Central Bank of Republic of Azerbaijan has published the report for January-September. According to the central controller, the total loan portfolio of the financiers of 1 October was 19 billion 113.5 million manats, of which 1 billion 353.8 million manats or 7.06% were problem (overdue and "hanging") loans.
In comparison with indicators of October 1 last year, the volume of troubled loans grew by 380.6 million manats, or 39.11%. If the result can be partially attributed to the devaluation of the February (minus 34.5% to the US dollar), the rest of the unreturned loans were motivated by reduction of capabilities of entrepreneurs and users of consumer loans. Thus, the volume of bad loans only for a month, September 1, increased by 20.2 million AZN (1.51%), which is the devaluation of indirect relevance.
According to the CBA, during the month investment in the economy in the form of loans decreased by 982.3 million manats or 4.89%. Central Bank justifies this by restructuring measures in the International Bank of Azerbaijan (IBA). --17D-
Economics
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Rashad Huseynov has been appointed as the new director of the Center for Agricultural Research under the Ministry of Agriculture, replacing Firdousi Fikretzade who led the center since 2019. Fikretzade stepped down from his position on June 10 at his own request.
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Since July 1, bus and metro fares have increased by 10 qəpik, reaching 50 qəpik. The fare for buses on the Baku-Sumgayit route has risen from 60 qəpik to 70 qəpik. However, it is reported that there has been no improvement in service quality following the price increase. According to complaints, air conditioners are not working on buses operating in the periphery, and overcrowding persists.
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Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), held a meeting with Bojan Kumer, Slovenia's Minister of Environment, Climate and Energy, to discuss bilateral cooperation in the energy sector.
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Azerbaijani Energy Minister Parviz Shahbazov met with a delegation led by the World Bank's Regional Director for the South Caucasus, Roland Price, to discuss the development of cooperation in the energy sector.
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