Insurance payments on loans in Azerbaijan up by 90 times
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.
According to the document, this is up by 2.1 times from the same period of 2023.
Over 7 months, payment on this type of insurance rose by 89.2 times as compared to a year earlier and provided AZN 42.500.
In the reporting period, the loss ratio on credit insurance (collection ratio) grew from 0% (nil) to 1.6%.
Finance
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On November 19, Finance Minister Samir Sharifov stated in the Milli Majlis (National Assembly) that fines issued to citizens in Azerbaijan sometimes do not reach the state budget. According to him, a new software system has been developed to address this issue and ensure proper oversight of fine payments.
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‘Baku Stock Exchange' (BSE) has started its work since 19 November to take part in the annual meeting of the World Federation of Exchanges (WFE), which will end on 22 November.
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There is additional potential in Azerbaijan associated with budget receipts from leasing of state property.
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In 2025, AZN 1,162.6 million is forecasted to be allocated from the state budget to 56 public legal entities in Azerbaijan.
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