Level of Public Confidence in Local Banks Rises
Total assets of banks in Azerbaijan since the beginning of the year increased by 1 billion 346 million manats (+7.6% at 4 months).
As of May 1, the figure rose to 17 billion 643.4 million to 18 billion 979.8 million manat, the website of the Central Bank (CB).
The Bank reports that the credit portfolio of the banking sector at the beginning of May, up 13 billion 168.4 million manat (minus 6.2% from the beginning of the year), but the net worth rose 5.9% to 2 billion 724.1 million manats.
Public confidence in banks grew up. As of May 1, local banks raised 5 billion 768.3 million manat (+12.8% YTD). - 17D-
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- Politics
- 28 May 2013 01:39
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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