Households by May 1, took personal loans amounting to almost 5 billion manats
Local banks and non-bank credit organizations have invested in Azerbaijan's economy as of May 1, loans amounting to 13 billion 522.1 million manat (+6.3% YTD).
According to the Central Bank (CBA), the volume of overdue credit investments totaled 754.7 million AZN or 5.6% of total loans (+0.8%).
Government-owned banks credited 4 billion 445.3 million AZN or 32.9% of total loans (+7.4%), private banks - 8 billion 723.1 million AZN or 64.5% of total loans (+5.6%). Banks with 100% foreign capital received loans worth 836.3 million manat (+10.1%) and non-bank credit organizations received AZN 353.7 million (+10.1%).
Loans in manats amounted to 9 billion 207 million manats (+8%) in foreign currency - 4 billion 315.1 million manat (2.8%).
The leader in the structure of credit investments are households that took more than a third (36.3%) of funds or 4 billion 913.7 million manat. The share of trade and services was 2 billion 110.1 million manat (15.6% of total loans) for energy, chemistry, and natural resources - 401.2 million manat (3%), agriculture and processing - 602.1 mln (4.5%), construction and real estate - 1 billion 970.2 million manat (14.6%). Industry and manufacturing sector were 1 billion 231.4 million manat (9.1%), transport and communications - 829.7 million manat (6.1%), the remaining funds allocated to other sectors of the economy. - 17D-
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- Economics
- 31 May 2013 16:35
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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