Azerbaijan Screening Report 2017-09-11 10:16:17
Azerbaijan
DATA SCREENING REPORT
20170911
See end pages for important disclaimer. OGResearch does not accept liability for
any damage caused by reliance on the contents herein.
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Azerbaijan Screening Report 2017-09-11 10:16:17
1 Overview
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01Q1 06Q1 11Q1 16Q1
−20
0
20
40
60
Nominal GDP Growth (YoY, %, log approx), last obs: 17Q3
02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
−5
0
5
10
15
20
25
30
Real GDP Growth (YoY, %, log approx), last obs: 16Q4
01M01 06M01 11M01 16M01
0.8
1
1.2
1.4
1.6
1.8
Nominal Exchange Rate (AZN/USD), last obs: 17M07
04M01 06M01 08M01 10M01 12M01 14M01 16M01
0
5
10
15
20
CPI Inflation (YoY, %), last obs: 17M07
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2 National Accounts
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2.1 Nominal GDP
06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
0
20
40
60
80
100
Non−oil nominal GDP decomposition (shares, %), last obs: 16Y
Agric.,For&fish. Constr. Indust. Inform&Comm. Transp&Logist. Trade, transp., repair. Tour.,Hot&Rest. Soc&Oth.Serv.
06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
0
20
40
60
80
100
Nominal GDP decomposition (shares, %), last obs: 16Y
Non−oil economy Oil economy Taxes
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01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y
−50
0
50
100
150
Nominal GDP decomposition, expenditure approach (shares, %), last obs: 16Y
Consumption Gov. exp. Investment Invent. change Exports Imports Discrepancy
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−100
−50
0
50
100
150
200
250
Nominal GDP growth(%, QoQ @ar, SA ,source: CBAR), last obs: 17Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−20
0
20
40
60
80
100
Nominal GDP growth(%, YoY , source: CBAR), last obs: 17Q3
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02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
−40
−20
0
20
40
60
Nominal GDP growth decomposition, expenditure approach, (% YoY, SA), last obs: 16Q4
Consumption Gov. exp. Investment Invent. change Exports Imports
02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
−200
−100
0
100
200
300
Nominal GDP growth decomposition, expenditure approach, (% QoQ @ar, SA), last obs: 16Q4
Consumption Gov. exp. Investment Invent. change Exports Imports
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2.2 Real GDP
01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y
0
20
40
60
80
100
Real Non−oil GDP decomposition (shares, %), last obs: 16Y
Agr&Fish Man Constr Trade Trans Other
01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y
0
20
40
60
80
100
Real GDP decomposition (shares ,%), last obs: 16Y
Non−oil economy Oil economy Tax&Sub
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02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
0
10
20
30
40
Real GDP (base year 2005) growth (%, YoY), last obs: 16Q4
Total Non−oil
01Q2 03Q2 05Q2 07Q2 09Q2 11Q2 13Q2 15Q2
−20
0
20
40
60
80
Real GDP (base year 2005) growth (%, QoQ @ar, SA), last obs: 16Q4
Total Non−oil
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02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
−5
0
5
10
15
Real Non−oil GDP growth decomposition, (%, YoY), last obs: 16Q4
Agr&Fish Man Constr Trade Trans Other
02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
−30
−20
−10
0
10
20
30
Real Non−oil GDP growth decomposition, (%, QoQ @ar SA), last obs: 16Q4
Agr&Fish Man Constr Trade Trans Other
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02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1
−5
0
5
10
15
20
25
30
35
40
Real GDP growth (%, YoY), last obs: 17Q2
Estimated from monthly indicator Official data
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2.3 Selected high-frequency indicators of economic activity
13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 17Q1
−10
−5
0
5
Comparison of Economic Indicators’ Growth (%, YoY ), last obs: 17Q2
IPI GDP
13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 17Q1
−20
−10
0
10
20
30
40
Comparison of Economic Indicators’ Growth (%, QoQ , SA), last obs: 17Q2
IPI GDP
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13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
−15
−10
−5
0
5
10
15
20
Industrial production index, % MoM, last obs:17M07
Total Extractive industry
13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
−40
−30
−20
−10
0
10
20
30
Industrial production index, % MoM, last obs:17M07
Manufacturing Electricity,gas & steam Water
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13M12 14M06 14M12 15M06 15M12 16M06 16M12 17M06
−10
−5
0
5
10
15
Industrial production index, % YoY, last obs:17M07
Total Extractive industry
