NBC Branch Network Expanded by 14% in H1
In January-June, the total number of non-bank credit organizations (NBCO) operating in Azerbaijan increased by 6 t* 139.
According t* the Central Bank, during the reported period, the number of branches of these institutions has increased by 16 or 14% t* 130. Most of all branches (32) are located in the Aran economic region.
In the descending order of density of branches Aran is followed by the Absheron economic region - 29 (seven more branches in relation t* the beginning of the year), Ganja-Gazakh economic region - 24 (+3), Lankaran economic region - 10 (+3), Sheki-Zagatala economic region - 12 (+2), Upper Karabakh economic region - 9 (4), Guba-Khachmaz economic region - 6 (-2), Shirvan economic region - 5 (0), Nakhchivan economic region - 2 ( 0). There are n* units in the Kalbadjar-Lachin economic region.
Compared with the beginning of the year the number of organizations funded by international humanitarian organizations has increased by one t* 28. They accounted for 90 percent of the existing branches.
During the reported period, six new licenses acquired credit union, and their number reached 108's. During the same period, the resolution was withdrawn tw* credit unions. - 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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