The total assets of the local banking system rose by more than a fifth (21%) in the end of 2014, the Chairman of the Board of the Central Bank Elman Rustamov said at the enlarged meeting of the Cabinet of Ministers dedicated to the socio-economic development of Azerbaijan in 2014 and plans for 2015.
According to him, the growth of bank lending was at 18%, mainly due to long-term loans (+ 19%), mainly for the development of industry (+ 36%). He noted a decrease of 31% in car loans.
Speaking of capitalization, he stressed that the banks, which account for 99% of the banking sector assets, meet the minimum requirements of the Central Bank for capital (50 million manat), and the capital of 10 banks exceeds 100 million manat. --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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