Azerbaijan Screening Report 2020-02-10 09:45:06
Azerbaijan
DATA SCREENING REPORT
20200210
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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1 Overview
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01Q1 06Q1 11Q1 16Q1
-20
0
20
40
60
80
100
Nominal GDP Growth (YoY, %), last obs: 19Q2
06Q1 11Q1 16Q1
0
10
20
30
40
Real GDP Growth (YoY, %), last obs: 19Q2
95M01 00M01 05M01 10M01 15M01 20M01
0.8
1
1.2
1.4
1.6
1.8
Nominal Exchange Rate (AZN per USD), last obs: 20M01
04M01 06M01 08M01 10M01 12M01 14M01 16M01 18M01
0
5
10
15
20
CPI Inflation (YoY, %), last obs: 19M12
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2 National Accounts
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2.1 Nominal GDP
Non-oil nominal GDP decomposition (shares, %), last obs: 19Y
06Y 08Y 10Y 12Y 14Y 16Y 18Y 20Y
0
20
40
60
80
100
Agric.,For&fish. Constr. Indust. Inform&Comm. Transp&Logist. Trade, transp., repair. Tour.,Hot&Rest. Soc&Oth.Serv.
Nominal GDP decomposition (shares, %), last obs: 19Y
06Y 08Y 10Y 12Y 14Y 16Y 18Y 20Y
0
20
40
60
80
100
Non-oil economy Oil economy Taxes
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Nominal GDP decomposition, expenditure approach (shares, %), last obs: 18Y
01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
-50
0
50
100
150
Consumption Gov. exp. Investment Invent. change Exports Imports Discrepancy
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Nominal GDP growth decomposition, expenditure approach, (% YoY), last obs: 19Q2
02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1 18Q1
-40
-20
0
20
40
60
Consumption Gov. exp. Investment Invent. change Exports Imports
Nominal GDP growth decomposition, expenditure approach, (% QoQ @ar, SA), last obs: 19Q2
02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1 18Q1
-200
-100
0
100
200
300
Consumption Gov. exp. Investment Invent. change Exports Imports
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2.2 Real GDP
Real Non-oil GDP decomposition (shares, %), last obs: 18Y
01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
0
20
40
60
80
100
Agr&Fish Man Constr Trade Trans Other
Real GDP decomposition (shares ,%), last obs: 18Y
01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
0
20
40
60
80
100
Non-oil economy Oil economy Tax&Sub
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10Q1 11Q1 12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-5
0
5
10
Real GDP (base year 2005) growth (%, YoY), last obs: 19Q2
Total Non-oil
10Q1 11Q1 12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-30
-20
-10
0
10
20
30
Real GDP (base year 2005) growth (%, QoQ @ar, SA), last obs: 19Q2
Total Non-oil
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Real Non-oil GDP growth decomposition, (%, YoY), last obs: 19Q2
10Q1 11Q1 12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-5
0
5
10
Agr&Fish Man Constr Trade Trans Other
Real Non-oil GDP growth decomposition, (%, QoQ @ar SA), last obs: 19Q2
10Q1 11Q1 12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-30
-20
-10
0
10
20
30
Agr&Fish Man Constr Trade Trans Other
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02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 16Q1 18Q1
-5
0
5
10
15
20
25
30
35
40
Real GDP growth vs monthly indicator (%, YoY), last obs: 19Q4
Estimated from monthly indicator Official data
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2.3 Selected high-frequency indicators of economic activity
13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-10
-5
0
5
Comparison of Economic Indicators' Growth (%, YoY), last obs: 19Q4
IPI (monthly data) GDP
13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-20
-10
0
10
20
30
40
Comparison of Economic Indicators' Growth (%, QoQ , SA), last obs: 19Q4
IPI (monthly data) GDP
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13M01 14M01 15M01 16M01 17M01 18M01 19M01
-15
-10
-5
0
5
10
15
20
Industrial production index, % MoM, last obs:19M12
Total Extractive industry
13M01 14M01 15M01 16M01 17M01 18M01 19M01
-40
-20
0
20
40
60
Industrial production index, % MoM, last obs:19M12
Manufacturing Electricity,gas & steam Water
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13M12 14M12 15M12 16M12 17M12 18M12 19M12
-10
-5
0
5
10
15
Industrial production index, % YoY, last obs:19M12
Total Extractive industry
13M12 14M12 15M12 16M12 17M12 18M12 19M12
-10
0
10
20
30
40
Industrial production index, % YoY, last obs:19M12
Manufacturing Electricity,gas & steam Water
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95Y 00Y 05Y 10Y 15Y
