The share of lending to the Central Bank of Azerbaijan in the active operations of commercial banks in the five months of this year decreased by 4.2%.
According to the CBA, as of June 1, bank loans amounted to 68.38% of the active operations against 71.55% in 2014.
The total loan portfolio of banks during this period decreased by 21% and amounted as of June 1 19,877,600,000 manats against 25,182,500,000 manats in 2014.
CBA has not warned about the danger of a lack of resources at the commercial banks to provide the Central Bank loans in the market. However, experts note the dependence of banks on central bank loans increases, so the problem with the pledge will inevitably lead to problems with access to funds and increased the cost of money. -0-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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