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
-
Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
-
Despite regional economies showing signs of recovery, Azerbaijan's economic performance continues to lag behind both its neighbors in Europe and Central Asia, as well as the average growth rates of developing countries globally. Recent data from the United Nations Department of Economic and Social Affairs (UNDESA) underscores a sharp divergence between Azerbaijan’s projected economic trajectory and that of comparable countries, noted economist Gubad Ibadoglu.
-
The Central Bank of the Republic of Azerbaijan aims to enact green bond legislation by year-end, Chairman Taleh Kazimov announced on Thursday during a roundtable discussion at Baku Climate Action Week focused on personal finance.
-
Azerbaijani President Ilham Aliyev inaugurated several new enterprises and toured ongoing construction projects in the Zangilan district on Thursday, marking significant strides in the region’s post-occupation recovery.
Leave a review