0
5
10
15
20
25
30
35
Oil extraction and GDP from oil economy (bln USD), last obs:18Y
Value of oil extraction Oil GDP
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Nominal Capital Investment in Construction Sector (% shares), last obs:18Y
99Y 01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
0
20
40
60
80
100
Own means Priv. funds Bank credits Budgetary funds Debts Out of budget.funds Other
Nominal Capital Investment in Construction Sector, growth decomposition (% YoY), last obs:18Y
99Y 01Y 03Y 05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
-20
0
20
40
60
80
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 08Q1 10Q1 12Q1 14Q1 16Q1 18Q1
-10
-5
0
5
10
15
20
25
30
35
CPI inflation (%), last obs: 19Q4
YoY QoQ @ar
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16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
0
5
10
15
20
CPI Inflation ( YoY, %), last obs:19M12
Total Food Non-food Services
16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
-3
-2.5
-2
-1.5
-1
-0.5
0
0.5
CPI Inflation ( MoM @ar %, SA), last obs:19M12
Total Food Non-food Services
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CPI infl. decomposition (MoM @ar, SA) - weights are OGR estimates, not up-to-date, last obs: 19M12
16M03 16M09 17M03 17M09 18M03 18M09 19M03 19M09
-5
0
5
10
15
20
25
30
Food Non-food Services
CPI infl. decomposition (YoY) - weights are OGR estimates, last obs: 19M12
16M03 16M09 17M03 17M09 18M03 18M09 19M03 19M09
0
5
10
15
Food Non-food Services
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10Q2 11Q2 12Q2 13Q2 14Q2 15Q2 16Q2 17Q2 18Q2 19Q2
-20
0
20
40
60
80
100
120
Domestic Food CPI vs FAO Food LCY, QoQ @ar logdiff, last obs: 19Q4
Domestic Food Inflation FAO Food LCY
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16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
0
5
10
15
20
25
Total CPI vs Food (100*log, SA), last obs: 19M12
Total Food
16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
13
14
15
16
17
18
Relative price: Food to total CPI (100*log, SA), last obs: 19M12
Level Trend (hpf)
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16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
0
5
10
15
20
Total CPI vs Non-Food (100*log, SA), last obs: 19M12
Total Non-Food
16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
-86.5
-86
-85.5
-85
-84.5
-84
-83.5
Relative price: Non-Food to total CPI (100*log, SA), last obs: 19M12
Level Trend (hpf)
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16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
0
5
10
15
20
Total CPI vs Services (100*log, SA), last obs: 19M12
Total Services
16M02 16M08 17M02 17M08 18M02 18M08 19M02 19M08
46
47
48
49
50
51
52
Relative price: Services to total CPI (100*log, SA), last obs: 19M12
Level Trend
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3.2 Exchange rates
06M01 08M01 10M01 12M01 14M01 16M01 18M01 20M01
0.8
1
1.2
1.4
1.6
1.8
AZN per USD, last obs: 20M01
CBA Bloomberg
06M01 08M01 10M01 12M01 14M01 16M01 18M01 20M01
0.015
0.02
0.025
0.03
0.035
AZN per RUB nominal, last obs: 20M01
06M01 08M01 10M01 12M01 14M01 16M01 18M01 20M01
1
1.2
1.4
1.6
1.8
2
AZN per EUR, last obs: 20M01
06M01 08M01 10M01 12M01 14M01 16M01 18M01
0.4
0.5
0.6
0.7
0.8
0.9
Nominal Effective Exchange Rate, last obs: 19M12
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06M01 08M01 10M01 12M01 14M01 16M01 18M01 20M01
-100
-80
-60
-40
-20
0
20
40
60
Nominal exchange rates (100*log, normalized, depr. up), last obs: 19M12
AZN per USD (Bloomberg) AZN per EUR AZN per RUB AZN per CNY NEER (weights: US: 0.2, EU: 0.55, RU: 0.2, CN: 0.05)
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12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
-30
-20
-10
0
10
20
30
40
50
60
Nominal effective exchange rate comparison (100*log , normalized, depr. up), last obs: 19M12
OGR CBA (total) CBA (non-oil)
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06M01 08M01 10M01 12M01 14M01 16M01 18M01
-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: 19M12
Oil price (up=decline) AZN per USD RUB per USD KZT per USD
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3.3 Real exchange rates
06M01 08M01 10M01 12M01 14M01 16M01 18M01
-80
-70
-60
-50
-40
-30
-20
AZN per USD (Bloomberg,100*log), last obs:19M12
level trend [simple HP]
06M01 08M01 10M01 12M01 14M01 16M01 18M01
-120
-100
-80
-60
AZN per RUB (100*log), last obs:19M12
06M01 08M01 10M01 12M01 14M01 16M01 18M01
-150
-140
-130
-120
-110
-100
-90
AZN per EUR (100*log), last obs:19M12
