Non-bank Crediting Agencies Not Funded by International Humanitarian Organizations Wither
As of January 1 this year, total assets of non-bank credit organizations (NBCO) operating in the country accounted for 650.6 million manat (+ 20% at the beginning of last year's financial cycle).
According to the report of the Central Bank of Azerbaijan, the total authorized capital of these entities is 89,030,000 manat (+ 7.6%) at 224 branches (+ 15.5%). The share of credit unions with assets equal to 69.65 million manat has increased by 29.5% and the total share capital is 26,280,000 manat (+ 22%).
The largest niche in this segment is at NBCO funded by international humanitarian organizations. They accounted for 84.6% of the total assets - 550.65 million manat (+ 20.3%) in the total authorized capital of 50,020,000 manat (+ 17.6%).
Assets of other NBCO have fallen by 1.8% to 30.31 million manat with the total authorized capital at the level of 12,720,000 manat.
In Azerbaijan there are 157 NBCO, including 109 credit unions, 47 credit organizations financed by international humanitarian organizations and one government credit institution (Agrarkredit). --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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