CBA discusses macroeconomic trends in Azerbaijan in 2022

The Governor of Azerbaijan’s Central Bank Taleh Kazimov held a meeting with the heads of banks operating in Azerbaijan, Azernews reports citing a tweet by the governor.

According to Taleh Kazimov, the macroeconomic trends and forecasts and results of the banking sector dedicated results of 2022 in Azerbaijan were discussed.

“We had regular meetings at the Central Bank with the heads of banks operating in the country. At the meeting, the latest macroeconomic trends and forecasts, as well as the results of the banking sector for 2022 were presented. During the presentations, global macroeconomic processes, inflation, the impact of the parameters of the interest rate corridor on the money market, as well as the results of 2022 for the banking sector, the effects of the latest global economic trends on the financial and banking sector, and other relevant issues were discussed, ” the Governor tweeted.

The Governor added that assets increased by 22.3 percent amounting to AZN47.1bn ($27.7bn), the credit portfolio grew by 17.6 percent totaling AZN19.6bn ($11.5bn) and the deposit portfolio rose by 27 percent reaching AZN11.5bn ($6.8bn) in Azerbaijan in 2022.

He also noted that de-dollarization trends continue. In the credit portfolio dollarization decreased by 6.1 percent amounting to 20.1 percent and in the deposit, portfolio dollarization dropped by 1.9 percent reaching 39.8 percent.