16:39 - 4.07.2025

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July 4, Fineko/abc.az. In 2024, it was planned to increase the assets in the banking sector of Azerbaijan by 8%, but the actual growth was 19%, ABC.AZ informs, quoting Fuad Jafarov, the director of the Strategy & Project Management Department of the Central Bank of Azerbaijan (CBA).

"The loan portfolio recorded an increase of 36% compared with target growth rate of 10% in the base year. And for business loans, instead of the planned growth of 6% year-on-year, a result of 35.7% was achieved for the base year," Jafarov noted.

He added that actual growth was 62.5% against the goal of increasing the volume of transactions conducted by economic entities through the national payment system by 5%.

"Of course, there were also delays in some goals during the implementation process. For example, in terms of loans given to micro, small and medium-sized businesses, growth was recorded by only 11.5% in the base year against the target of 15% per annum," Jafarov emphasized.

He believes that the insurance sector is improving the legal framework and implementing reforms aimed at institutional development in general. We have led to positive dynamics in the sector: "Thus, the insurance market volume has grown by 10.7% compared to the target of 10%."