Fitch Ratings Notes High Dollarization of Loans in Azerbaijan

The Chamber of Auditors reported its financial results for 2023. Last year, the Chamber of Auditors earned a profit of 0.16 million manats,  a 54.3% decrease compared to 2022. During the reporting period, the organization received 1.33 million manats in revenue and incurred 1.17 million manats in expenses. At the beginning of the current year, the assets of the Chamber of Auditors increased by 13.2% compared to the start of the previous year, reaching 1.24 million manats. This includes liabilities of 0.02 million manats (an 8.7% decrease) and equity capital of 1.22 million manats (a 13.9% increase).

In January-July 2024, AZN 2,657,700 of loan insurance premiums were collected in Azerbaijan. This is stated in the insurance review published by the Central Bank of Azerbaijan.

"Qala Insurance" company won the open tender for full voluntary (KASKO) insurance of vehicles of the Agency for Export and Investment Promotion (AZPROMO) under the Ministry of Economy. This is reported on the unified internet portal of public procurement.

The Central Bank of Azerbaijan has issued a perpetual license to "Golden Pay" company for the right to carry out activities of a payment organization. This is reported on the website of the regulatory body.