BAKU, Azerbaijan, Aug. 30
By Zeyni Jafarov - Trend:
Lending to Azerbaijan’s economy totaled over 14.9 billion manat ($8.76 billion) from January through July 2021, which is 5.4 percent more compared to the same period of 2020, the Central Bank of Azerbaijan (CBA) said last week, Trend reports.
Last week, it became known that the population's deposits in the banks of Azerbaijan in the specified period amounted to 8.6 billion manat ($5.06 billion), which is 10.7 percent more compared to the same period of 2020.
In the first seven months of 2021, the total profit of the banking sector amounted to 408.9 million manat ($240.5 million), down 4.5 percent on annual basis.
The Money Supply Rate (M2) in Azerbaijan reached 21.8 billion manat ($12.8 billion), Cash Money Supply (M0) – 11 billion manat ($6.47 billion), Broad Money Supply (M3) - 31.5 billion manat ($18.5 billion), and Transaction Money (M1) - 18.8 billion manat ($11 billion).
As reported last week, from January through July 2021, Azerbaijani insurance companies collected insurance fees worth 528 million manat ($310.5 million), and payments amounted to 301 million manat ($177 million).
It also became known last week that the International Monetary Fund (IMF) allocated 375.4 million Special Drawing Rights (SDR) to Azerbaijan to meet long-term global needs and economic stability. In total, the fund allocated $650 billion to the participating countries to meet long-term global needs and the resilience of the world economy.
In addition, last week, Moody's international rating agency stated that the profitability indicators of the banking sector in Azerbaijan are among the best in the CIS.
Moreover, in Azerbaijan, a fall in the rate of the manat against the euro and the Turkish lira, as well as an increase in gold prices, were recorded.
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