Credit investments in Azerbaijan's economy up by 22%

As of January 1, 2024, credit investments in Azerbaijan's economy amounted to roughly 29.3 billion manats ($17.2 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

This is 0.8% higher month-on-month and 22.1% higher compared to the early 2024.

Private banks accounted for 20.33 billion manats ($11.96 billion), or 69.4% of credit investments, 14.9% more compared to a year ago.

As of the reporting date, state banks' credit investments amounted to 7.15 billion manats ($4.2 billion), 30.1% more year-on-year. During the year, public banks' share in total credit investments increased from 22.9% to 24.4%.

As of January 1, credit investments of non-bank credit organizations (NBCOs) amounted to 1.81 billion manats (just over $1 billion), 2.3 times more year-on-year. During the year, NBCOs' share in total credit investments increased from 3.3% to 6.2%.

There are 22 banks operating in Azerbaijan, of which 2 have state ownership. The number of NBCOs is 57.