13M12 14M06 14M12 15M06 15M12 16M06 16M12 17M06
−10
0
10
20
30
40
Industrial production index, % YoY, last obs:17M07
Manufacturing Electricity,gas & steam Water
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95Y 97Y 99Y 01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y
0
5
10
15
20
25
30
35
Oil extraction and GDP from oil economy (bln USD), last obs:16Y
Value of oil extraction Oil GDP
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99Y 01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y
0
20
40
60
80
100
Nominal Capital Investment in Construction Sector (% shares), last obs:16Y
Own means Priv. funds Bank credits Budgetary funds Debts Out of budget.funds Other
99Y 01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y
−20
0
20
40
60
80
Nominal Capital Investment in Construction Sector, growth decomposition (% YoY), last obs:16Y
Own means Priv. funds Bank credits Budgetary funds Debts Out of budget.funds Other
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3 Prices and Exchange Rates
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3.1 Prices and Inflations
06Q1 07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1 14Q1 15Q1 16Q1 17Q1
−10
−5
0
5
10
15
20
25
30
CPI inflation (%), last obs: 17Q2
YoY QoQ @ar
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
0
5
10
15
20
CPI Inflation( YoY, %), last obs:17M07
Total Food Non−food Services
12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
0
2
4
6
8
CPI Inflation( MoM @ar %, SA), last obs:17M07
Total Food Non−food Services
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−20
0
20
40
60
CPI infl. decomposition (MoM @ar, SA) − weights are from informal sources, not up−to−date, last obs: 17M07
Food Non−food Services
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
5
10
15
20
25
CPI infl. decomposition (YoY) − weights are from informal sources, not up−to−date, last obs: 17M07
Food Non−food Services
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
0
5
10
15
20
25
30
35
Total CPI vs Food (100*log, SA), last obs: 17M07
Total Food
12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
10
11
12
13
14
15
16
17
Relative price: Food to total CPI (100*log, SA), last obs: 17M07
Level Trend
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
0
5
10
15
20
25
30
35
Total CPI vs Non−Food (100*log, SA), last obs: 17M07
Total Non−Food
12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
−89
−88
−87
−86
−85
−84
Relative price: Non−Food to total CPI (100*log, SA), last obs: 17M07
Level Trend
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
0
5
10
15
20
25
30
Total CPI vs Services (100*log, SA), last obs: 17M07
Total Services
12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
46
48
50
52
54
56
58
60
Relative price: Services to total CPI (100*log, SA), last obs: 17M07
Level Trend
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3.2 Exchange rates
06M01 08M01 10M01 12M01 14M01 16M01
0.8
1
1.2
1.4
1.6
1.8
AZN/USD, last obs: 17M07
CBAR Bloomberg
06M01 08M01 10M01 12M01 14M01 16M01
0.015
0.02
0.025
0.03
0.035
AZN/RUB nominal, last obs: 17M08
06M01 08M01 10M01 12M01 14M01 16M01
1
1.2
1.4
1.6
1.8
2
AZN/EUR, last obs: 17M08
06M01 08M01 10M01 12M01 14M01 16M01
0.6
0.7
0.8
0.9
1
1.1
1.2
Nominal Effective Exchange Rate, last obs: 17M08
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06M01 07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−100
−80
−60
−40
−20
0
20
40
60
Nominal exchange rates (100*log, normalized, depr. up), last obs: 17M08
AZN/USD (Bloomberg) AZN/EUR AZN/RUB NEER (weights: US: 0.5, EU: 0.4, RU: 0.1)
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
−30
−20
−10
0
10
20
30
40
50
60
70
Nominal effective exchange rate comparison (100*log , normalized, depr. up), last obs: 17M07
OGR CBAR (total) CBAR (non−oil)
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06M01 07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−60
−40
−20
0
20
40
60
80
100
Nominal exchange rates of oil producer countries and the oil price, (100*log, normalized, depr. up), last obs: 17M08
Oil price (up=decline) AZN/USD RUB/USD KZT/USD
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4 External Sector
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4.1 Balance of Payments
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−5
0
5
Balance of payments (bln USD, SA), last obs:17Q1
Curr Acc. Cap. Acc. Fin. Acc. Change of reserves Net err. and omiss. & residual seasonality
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−40
−20
0
20
40
Balance of payments (% of GDP,SA), last obs:17Q1
Curr Acc. Cap. Acc. Fin. Acc. Change of reserves Net err. and omiss. & residual seasonality
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−2
0
2
4
6
8
Current Account (bln USD, SA), last obs:17Q1
Merchandise Services Primary inc. Secondary inc.
