Obligations of the banking system for loans borrowed from the Central Bank of Azerbaijan (CBA), decreased in May of this year by 12.4 million or 0.4 percent to 2,887.8 million manat. Over the period of one year the figure rose by 752.1 million or 35.2%, while since the beginning of the year it has decreased by 400.1 million or 12.2%.
According to the CBA, since February of this year, the centralized credits are issued at the rate of 4.75% per annum.
As of the end of May, the Central Bank centralized resources were 52.1% of all funds raised by banks from the financial sector and 17.6% of total liabilities of the banking system.
It is noteworthy that 5 years ago, on June 1, 2008, when the global financial crisis had only just begun to be felt in the banking system of the country, the proportion of loans CBA came to only 97.2 million or 1.4% of total liabilities of the banks. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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