Provision of crediting in Azerbaijan’s economy rises by 23%

As of September 1, 2024, the provision of crediting in Azerbaijan’s economy stood at just over 27.649 billion manats ($16.264 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

According to the bank’s data, this is a 1.4-percent increase from a month earlier, a 15.3-percent increase from early 2024, and a 23-percent increase year-on-year.

More than 19.363 billion manats (just under $11.39 billion), or 70 percent, of the provision of crediting, fell to the share of private banks, 13.5 percent higher year-on-year.

The provision of crediting by the state-owned banks exceeded 6.712 billion manats (over $3.948 billion), showing a 41.2-percent growth compared to a year earlier. The proportion of state-owned banks in the provision of crediting rose from 21.1% to 24.3%.

As of the end of August 2024, the provision of crediting by the Non-Banking Credit Institutions (NBCIs) made up almost 1.574 billion manats (over $925.7 million), 2.3 times more year-on-year. The share of the NBCIs in the provision of crediting increased from 3% to 5.7%.