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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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