More than 2.3 Million Customers of Banks Apply for Renewal of Loans
As of October 1, the services of the Central Credit Register (CCR) at the Central Bank of Azerbaijan were used by customers on 2,304,678 requests. For comparison, in the whole of last year only 0.1% more calls were registered.
According to the information on the website of CBA, the majority of them (2 257 179) were from banks and non-banks, and only a tiny fraction - from other customers.
By October 1, the register contained information on 8,392,726 credit backgrounds against 6,523,015 credit backgrounds at the top of the year. In addition, the registry database has information about 1,059,610 guarantors against 836,516 by January 1 of this year. --17D-
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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