Azerbaijan's Financial Sector Keeps Tendency Of De-Dollarization Process - CBA (UPDATED)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 7. The tendency of serious de-dollarization processes in the financial sector and economy of Azerbaijan is preserved, First Deputy Chairman of the CBA Rashad Orujov said, Trend reports.

He made the remark during the conference on Economic reforms and the modern challenges of improving the business environment in Baku.

"Azerbaijan's banking system and economy continue to undergo a severe de-dollarization process. It continued at a high rate in 2023. This was also evident in the banking sector's liabilities, specifically its loan portfolio. Furthermore, as a result of the work, financial accessibility in the business environment increased, and financial services became more digital. The main goal of the projects conducted last year was to promote the sustainability of financial institutions, extend electronic payments, improve credit information infrastructure, develop capital markets, and create an ecosystem for green finance," he emphasized.

In January 2024, the bank deposits of the population in Azerbaijan, including individuals involved in individual entrepreneurial activities, rose by 9.96 percent, reaching 13.116 billion manat or $7.7 billion compared to 11.928 billion manat or $7.01 billion in the corresponding period last year. Meanwhile, deposits in foreign currency saw a marginal decrease of 0.95 percent, totaling 4.585 billion manat or $2.7 billion, constituting 34.95 percent of all population deposits. For reference, in the same period last year, the share of foreign currency deposits stood at 35.75 percent.

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