Total assets of Azerbaijani banks widened in February this year to 272.1 million or 1.3% to 20,818.5 million manat. From the beginning, the bank's assets grew by 25%.
According to the Azerbaijani Central Bank, credit investments on March 1, 2014 amounted to 15153.7 million manat, increasing the reporting month by 0.8%. Over the last year the economy grew lending by 27.7 %.
Deposits in banks in February rose by 140.3 million or 2.2 %, to 6,591.7 million manat. This figure from the beginning of the year grew by 22%.
The total capital of the banking sector increased in the reporting month to 114.8 million or 3.3% amounting to 3575.6 million manat. During the year the figure rose to 928.7 million or 35%. In many ways, this growth has contributed to the CBA decision about a fivefold increase in the requirements to the minimum level of total capital of banks. The decision was due to come into force on 1 January this year, but then for reasons of financial stability oversight body has delayed its performance for the year. -15B -
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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