Without Loans, Real Sector Not to Develop - Vahid Ahmedov
The reason for the reduction of problem loans is that in fact banks have stopped issuing loans, MP Vahid Ahmedov said at a meeting of the parliamentary committee on economic policy, industry and entrepreneurship.
The MP noted that the stabilization of AZN is connected with the limitation of the money supply.
“The real sector is not developing, as loans are not provided in Azerbaijan. We will see the consequences of this in 2-3 months. Reducing the money supply, it is impossible to develop the non-oil sector,” he said. -----71D
-
- Analytics
- 30 March 2017 16:39
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review