Last year local banks increased dramatically the amount of foreign currency investments in Azerbaijan's economy. The figure rose by 22.1% year over a year, amounting to nearly half (49.3%) of investments, reads the report of the CBA. In absolute terms the volume of foreign currency lending for the year increased by 2.13 times - up to 10 billion 705 million manat, the volume of bank loans in manat amounted for the year to 11 billion 13 million manats (minus 18.5%). According to the CBA, the total amount of problem loans to the beginning of the year was at the level of 1 billion 508.5 million manat or 6.9% of the total loan portfolio (+ 54.5% for the year due to the devaluation of the 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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