BAKU, Azerbaijan, November 13. Confidence in the banking sector and manat have increased in Azerbaijan, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said, Trend reports.
He spoke at the discussion of the state budget at today's session of Azerbaijan's Milli Majlis (Parliament).
He noted that deposits of population in national currency increased by 15.6 percent, or 1.1 billion manat ($647 million), and amounted to 8 billion manat ($4.7 billion) from January through September 2023.
"The sector's capital position is currently twice as high as the minimum demand. Entrepreneurs' access to capital is expanding. In the first nine months, our loan portfolio rose by 14 percent and business loans by 11 percent. Business loans account for 54 percent of the total loan portfolio. Foreign currency loans have dropped to a historic low of 19 percent. The loan portfolio's quality is adequate. The non-functional loan portfolio declined to 3.5 percent," Kazimov added.
Revenues of the state budget of Azerbaijan for 2024 are projected to amount to 34.1 million manat ($20 million), expenditures to 36.7 million manat, or $21.5 million (including centralized revenues of 33.3 million manat ($19.5 million), local revenues of 773,105 manat ($454,767), centralized expenditures of 35.9 million manat ($21.1 million), and local expenditures of 782,453 manat ($460,266).
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