Obligations of the banking system for loans borrowed from the Central Bank of Azerbaijan (CBA), expanded in July of this year by 7 million or 0.3 percent to 2280 million manat. For the one-year period, it increased by 293.3 million or 15%, since the beginning of the year - by 247.4 million or 12.2%.
According to the CBA, since last June centralized credits were issued at the rate of 5.25% per annum.
At the end of July, the centralized resources of the Central Bank were 50.4% of all funds raised by banks from the financial sector, and 17.9% of total liabilities of the banking system.
It is noteworthy that on August 1, 2008, when the global financial crisis had only just begun to be felt in the country's banking system, the share of loans to the CBA came to only 114.6 million or 1.5% of total liabilities of the banks. - 15V -
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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