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−20
0
20
40
60
Current Account (% of GDP, SA), last obs:17Q1
Merchandise Services Primary inc. Secondary inc.
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−2
0
2
4
6
8
Merchandise Balance (bln USD, SA) , last obs:17Q1
Exports Imports
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−40
−20
0
20
40
60
80
Merchandise Balance (% of GDP, SA), last obs:17Q1
Exports Imports
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−1.5
−1
−0.5
0
Services balance (bln USD, SA), last obs:17Q1
Oil & gas Other
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−20
−15
−10
−5
0
Services Balance (% of GDP, SA ), last obs:17Q1
Oil & gas Other
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12Q1 12Q3 13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 17Q1
−1.5
−1
−0.5
0
Services balance (bln USD, SA), last obs:17Q1
Transportation Construction Rest
12Q1 12Q3 13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 17Q1
−12
−10
−8
−6
−4
−2
0
2
Services Balance (% of GDP, SA ), last obs:17Q1
Transportation Construction Rest
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−4
−3
−2
−1
0
1
2
Financial Account (bln USD, SA), last obs:17Q1
Net FDI Net Portfolio Inv. Repatriation of investments Oil bonus
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−40
−20
0
20
40
Financial Account (% of GDP, SA), last obs:17Q1
Net FDI Net Portfolio Inv. Repatriation of investments Oil bonus
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4.2 Foreign Trade
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
2
4
6
8
Exports decomposition based on sectors (bln USD, SA), last obs:17Q1
Oil and gas sector Other sectors
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
10
20
30
40
50
60
70
Exports decomposition based on sectors (% of GDP, SA), last obs:17Q1
Oil and gas sector Other sectors
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
2
4
6
8
Exports decomposition based on destinations (bln USD, SA), last obs:17Q1
CIS countries Other countries
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
10
20
30
40
50
60
70
Exports decomposition based on destinations (% of GDP, SA), last obs:17Q1
CIS countries Other countries
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
0.5
1
1.5
2
2.5
Imports decomposition based on sectors (bln USD, SA), last obs:17Q1
Oil and gas sector Other sectors
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
10
20
30
40
50
Imports decomposition based on sectors (% of GDP, SA), last obs:17Q1
Oil and gas sector Other sectors
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
0.5
1
1.5
2
2.5
Imports decomposition based on origins (bln USD, SA), last obs:17Q1
CIS countries Other countries
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
0
10
20
30
40
50
Imports decomposition based on origins (% of GDP, SA), last obs:17Q1
CIS countries Other countries
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
0.2
0.4
0.6
0.8
1
1.2
1.4
Imports decomposition by goods (bln USD, SA), last obs:17M07
Food Tobac Cement Petr Pharma Plast Wood Metal Mach Vehic Furnit Rest
11M01 12M01 13M01 14M01 15M01 16M01 17M01
−50
0
50
100
Imports decomposition by goods (% YoY), last obs:17M07
Food Tobac Cement Petr Pharma Plast Wood Metal Mach Vehic Furnit Rest
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4.3 Real exchange rates
06M01 08M01 10M01 12M01 14M01 16M01
−160
−150
−140
−130
−120
−110
−100
AZN/USD (Bloomberg,100*log), last obs:17M07
level trend [simple HP]
06M01 08M01 10M01 12M01 14M01 16M01
−540
−520
−500
−480
AZN/RUB (100*log), last obs:17M07
06M01 08M01 10M01 12M01 14M01 16M01
−140
−130
−120
−110
−100
−90
−80
−70
AZN/EUR (100*log), last obs:17M07
06M01 08M01 10M01 12M01 14M01 16M01
−190
−180
−170
−160
−150
−140
−130
Real Effective Exchange Rate (100*log), last obs:17M07
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06M01 07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−70
