The report of the Central Bank of AR (CBA) on financial stability, including the first quarter of this year, has been issued. As of April 1, the external debt of the local banking sector was at the level of 6.4 billion manats or 22% of the total liabilities of the banking system.
In March, its refinancing rate was 89% and from 2009 to the end of 2014 - 150%, indicating a high potential of the banking system borrowing in foreign markets, the report says.
"It is estimated that local banks are resistant to refinancing the external debt and have sufficient liquid assets in foreign currency to meet the obligations on foreign loans," said CBA. --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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