Market Share of Top Five Banks Falls
The share of assets of the 5 largest banks in aggregate indicator of the banking system as of July 1, 2013 was equal to 55.8%, which is 3.5% less than it was at the end of last year. The share of these banks was 55.2% (at the end of 2012 - 56.7%) of all credit investments in the economy, 88.2% (90.4%) of investments in securities and capital, 66.9% (64, 5%) of deposits of legal entities, 54.1% (54.8%) of deposits of individuals and 45.1% (50.2%) of the aggregate capital.
According to the Azerbaijani Central Bank, the share of assets of the next 10 largest banks by assets in aggregate indicator was 25% (at the beginning of the year 29.3%), 16-30 banks -15.1% (7.5%), the remaining 13 banks -4.1% (3.9%).
Total assets of banks in Azerbaijan rose in January-June of this year by 10% to 18,186.26 million ($ 23.2 billion). - 15B -
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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