Total assets of banks in Azerbaijan rose in June to 191.58 million or 1.1% to 18,186.26 million manat. Since the beginning of the banking assets increased by 10% and for the year - by 23.6%.
According to the Central Bank of Azerbaijan, on July 1, 2013 the amount of cash in banks amounted to 774 million manat, funds in correspondent accounts amounted to 998.3 million manat, lending financial sector - 720.2 million manat, customer lending - 12,551.7 mln AZN, investments - 1,573.8 million manats, other assets - up to 1,568.2 million manat.
Liabilities of banks increased in the reporting month by 107.51 million or 0.7% to 15,329.35 million manats. Of these, 8,436.2 million manat were secured deposits, 5,876.3 million manat - with financial sector and 1,016.9 million manat - other liabilities.
The total capital of banks increased over the year by 633.7 million or 28.5% and in June - by 84.1 million manat, or 3 per cent to 2,856.9 million manat. - 15B -
Economics
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Vahid Magerramov, Head of the Public Association for Support of Agrarian Reforms, has raised concerns over rising consumer prices in Azerbaijan, warning that the inflation trend could have serious economic consequences for the country.
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Silk production in Azerbaijan decreased by 32.9% year-on-year in the first eight months of 2024, reaching 239.4 tons, according to data released by the State Statistics Committee. The decline was attributed to a reduction in the number of silkworm seeds distributed to farmers, reflecting a longer-term trend in the sector's contraction, noted agricultural expert Vahid Maharramov.
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Sunniya Durrani-Jamal has officially taken office as the new Country Director of the Asian Development Bank (ADB) in Azerbaijan, succeeding Candice Mcdagan, who held the position since 2021. Durrani-Jamal brings over 25 years of professional experience, including 16 years in senior roles at ADB, to her new position. She previously served as ADB’s Regional Director in Cambodia and Senior Advisor to the Vice President for East Asia, Southeast Asia, and the Pacific.
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Azerbaijan's drive to diversify its economy is faltering, despite years of policy announcements and state programs aimed at reducing reliance on the energy sector. The country has struggled to implement effective diversification measures, leaving it vulnerable to external economic pressures, analysts said.
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