BAKU, Azerbaijan, March 5. As of the first of January this year, Azerbaijan's financial sector's assets were 63.6 billion manat ($37.4 billion), a 3.25 percent increase over the same period the previous year, Trend reports, referring to the report of the Cabinet of Ministers for 2023.
As the report reads, the financial sector's assets account for 51.7 percent of the nation's GDP, or 81.9 percent of non-oil GDP.
In terms of financial sector asset distribution, 77.3 percent is centered in banks (compared to 76.4 percent the previous year), 19.7 percent in Non-Bank Credit Organizations (NBCO) - down from 20.8 percent a year earlier, 2.8 percent in insurance companies (up from 2.6 percent a year earlier), and 0.2 percent in investment companies - unchanged.
The transfer of toxic assets from the International Bank of Azerbaijan OJSC (ABB) to Aqrarkredit non-bank credit organization underpins NBCO's large asset holdings.
