Azerbaijan’s private sector debt remains low as S&P highlights banking stability

Azernews.Az

15 February 2026 17:54 (UTC+04:00)

Akbar Novruz

Azerbaijan’s private sector debt-to-GDP ratio stands at around 26 percent, remaining lower than in Georgia, Armenia, and Uzbekistan, and broadly in line with levels seen in Kazakhstan and Kyrgyzstan. The country also continues to have the lowest share of foreign currency lending in the region, which stood at about 16 percent as of the end of 2025, according to S&P Global Ratings, AzerNEWS reports.

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