06M01 08M01 10M01 12M01 14M01 16M01 18M01
-120
-110
-100
-90
-80
-70
-60
Real Effective Exchange Rate (100*log), last obs:19M12
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06M01 08M01 10M01 12M01 14M01 16M01 18M01
-80
-70
-60
-50
-40
-30
-20
-10
0
10
Real exchange rates(100*log , normalized, depr. up), last obs:19M12
AZN per USD AZN per EUR AZN per RUB AZN per CNY REER (weights: US: 0.2, EU: 0.55, RU: 0.2, CN: 0.05)
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12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
-20
0
20
40
60
80
100
Real effective exchange rates vs real oil price (100*log, normalized, depr. up), last obs:19M12
Real oil price (up=decline) OGR CBA (total) CBA (non-oil)
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12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
20
40
60
80
100
Real exchange rates of oil producer countries and the real oil price, (100*log, normalized, depr. up), last obs: 19M12
Real oil price (up=decline) AZN per USD RUB per USD KZT per USD
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3.4 External debt
Total External Debt by maturity (% of GDP), last obs: 18Y
05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
0
5
10
15
20
25
30
35
40
Short - Term Long - Term
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4 External Sector
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4.1 Balance of Payments
Balance of payments (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-5
0
5
Curr Acc. Cap. Acc. Fin. Acc. Change of reserves Net err. and omiss. & residual seasonality
Balance of payments (% of GDP,SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-40
-20
0
20
40
Curr Acc. Cap. Acc. Fin. Acc. Change of reserves Net err. and omiss. & residual seasonality
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Current Account (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-2
0
2
4
6
8
Merchandise Services Primary inc. Secondary inc.
Current Account (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-20
0
20
40
60
Merchandise Services Primary inc. Secondary inc.
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Merchandise Balance (bln USD, SA) , last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-2
0
2
4
6
8
Exports Imports
Merchandise Balance (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-40
-20
0
20
40
60
80
Exports Imports
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Services balance (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-1.5
-1
-0.5
0
Oil & gas Other
Services Balance (% of GDP, SA ), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-20
-15
-10
-5
0
Oil & gas Other
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Services balance (bln USD, SA), last obs:19Q3
12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-1.5
-1
-0.5
0
Transportation Construction Rest
Services Balance (% of GDP, SA ), last obs:19Q3
12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1
-10
-8
-6
-4
-2
0
2
Transportation Construction Rest
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Non-oil CA balance (bln USD, SA) , last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-2.5
-2
-1.5
-1
-0.5
0
Goods Services
Non-oil CA balance (% of non-oil GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-40
-30
-20
-10
0
Goods Services
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Financial Account (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-4
-3
-2
-1
0
1
2
Net FDI Net Portfolio Inv. Repatriation of investments Oil bonus
Financial Account (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-40
-20
0
20
40
Net FDI Net Portfolio Inv. Repatriation of investments Oil bonus
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4.2 Foreign Trade
Exports decomposition based on sectors (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
2
4
6
8
Oil and gas sector Other sectors
Exports decomposition based on sectors (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
10
20
30
40
50
60
70
Oil and gas sector Other sectors
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Exports decomposition based on destinations (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
2
4
6
8
CIS countries Other countries
Exports decomposition based on destinations (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
10
20
30
40
50
60
70
CIS countries Other countries
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Imports decomposition based on sectors (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
0.5
1
1.5
2
2.5
3
