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Weekly review of highlights in Azerbaijani financial market

Finance Materials 27 February 2021 23:45
Weekly review of highlights in Azerbaijani financial market

BAKU, Azerbaijan, Feb.27

By Zeyni Jafarov - Trend:

The Central Bank of Azerbaijan (CBA) released statistics on the banking sector in the last week of February, Trend reports referring to the CBA.

According to the CBA, the value of credit investments in the country made up slightly over 14.2 billion manat ($8.3 billion) as of early February 2021, meaning a decline compared to the same period of 2020 by 6 percent.

The Money Supply Rate (М2) in Azerbaijan made up nearly 19.49 billion manat ($11.46 billion) in January 2021, which is 8.6 percent more compared to Jan.2020. At the same time, Azerbaijani banks issued mortgage loans worth 16.9 million manat ($9.9 million) in January 2021, which is by almost 2.8 times more than in the same month of 2020.

The banking sector of the country finished January 2021 with a profit. So, the total profit in the sector amounted to 25.4 million manat ($14.9 million).

Besides, in the reporting week the Azerbaijan Banks Association (ABA) hosted a general meeting, during which the applications of Nakchivanbank OJSC, Azerbaijan Credit Bureau LLC and MilliKart LLC for membership in the ABA were considered.

The applications were accepted following the unanimous vote of the meeting participants, and thus these organizations were included in the ABA membership. Thus, the number of ABA member organizations increased and amounted to 26 banking and 6 non-banking organizations.

Along with the foregoing, the number of organizations providing life insurance services has increased in the Azerbaijani insurance market. In accordance with Article 51.4 of the Law of Azerbaijan ‘On Insurance Activities’, on February 19, 2021, Mega Life Insurance OJSC was issued the corresponding license which entitles the company to carry out insurance activities for a period of five years.

Furthermore, in the outgoing week the 11th meeting of Azerbaijan’s National Coordination Council for Sustainable Development was held. At the meeting, it was noted that as a result of the work done over the past period to achieve the Sustainable Development Goals (SDGs) in Azerbaijan and the fruitful cooperation established in the process of development, Azerbaijan's position in the United Nations (UN) report on sustainable development for 2020 has improved.

So, according to the UN report, Azerbaijan ranked 54th among 166 countries of the world, gaining 72.6 points out of 100 on the index of sustainable development goals, ahead of all neighboring countries.

This week the Azerbaijani Economy Minister Mikayil Jabbarov received Pakistan’s delegation headed by Director General of the Frontier Works Organization (FWO), Major General Kamal Azfar.

The parties stressed broad opportunities for the development of cooperation between Azerbaijan and Pakistan were highlighted, as well as issues of participation of Pakistani companies in infrastructure projects implemented in Azerbaijan, as well as in the restoration of the liberated (from Armenian occupation during the 44-day war from late Sept. through early Nov. 2020) territories.

This week, the national currency manat rate against the Turkish lira and the ruble increased, while prices for precious metals declined.

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Economy Department of Trend News Agency

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