Baku:Azerbaijan's non-oil exports have increased by 20% when excluding the gold factor, as reported by Taleh Kazimov, the Chairman of the Central Bank. Kazimov provided insights into the country's economic performance for the first nine months of 2026.

According to Azeri-Press news agency, Taleh Kazimov highlighted that excluding gold from import and export calculations reveals significant growth dynamics in Azerbaijan's trade balance. He noted that non-oil exports saw a 20% rise, and total exports increased by 9.6%. When including gold, non-oil exports displayed a growth rate of 3.4-3.5%.

Kazimov also addressed the foreign exchange market, indicating that supply appears to exceed demand, particularly through individual foreign exchange transactions. He noted a 3% decrease in demand for foreign exchange transactions via bank accounts compared to the previous year, while the supply, primarily foreign currency sales by customers, surged by 44%. This trend, according to Kazimov, should not be directly associated with economic growth. He pointed out that foreign currency loans are issued under specific conditions and are primarily for entrepreneurs and businesses involved in export activities.

The Central Bank Chairman considered the increase in the foreign currency loan portfolio during 2026 to be normal, mainly driven by exporters. Regarding the lending capacity of banks, Kazimov mentioned that as of late September and early October, banks had AZN 4.6 billion in available funds, yet interest rates have not declined, indicating low demand for loans.

Kazimov also discussed the anticipated impact of the draft 2027 state budget on inflation, estimating that current expenditures could contribute an inflationary effect of 0.38 percentage points, while capital expenditures would have a neutral impact on inflation.