - 657 million 334 thousand manat (19.6%) and the Lankaran economic region - 304 million 46.8 thousand manat (24,1%). Indicators of other areas are smaller. --17D-
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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