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 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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