Oil and gas sector Other sectors
Imports decomposition based on sectors (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
10
20
30
40
50
Oil and gas sector Other sectors
44
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Imports decomposition based on origins (bln USD, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
0.5
1
1.5
2
2.5
CIS countries Other countries
Imports decomposition based on origins (% of GDP, SA), last obs:19Q3
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
0
10
20
30
40
50
CIS countries Other countries
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Imports decomposition by goods (bln USD, SA), last obs:19M12
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01 20M01
0
0.2
0.4
0.6
0.8
1
1.2
1.4
Food Tobac Cement Petr Pharma Plast Wood Metal Mach Vehic Furnit Rest
Imports decomposition by goods (% YoY), last obs:19M12
11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01 20M01
-50
0
50
100
Food Tobac Cement Petr Pharma Plast Wood Metal Mach Vehic Furnit Rest
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5 Monetary Statistics and Financial Sector
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5.1 Central Bank Balance Sheet
Central Bank Balance Sheet (Monetary Survey, mln AZN), last obs: 19M11
06M04 08M04 10M04 12M04 14M04 16M04 18M04
-1.5
-1
-0.5
0
0.5
1
1.5
104
NFA NDA Monetary Base
Central Bank Balance Sheet (Monetary Survey, % of GDP), last obs: 18Y
06Y 08Y 10Y 12Y 14Y 16Y 18Y
-20
-10
0
10
20
NFA NDA Monetary Base
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
2
3
4
5
6
7
8
9
10
11
Monthsofcurrentquarterimports
CB's International Reserves (data source: CBA), last obs:19M11
0
4
8
12
16
20
USDbln
Total foreign reserves of the CB (mln USD)
CB's NFA (mln USD)
Total foreign reserves of the CB (moi of G&S, RHS)
CB's NFA (moi of goods, RHS)
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12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
20
22
24
26
28
30
Monthsofcurrentquarterimports
SOFAZ assets, last obs: 19M09, imports last obs: 19M09
30
33
36
39
42
45
USDbln
SOFAZ assets (bln USD)
SOFAZ assets (moi of G&S, RHS)
16M01 16M07 17M01 17M07 18M01 18M07 19M01 19M07
0.2
0.4
0.6
0.8
SOFAZ interventions (bln USD), last obs: 19M12
Interventions
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Banks' Balance Sheet (Monetary Survey, mln AZN), last obs: 19M11
06M04 08M04 10M04 12M04 14M04 16M04 18M04
-2
-1
0
1
2
104
NFA NDA Broad Money
Banks' Balance Sheet (Monetary Survey, % GDP), last obs: 19Y
06Y 08Y 10Y 12Y 14Y 16Y 18Y
-40
-20
0
20
40
NFA NDA Broad Money
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06M01 08M01 10M01 12M01 14M01 16M01 18M01
0
0.5
1
1.5
2
2.5
104
Money supply (mln AZN), last obs: 19M11
M0 M1 M2 M3
06Y 08Y 10Y 12Y 14Y 16Y 18Y
10
15
20
25
30
35
40
Money supply (% of GDP), last obs: 18Y
M0 M1 M2 M3
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16M11 17M05 17M11 18M05 18M11 19M05 19M11
-100
-50
0
50
100
Money supply growth (%, MoM @ar), last obs: 19M11
M0 M1 M2 M3
07M01 09M01 11M01 13M01 15M01 17M01 19M01
-50
0
50
100
150
Money supply growth (%, YoY), last obs: 19M11
M0 M1 M2 M3
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5.2 Financial sector
05M01 07M01 09M01 11M01 13M01 15M01 17M01 19M01
0.5
1
1.5
2
104
Volume of Total Outstanding Loans (mln AZN), last obs: 19M11
05Y 07Y 09Y 11Y 13Y 15Y 17Y
15
20
25
30
35
40
Volume of Total Outstanding Loans (% of GDP), last obs: 18Y
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
-20
0
20
40
60
80
Growth of Total Loans (%, YoY), last obs: 19M11
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Total Volume of Loans Outstanding By Maturity (mln AZN), last obs: 19M11
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
0.5
1
1.5
2
104
Short-Term Long-Term
Total Volume of Loans Outstanding By Maturity (% of 12 month moving average GDP), last obs: 19M11
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
10
20
30
40
Short-Term Long-Term
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
-40
-20
0
20
40
60
80
100
120
140
Growth of Total Loans by Maturity (%, YoY), last obs: 19M11
Short-Term Long-Term
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Total Volume of Loans Outstanding By Currency (mln AZN), last obs: 19M11
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
0.5
1
1.5
2
104
LCY FCY
Total Volume of Loans Outstanding By Currency (% of 12 month moving average GDP), last obs: 19M11
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
10
20
30
40
LCY FCY
