NCB branch network expanded in 2012 by a third
In 2012, the total number of non-bank credit organizations operating in Azerbaijan increased by 8 to 133's.
As reported by the Central Bank, during the reported period, the number of branches of these institutions increased by 28 or 33% to 114. Most of all branches (31) are located in the Aran economic region.
In descending order of density of the branches Aran is followed by the Absheron economic region - 22 (+4 to the beginning of the year), Ganja-Gazakh economic region - 21 (+5), Lankaran economic region - 10 (+3), Sheki-Zagatala economic region - 10 (+4), Guba-Khachmaz economic region - 8 (3), Upland Shirvan economic region - 5 (1), Upper Karabakh economic region - 5 (2), and Nakhchivan economic region - 2 (0). There are no units in the Kalbadzhar-Lachin economic region. The number of organizations funded by international humanitarian organizations increased 1 point to 28. They accounted for 90 percent of existing branches.
During the reported period, 13 new licenses were acquired by credit unions, and 6 organizations lost them, with the total number coming to 104 units. - 15B -
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review