By October 1, the number of bank branches in Azerbaijan has increased to 743 (+ 6.1% at the beginning of the year). This is done due to private entities (total 707), while in the banks with state shares (total 36) there was no change.
Total, according to the Central Bank by the end of three quarters licensed were 2 banks with state capital and 42 commercial structures with the right to provide similar services.
At the beginning of the year there were branches of 39 banks, while this year two more banks got branches.
Furthermore, increased the number of sub-branches (+ 4.7% against the beginning of the year) - up to 155 units.
The number of affiliated banks abroad is 4 and the representative offices abroad are 7. --17D-
Economics
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Azerbaijan’s COP29 Operating Company is advancing green energy initiatives with partners to power the Baku Olympic Stadium, host of the upcoming COP29 climate summit, and to promote sustainability across Azerbaijani regions.
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Azerbaijan's car market has shown mixed trends in 2024, with a sharp drop in the volume of imported vehicles but a rise in overall import costs, according to data for the first nine months.
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Azerbaijan’s real estate market, particularly in Baku, continues to see significant price growth in 2024, with apartment prices up by 9.2% in the first nine months of the year. The trend is largely driven by supply shortages, inflation, and rising demand from investors, according to market analysts.
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The Small and Medium Business Development Agency of Azerbaijan (KOBİA) has focused its support efforts on the Baku economic region, approving 220 business plans from January to September 2024, underscoring its commitment to fostering business growth within the country.
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