The Central Bank of Azerbaijan reports decrease in household lending by 17.6%. The amount of loan was reduced to 1,471,700 manat, and reached 6 911.9 million, manat.
For the construction and purchase of housing, including mortgage, were spent 1,588,400 manat of loans. The volume of these loans for housing increased by 46 million manat ,or 2.98%. Compared with the reporting period of 2015 housing loans grew by 16.5% or 225.0 million manat. The share of household lending in the total volume of lending to the economy amounts to 37.5% over the six months.- 0-
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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