−60
−50
−40
−30
−20
−10
0
10
Real exchange rates(100*log , normalized, depr. up), last obs:17M07
AZN/USD AZN/EUR AZN/RUB REER (weights: US: 0.5, EU: 0.4, RU: 0.1)
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
−20
0
20
40
60
80
100
120
Real effective exchange rates vs real oil price (100*log , normalized, depr. up), last obs:17M07
Real oil price (up=decline) OGR CBAR (total) CBAR (non−oil)
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12M01 12M07 13M01 13M07 14M01 14M07 15M01 15M07 16M01 16M07 17M01 17M07
0
20
40
60
80
100
120
Real exchange rates of oil producer countries and the real oil price, (100*log, normalized, depr. up), last obs: 17M07
Real oil price (up=decline) AZN/USD RUB/USD KZT/USD
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4.4 External debt
05Y 06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y
0
5
10
15
20
25
External Debt by maturity (% of GDP), last obs: 15Y
Short − Term Long − Term
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5 Monetary Statistics and Financial Sector
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5.1 Central Bank Balance Sheet
06M04 07M04 08M04 09M04 10M04 11M04 12M04 13M04 14M04 15M04 16M04 17M04
−10000
0
10000
−10000
0
10000
Central Bank Balance Sheet(Monetary Survey, mln AZN), last obs: 17M06
NFA NDA Monetary Base
06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
−20
−10
0
10
20
Central Bank Balance Sheet(Monetary Survey, % of GDP), last obs: 17M06
NFA NDA Monetary Base
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
6
8
10
12
14
16
18
20
22
Monthsofcurrentquarterimports
CB’s International Reserves (data source: CBAR), last obs:17M06
2
4
6
8
10
12
14
16
18
USDbln
Total foreign reserves of the CB (mln USD)
CB’s NFA (mln USD)
Total foreign reserves of the CB (moi of goods, RHS)
CB’s NFA (moi of goods, RHS)
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16M01 16M03 16M05 16M07 16M09 16M11 17M01 17M03 17M05 17M07
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
SOFAZ assets and interventions (bln USD), last obs17M07
33
33.5
34
34.5
35
35.5
36
Assets
Interventions
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06M04 07M04 08M04 09M04 10M04 11M04 12M04 13M04 14M04 15M04 16M04 17M04
−20000
−10000
0
10000
20000
Banks’ Balance Sheet(Monetary Survey, mln AZN), last obs: 17M06
NFA NDA Broad Money
06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
−40
−20
0
20
40
Banks’ Balance Sheet(Monetary Survey, % GDP), last obs: 17M06
NFA NDA Broad Money
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06M01 07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
5000
10000
15000
20000
Money supply (mln AZN), last obs: 17M06
M0 M1 M2 M3
06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
10
15
20
25
30
35
40
Money supply (% of GDP), last obs: 16Y
M0 M1 M2 M3
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14M06 14M12 15M06 15M12 16M06 16M12 17M06
−200
−100
0
100
200
Money supply growth (%, MoM @ar), last obs: 17M06
M0 M1 M2 M3
07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−50
0
50
100
150
Money supply growth (%, YoY), last obs: 17M06
M0 M1 M2 M3
52
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5.2 Financial sector
05M01 07M01 09M01 11M01 13M01 15M01 17M01
5000
10000
15000
20000
Volume of Total Outstanding Loans (mln AZN), last obs: 17M06
05Y 06Y 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
15
20
25
30
35
40
Volume of Total Outstanding Loans (% of GDP), last obs: 16Y
53
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−20
0
20
40
60
80
Growth of Total Loans (%, YoY), last obs: 17M06
54
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
5000
10000
15000
20000
Total Volume of Loans Outstanding By Maturity (mln AZN), last obs: 17M06
Short−Term Long−Term
07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
0
10
20
30
40
