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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The main reason for the sharp - 2.6 times as compared to the same period of 2023 - rise in foreign currency sold by the State Oil Fund (SOFAZ) in January-October 2024 is the needs of the state. Expert economist Rovshan Agaev said.
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The Central Bank of Azerbaijan has issued an official warning to the Baku Stock Exchange (BSE). This is reported on the CBA website.
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As of the end of June 2024, the 'Mortgage and Credit Guarantee Fund' had deposits in Azerbaijani banks in the amount of AZN 4.6 million. This is reported in the semi-annual financial statements of the Fund.
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The Central Bank of Azerbaijan (CBA) has issued a licence for currency exchange activity (‘Exchange’) to 'Money Shop' company.
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