BAKU, Azerbaijan, March 2. Key financial data for January from Azerbaijan's insurance and banking sectors, including insurance companies' payment and premium rates and their dynamics for last, were revealed, Trend reports.
Data for January from Azerbaijan's banking sector was also published last week. Bank profits have decreased, while manat-denominated loans have increased. The volume of the money supply in manat was clarified, and the manat's circulation speed stood at 3.26 points. Additionally, the nominal and real effective exchange rates of the manat increased, and credit allocations to the economy grew by nearly 5 billion manat ($2.9 billion).
Moreover, January's data on regional loan allocation and deposits attracted from regions were disclosed. The volume of deposits from the Karabakh and East Zangezur regions has risen. The volume of loans in these regions was also revealed.
Last week, data for Azerbaijan’s payment sector for January was also made public.
The Board of Directors of the Azerbaijan Banks Association was confirmed.
The statistics from last week showed a 20 percent increase in budget revenues from the lease of state property, while privatization revenues for the state budget amounted to 108.9 million manat ($64 million).
The data also shows that a new initial public offering (IPO) will be made this year, issuing shares to the market.
Additionally, last year’s agricultural insurance payouts were reported, with the fund’s investment directions for this year expected to be around 22-23 million manat ($12.9-$13.5 million).
The Central Bank of Azerbaijan (CBA):
Azerbaijani banks predict a decrease in domestic mortgage loans.
No significant change in demand for business loans is expected.
The rise in deposit interest rates has had a favorable impact on deposit volumes within banks.
The tightening of credit card issuance standards in Azerbaijan remains ongoing.
The implications of fiscal expenditures and credit investments on inflation are noted as warranting scrutiny.
The volume of transactions conducted by Azerbaijani banks on Bloomberg has been disclosed.
Interest rates in the interbank money market have started to influence deposit rates.
Last year, Azerbaijan’s strategic foreign exchange reserves exceeded internationally accepted adequacy norms.
Azerbaijan and the World:
The Central Bank of Azerbaijan has become an observer member of the Berlin Group’s Open Finance Working Group.
Ongoing and upcoming projects between Azerbaijan and the World Bank were discussed.
Azerbaijan and China assessed investment opportunities across various sectors.
A discussion on increasing mutual investments between Azerbaijan and Croatia was held.
The Croatia-Azerbaijan Investment Forum took place.
The volume of direct investments from Iran to Azerbaijan was disclosed.
The European Bank for Reconstruction and Development (EBRD) forecasted stable growth in Azerbaijan for 2025.