Total Volume of Loans Outstanding By Maturity (% of GDP), last obs: 16Y
Short−Term Long−Term
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−20
0
20
40
60
80
100
120
140
Growth of Total Loans by Maturity (%, YoY), last obs: 17M06
Short−Term Long−Term
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
5000
10000
15000
20000
Total Volume of Loans Outstanding By Currency (mln AZN), last obs: 17M06
LCY FCY
07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y
0
10
20
30
40
Total Volume of Loans Outstanding By Currency (% of GDP), last obs: 16Y
LCY FCY
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
−20
0
20
40
60
80
100
120
Growth of Total Loans by Currency (%, YoY), last obs: 17M06
LCY FCY
58
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01M12 03M12 05M12 07M12 09M12 11M12 13M12 15M12
5
10
15
20
25
Overdue/Non−performing Loans (% of total loans), last obs: 17M06
Overdue Debt (CBAR) Non−performing Loans (World Bank)
59
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
2
4
6
8
10
12
Overdue Debt by maturity (% of total), last obs: 17M06
Short−Term Long−Term
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
2
4
6
8
10
12
Overdue Debt by currency (% of total), last obs: 17M06
LCY FCY
60
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06M01 07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
20
40
60
80
100
Dollarization rate of commercial banks deposits (%), last obs: 17M06
LCY FCY
06M01 07M01 08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
20
40
60
80
100
Dollarization rate of commercial banks loans (%), last obs: 17M06
LCY FCY
61
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5.3 Interest rates
05M01 07M01 09M01 11M01 13M01 15M01 17M01
0
2
4
6
8
10
12
14
16
18
20
Refinancing, and interbank rates (% p.a.), last obs: 17M08
Refin. 1M interbank Corridor
62
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
5
10
15
20
3M LCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit Interbank
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
0
5
10
15
20
3M FCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit Interbank
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
4
6
8
10
12
14
16
18
6M LCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit Interbank
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
5
10
15
6M FCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit Interbank
64
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
6
8
10
12
14
16
18
9M LCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
5
10
15
20
9M FCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit
65
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
5
10
15
20
1Y LCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit Interbank
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01
5
10
15
20
1Y FCY Interest rates (% p.a.), last obs: 17M07
Loan Deposit Interbank
66
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16M05 16M07 16M09 16M11 17M01 17M03 17M05 17M07
8
10
12
14
CBAR deposit auctions: rates (% p.a.), last obs: 17M07
Deposit auction rate 28D Refinancing rate
16M05 16M07 16M09 16M11 17M01 17M03 17M05 17M07
0
500
1000
1500
2000
2500
3000
3500
CBAR deposit auctions: volumes (mil. AZN), last obs: 17M07
67
Azerbaijan Screening Report 2017-09-11 10:16:17
14M03 14M09 15M03 15M09 16M03 16M09 17M03
4.2
4.4
4.6
4.8
5
5.2
5.4
5.6
5.8
6
6.2
Eurobond rate 2024 (% p.a. ), last obs: 17M08
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6 Fiscal Sector
69
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05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−4000
−2000
0
2000
4000
6000
Government budget balance (mln AZN,SA), last obs: 17Q2
Revenues Expenditures
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1
−40
−20
0
20
40
Government budget balance (% of GDP, SA), last obs: 17Q2
Revenues Expenditures
70
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