Number of Bank Customers Falls by More Than 4%
According to the Central Bank of Azerbaijan, from January 1 to March 1, the total number of bank customers decreased by 235,355 people (minus 4.12%) to 5,481,030 people).
The vast majority (98.46% or 5,396,922) of customers refers to individuals, mainly the recipients of debts on consumer loans, and only 84,108 customers are legal entities.
At the same time the number of customer accounts increased from 1 March 2015 to 1 March 2016 by 10.5% - up to 15,687,705 (minus 3.34% to January 1). Most of them (12,361,678 or 78.8%) are current accounts, 2,906,969 or 18.5% - credit accounts, and 419,058 or 2.67% - deposit accounts. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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