Credit investments in Azerbaijan's economy up by over 9%

As of October 1 this year, credit investments in Azerbaijan's economy amounted to just over 31.04 billion manats (approximately $18.26 billion), Report, informs, citing the Central Bank of Azerbaijan (CBA).

This is 1.9 percent higher than the previous month, 6 percent higher than at the beginning of the year, and 9.3 percent higher compared to September 1 of last year.

Of this total, nearly 21.7 billion manats (approximately $12.76 billion), or 70 percent, was allocated by private banks-an increase of 9.3 percent year-on-year.

As of the reporting date, credit investments by state-owned banks amounted to about 7.6 billion manats (approximately $4.47 billion), which is 10.5 percent higher compared to the same period last year. Over the year, the share of state banks in total credit allocation rose from 24.2 percent to 24.5 percent.

As of October 1, credit allocation by non-bank credit institutions (NBCIs) stood at over 1.76 billion manats (approximately $1.04 billion), marking a 3.9 percent increase year-on-year. During the year, the share of NBCIs in total credit allocation declined from 6 percent to 5.7 percent.

There are 22 banks operating in Azerbaijan.