BAKU, Azerbaijan, August 2. The volume of government securities in circulation grew by nearly 7.6 times compared to 2018, reaching 8.027 billion manat ($4.73 billion) as of July 1, 2025, in line with the strategy to support the development of the domestic financial market and to substitute external public debt with domestic public debt.
The data obtained by Trend from the country's Ministry of Finance indicates that over the reporting date, 12.9 percent of the 8.0268 billion manat ($4.72 billion) worth of government securities in circulation had a maturity of one year, 57 percent had two-three-year maturities, and 30.1 percent were for five years or longer.
The Average Time to Maturity (ATM) of government bonds in circulation stood at 2.93 years as of July 1, 2025.
"The increase in ATM resulted from measures implemented during the first half of the year aimed at extending the maturity of government bonds and smoothing refinancing volumes, including the replacement of short-term bonds with longer-term ones.
In addition, long-term government bonds were issued during the first half of the year as part of efforts to extend ATM. Over the same period, a decline in the yield rates of government securities was observed. The chart below presents the average annual yields of government bonds alongside the Central Bank of Azerbaijan's key policy rate as a benchmark," the ministry said.
