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 financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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