Obligations of the banking system for loans borrowed from the Central Bank of Azerbaijan (CBA) , widened in September by 71.5 million or 2.3 percent to 3157.1 million manat. Over the period of one year the figure rose to 741.8 million or 30.7 % , since the beginning of the year decreased by 130.8 million or 4%.
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 August, the Central Bank of centralized resources made ??up 48.5 % of all funds raised by banks from the financial sector and 19.4 % of total liabilities of the banking system .
It is noteworthy that even 5 years ago, when the global financial crisis has only just begun to be felt in the banking system of the country , the proportion of loans CBA came to only 118.6 million or 1.4% of total liabilities of the banks. - 15V -
Economics
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.
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