Azerbaijan’s banks' net foreign assets fall in May

As of June 1, 2024, Azerbaijani banks held net foreign assets totaling just over 24.57 billion manats (approximately $14.45 billion), Azernews reports.

This amount represents a 5.7% decrease from the previous month, a 2.5% decline from the beginning of the year, and a 9.5% increase compared to the same period last year.

Additionally, by the end of May 2024, the net internal assets of Azerbaijan’s banks stood at over 20.27 billion manats (approximately $11.92 billion). This figure reflects a 5.6% monthly increase, a 2.1% rise since the start of the year, and a 7.2% growth year-on-year.

Overall, Azerbaijan is home to 22 operating banks.