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08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
-40
-20
0
20
40
60
80
100
120
Growth of Total Loans by Currency (%, YoY), last obs: 19M11
LCY FCY
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01M12 03M12 05M12 07M12 09M12 11M12 13M12 15M12 17M12
5
10
15
20
25
Overdue/Non-performing Loans (% of total loans), last obs: 19M11
Overdue Debt (CBA) Non-performing Loans (World Bank)
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Overdue Debt by maturity (% of total), last obs: 19M11
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
5
10
15
Short-Term Long-Term
Overdue Debt by currency (% of total), last obs: 19M11
08M01 09M01 10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
5
10
15
LCY FCY
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Dollarization rate of commercial banks deposits (%), last obs: 19M11
06M01 08M01 10M01 12M01 14M01 16M01 18M01
0
20
40
60
80
100
FCY LCY
Dollarization rate of commercial banks loans (%), last obs: 19M11
06M01 08M01 10M01 12M01 14M01 16M01 18M01
0
20
40
60
80
100
FCY LCY
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5.3 Interest rates
15M01 15M07 16M01 16M07 17M01 17M07 18M01 18M07 19M01 19M07
0
2
4
6
8
10
12
14
16
18
Interbank and CBA rates (% p.a.), last obs: 19M12
Refinancing rate Deposit auction rate 28D 1M interbank Coridor floor: 7D rev.repo rate Coridor ceiling: 7D repo rate
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15M01 15M07 16M01 16M07 17M01 17M07 18M01 18M07 19M01 19M07
0
1000
2000
3000
4000
5000
6000
Volumes of monetary operations (mil AZN), last obs: 19M11
Refinancing operations (provisions of liquidity) Volume of 28D notes (withdrawal of liquidity) Volume of CBA deposits (withdrawal of liquidity)
15M01 15M07 16M01 16M07 17M01 17M07 18M01 18M07 19M01 19M07
4
6
8
10
12
14
Interest rates on CBA monetary operations (% p.a.), last obs: 19M12
Refinancing operations (provisions of liquidity) CBA 28D notes (withdrawal of liquidity) CBA deposits (withdrawal of liquidity)
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Outstanding volumes of CBA notes and government T-bills (mil AZN), last obs: 19M09
13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Outstanding volume of government T-bills Outstanding volume of CBA notes
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
5
10
15
20
3M LCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit Interbank
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
5
10
15
20
3M FCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit Interbank
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
4
6
8
10
12
14
16
18
6M LCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit Interbank
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
5
10
15
6M FCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit Interbank
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
6
8
10
12
14
16
18
9M LCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
0
5
10
15
20
9M FCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit
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10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
5
10
15
20
1Y LCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit Interbank
10M01 11M01 12M01 13M01 14M01 15M01 16M01 17M01 18M01 19M01
5
10
15
20
1Y FCY Interest rates (% p.a.), last obs: 19M12
Loan Deposit Interbank
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16M07 17M01 17M07 18M01 18M07 19M01 19M07
4
6
8
10
12
14
16
18
Government T-bills and T-bond rates (% p.a.), last obs: 19M12
182D 364D 2Y 3Y
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14M03 15M03 16M03 17M03 18M03 19M03
3
3.5
4
4.5
5
5.5
6
Eurobond M2024 IR vs JPMorgan EMBI, last obs: 20M01
Eurobond (USD) EMBI
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6 Fiscal Sector
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Government budget balance (mln AZN,SA), last obs: 19Q4
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-6000
-4000
-2000
0
2000
4000
6000
Revenues Expenditures
Government budget balance (% of GDP, SA), last obs: 19Q4
05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1
-40
-20
0
20
40
Revenues Expenditures
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Government budget balance (mln AZN), last obs: 19Y
05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
-2
-1
0
1
2
104
Revenues Expenditures
Government budget balance (% of GDP), last obs: 19Y
05Y 07Y 09Y 11Y 13Y 15Y 17Y 19Y
-30
-20
-10
0
10
20
30
Revenues Expenditures
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