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 has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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