Increased Total Assets of Banking System
In January-October, the total assets of local banks increased by 17.4% or 3 551.1 million manat. According to the Central Bank of Azerbaijan, as of November 1, this figure rose to 23 936.2 million manat.
According to the same information at the website of CBA, credit investments of the banking system for 10 months were at 17 316 900 000 manat (+ 15.5%), and shareholders' equity was 3 997 700 000 manat (+ 16.7%).
The share of deposits in banks finance was 7 005 400 000 manat or 29.27% of total assets (+ 9.5%). There was passivity of private investors in October - only increase in the amount of 0.65%. --17D-
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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