Provision of crediting in Azerbaijan’s economy up by almost 23%

As of July 1, 2024, the provision of crediting in Azerbaijan’s economy stood at just under 27 billion manats (just over $15.884 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

According to the bank’s data, this is a 1.9-percent increase from a month earlier, a 12.6-percent increase from early 2024, and a 22.9-percent increase year-on-year.

Some 18.870 billion manats (just under $11.1 billion), or 70.6 percent, of the provision of crediting fell to the share of private banks, 13 percent higher year-on-year.

The provision of crediting by the state-owned banks exceeded 6.559 billion manats (over $3.858 billion), showing a 42.8-percent growth compared to a year earlier. The proportion of state-owned banks in the provision of crediting rose from 20.9% to 24.3%.

As of the end of June 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 5.8%.