Total assets of Azerbaijani banks increased in June 191.6 million or 1.1% to 18,186.3 million manat. From the beginning, bank assets grew by 10% and for the year to 3,471.1 million or 23.6%.
According to the Central Bank of Azerbaijan, credit investments at July 1 totaled AZN 13,420.4 million, an increase in the reporting month by 2.8%. Over the past year, lending to the economy grew by 28.3%.
Deposits in banks in June increased 30.7 million or 0.5% to 5,922.2 million manat. This figure since the beginning of the year increased by 15.8%, and for 12 months - 35.4%.
The total capital of the banking sector has increased in the reporting month to 112.7 million or 4.1%, amounting to 2,883.5 million manat. During the year the figure rose to 774.1 million or 36.7%. - 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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