MP: Azerbaijan's economy more than tripled over past 20 years

    ECONOMICS  05 June 2023 - 13:01

    Azerbaijan's economy has grown more than 3 times in the past 20 years, and investments in the banking sector have played an important role in this growth.

    Chairman of Milli Majlis Committee on Economic Policy, Industry, and Entrepreneurship Tahir Mirkishili made the statement at the committee meeting, Report informs.

    "Currently, 24 banks are operating in Azerbaijan, with assets of about 45 billion manats ($26 billion). Loan investments by banks in Azerbaijan's economy are about 20 million manats ($11.7 million), 18 per cent of GDP. Last year non-cash transactions in Azerbaijan also increased 1.9 times. Only in April, non-cash transactions amounted to 3.2 million manats ($1.8 million), 80 per cent of which are of e-commerce," Mirkishili added.

    The volume of card transactions within the country by the end of 2022 was $33 billion, an increase of 56 per cent, including a 2.1-fold growth of non-cash transactions via bank cards.

    Most of the non-cash transactions with payment cards came from e-commerce, which increased by 261 million transactions, 2.4 times. At the beginning of this year, about 85 per cent of the country's banks already provided services through mobile applications, and just under four-fifths of customers' digital transactions are done through e-banking. Transactions via mobile banking have also tripled.

    "This year, the Central Bank, together with international organisations, plans to start preparing a new strategy aimed at enhancing the digital transformation of the CBA and the entire financial sector," CBA chairman Taleh Kazimov said earlier this year.

    Caliber.Az

    Subscribe to our Telegram channel


Read also

Azerbaijani, Kyrgyz think tanks to cooperate in various areas

13 June 2024 - 11:46

Azerbaijan sees substantial growth in salaries of economic sector's employees

13 June 2024 - 10:33

Azerbaijani minister: Cooperation with UK plays important role in ensuring global energy security

12 June 2024 - 20:40

Minister: Azerbaijan's transport revenues increase by 13%

12 June 2024 - 21:20

World Economic Forum hails Azerbaijan's success in creating favourable environment for startups

12 June 2024 - 19:02

Azerbaijan sees $1.5 billion in foreign direct investment in Q1 2024 Central Bank figures

12 June 2024 - 18:46
ADVERTS
Video
Latest news

    Azerbaijani, Kyrgyz think tanks to cooperate in various areas

    13 June 2024 - 11:46

    UK to announce about $310 million in aid to Ukraine

    13 June 2024 - 11:34

    Does US strategy in Ukraine favour prolonging conflict over victory?

    Caliber.Az on YouTube

    13 June 2024 - 11:22

    Zelenskyy arrives on visit to Saudi Arabia

    13 June 2024 - 11:09

    Bucharest forum addresses matter of returning to Western Azerbaijan

    13 June 2024 - 10:57

    Armenia's constitution stands in the way to peace with Baku

    Pashinyan's reluctance spells trouble

    13 June 2024 - 10:47

    Turkish president visits Spain for 8th intergovernmental summit

    13 June 2024 - 10:45

    Azerbaijan sees substantial growth in salaries of economic sector's employees

    13 June 2024 - 10:33

    Lithuania to deliver 14 M113 APCs to Ukraine

    13 June 2024 - 10:21

    Media: Israel bombards Gaza safe zone amid ceasefire deadlock

    13 June 2024 - 10:08

    Türkiye confirms participation in Swiss conference on Ukraine

    13 June 2024 - 09:56

    Armenian revanchists reading for another rally in front of government building

    13 June 2024 - 09:44

    US warns of approaching major natural disaster

    13 June 2024 - 09:20

    Alaska’s Lake Clark National Park considers easements that could spur mining

    13 June 2024 - 09:09

    Russian gas giant's production plummets to historic low

    13 June 2024 - 07:03

    This European country launching world’s longest circular hiking trail to combat overtourism

    13 June 2024 - 05:04

    Emerging psychedelic mushroom alternative more toxic than fentanyl

    New research suggests

    13 June 2024 - 03:05

    White House takes aim at shipbuilding, other measures in defense bill

    13 June 2024 - 01:03

    US reportedly weighing further limits on China’s access to AI chip tech

    12 June 2024 - 23:03

    Minister: Türkiye values ​​common positions with Russia on Palestinian issue

    12 June 2024 - 21:37

    German official: Azerbaijan achieves great success in action plan within COP29

    12 June 2024 - 21:28

    Scuffle erupts in Armenian parliament following premier’s remarks

    VIDEO

    12 June 2024 - 21:20

    Minister: Azerbaijan's transport revenues increase by 13%

    12 June 2024 - 21:20

    Azerbaijan offers condolences to Kuwait following tragic fire

    12 June 2024 - 21:15

    Clashes erupt between protesters and police outside Armenian parliament

    12 June 2024 - 21:05

    Blinken: War in Gaza continues as Hamas seeks changes to ceasefire plan

    12 June 2024 - 21:00

    Foreign minister denies premier's alleged remarks on Armenia quitting Kremlin-led CSTO

    12 June 2024 - 20:49

    Azerbaijani minister: Cooperation with UK plays important role in ensuring global energy security

    12 June 2024 - 20:40

    Is Macron too toxic to win?

    POLITICO on "anti-president" mood in France

    12 June 2024 - 20:34

    US urges Azerbaijan and Armenia to finalize peace deal

    12 June 2024 - 20:25

    PM: Armenian government may be dissolved upon people’s decision

    12 June 2024 - 20:18

    UK’s ambassador: Upcoming COP29 in Azerbaijan - positive signal for peace in region

    12 June 2024 - 20:15

    Azerbaijani, Latvian prosecutor generals hail successful cooperation

    12 June 2024 - 20:10

    Defence Ministry: Russia strikes at Ukraine’s aircraft parking areas and airbase infrastructure

    12 June 2024 - 20:04

    Azerbaijani ambassador to Netherlands makes presentation on COP29 agenda

    PHOTO

    12 June 2024 - 19:58

    Turkish forces strike PKK terrorists in northern Iraq

    VIDEO

    12 June 2024 - 19:49

    Azerbaijani Press Council urges condemnation of France's actions against journalist

    12 June 2024 - 19:45

    Russia shoots down over 60 Ukrainian drones

    12 June 2024 - 19:41

    US lifts ban on sending weapons to Ukraine’s Azov brigade

    12 June 2024 - 19:34

    Closing ceremony of "Caucasus Eagle - 2024" highlights cooperation & camaraderie

    PHOTO/VIDEO

    12 June 2024 - 19:25

All news