Total assets of Azerbaijani banks increased in August this year by 225.4 million or 1.2% to 18,918.9 million manat. From the beginning, bank assets grew by 14.4 %, while for the year 3907 on the million or 26%.
According to the Central Bank of Azerbaijan, credit investments on September 1 totaled AZN 14,062.7 million, an increase in the reported month by 1.9 %. Over the past year, lending to the economy grew by 30.9 %.
Deposits in banks in August increased 71.1 million or 1.2 % to 6090.4 million manat. This figure since the beginning of the year grew by 19.1 %, and for 12 months - 36.5 %.
The total capital of the banking sector has increased in the reporting month by 67.2 million or 2.2% amounting to 3076.6 million manat. During the year the figure rose to 839.1 million or 37.5%. - 15B -
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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