Over the first half of 2016 the bank credit portfolio in Baku decreased by 13.7%, and amounted to 15billion 697.564.500 manat, the Azerbaijani Central Bank notes. At the end of 2016 loans the banks of the capital issued 18 billion 176 million 1.1 thousand manat, with an annual interest rate of 9.8%. Over the first half of the year the volume of credits in manat on Baku amounted to AZN - 7 billion 707 million 156.4 thousand, and in the currency of 7 billion 990 million 408.1 thousand manat. The average percentage of loans in manat amounted to 11.1%, and in foreign currency - 8.5%.
Lending in regions of the country was significantly lower. It decreased by 22.8%, and amounted to 2 billion 736 million 652.9 thousand manat. Annual interest rate in the country was 11.2%. The most noted crediting of physical and legal entities was noted in the:
Aran economic region - 719.04 million manat (annual average percentage of 21.2%), Absheron economic region -. 580 million 825.1 thousand manats (16.2%.)
Ganja-Kazakh economic region of 584 million. 462.8 thousand manat (18.9%),
Lankaran economic region of 232 million, 520.3 thousand manat (21.8%). -0-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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