Provision of crediting in Azerbaijan’s economy rises almost quarter

As of June 1, 2024, the provision of crediting in Azerbaijan’s economy stood at just under 26.5 billion manats (over $15.58 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

According to the bank’s data, this is a 2-percent increase from a month earlier, a 10.5-percent increase from early 2023, and a 24.5-percent increase year-on-year.

Some 18.7 billion manats (just over $11 billion), or 70.6 percent, of the provision of crediting fell to the share of private banks, 13.9 percent higher year-on-year.

The provision of crediting by the state-owned banks amounted to 6.45 billion manats (over $3.79 billion), showing a 52.5-percent growth compared to a year earlier. The proportion of state-owned banks in the provision of crediting rose from 19.9% to 24.3%.

As of the end of May 2024, the provision of crediting by the Non-Banking Credit Institutions (NBCIs) made up 1.34 billion manats ($788.2 million), 2.1 times more year-on-year. The share of the NBCIs in the provision of crediting increased from 2.9% to 5.1%.