{"id":788363,"date":"2025-02-18T11:00:42","date_gmt":"2025-02-18T07:00:42","guid":{"rendered":"https:\/\/arantv.az\/?p=788363"},"modified":"2025-02-18T11:00:42","modified_gmt":"2025-02-18T07:00:42","slug":"bakinin-daxili-borclanma-siyas%c9%99tind%c9%99-yenilik-t%c9%99nziml%c9%99nm%c9%99l%c9%99r-gozl%c9%99nilir","status":"publish","type":"post","link":"https:\/\/arantv.az\/?p=788363","title":{"rendered":"Bak\u0131n\u0131n daxili borclanma siyas\u0259tind\u0259 yenilik: t\u0259nziml\u0259nm\u0259l\u0259r g\u00f6zl\u0259nilir"},"content":{"rendered":"

\u0130qtisad\u00e7\u0131n\u0131n fikrinc\u0259, xarici v\u0259 daxili d\u00f6vl\u0259t borcu il\u0259 ba\u011fl\u0131 balans\u0131n tap\u0131lmas\u0131 vacibdir\\\\<\/strong><\/p>\n

2025-ci il 1 yanvar tarixin\u0259 Az\u0259rbaycan Respublikas\u0131n\u0131n d\u00f6vl\u0259t borcu (daxili v\u0259 xarici d\u00f6vl\u0259t borcu) 27 milyard 380,2 milyon manat olub. Maliyy\u0259 Nazirliyinin a\u00e7\u0131qlad\u0131\u011f\u0131 m\u0259lumata g\u00f6r\u0259, bu, 2024-c\u00fc il \u00fczr\u0259 126 milyard 337,0 milyon manat m\u0259bl\u0259\u011find\u0259 olan \u00dcmumi Daxili M\u0259hsulun (\u00dcDM) 21,7 faizi dem\u0259kdir.<\/em><\/p>\n

R\u0259smi m\u0259lumata g\u00f6r\u0259, \u00fcmumi d\u00f6vl\u0259t borcunun 8 milyard 720,5 milyon manat\u0131 (5 milyard 129,7 milyon AB\u015e dollar\u0131) v\u0259 ya 31,8 faizi xarici d\u00f6vl\u0259t borcunun, 18 milyard 659,7 milyon manat\u0131 v\u0259 ya 68,2 faizi daxili d\u00f6vl\u0259t borcunun pay\u0131na d\u00fc\u015f\u00fcr. Daxili d\u00f6vl\u0259t borcunda art\u0131m 2023-c\u00fc ild\u0259 Az\u0259rbaycan Beyn\u0259lxalq Bank\u0131n\u0131n toksik aktivl\u0259rin\u0259 g\u00f6r\u0259 \u201cAqrarkredit\u201d QSC BOKT-un M\u0259rk\u0259zi Bank qar\u015f\u0131s\u0131nda olan d\u00f6vl\u0259t z\u0259man\u0259tli \u00f6hd\u0259liyinin yerin\u0259 yetirilm\u0259si m\u0259qs\u0259dil\u0259 vekselin burax\u0131lmas\u0131 olub.<\/strong><\/p>\n

Nazirliyin m\u0259lumat\u0131na \u0259sas\u0259n daxili d\u00f6vl\u0259t borcu 2024-c\u00fc ilin \u0259vv\u0259li il\u0259 m\u00fcqayis\u0259d\u0259 2 milyard 793,3 milyon manat art\u0131b. Daxili d\u00f6vl\u0259t borcunun artmas\u0131n\u0131n \u0259sas s\u0259b\u0259bi strategiyaya uy\u011fun olaraq \u00f6lk\u0259d\u0259ki qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n inki\u015faf\u0131n\u0131n d\u0259st\u0259kl\u0259nm\u0259si, habel\u0259 xarici d\u00f6vl\u0259t borcunun \u00fcmumi d\u00f6vl\u0259t borcundak\u0131 x\u00fcsusi \u00e7\u0259kisinin m\u0259rh\u0259l\u0259li \u015f\u0259kild\u0259 azald\u0131lmas\u0131 v\u0259 daxili borcla \u0259v\u0259zl\u0259\u015fdirilm\u0259sidir. \u018fsas s\u0259b\u0259bl\u0259r habel\u0259 daxili maliyy\u0259 bazar\u0131nda d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n yerl\u0259\u015fdirilm\u0259si hesab\u0131na d\u00f6vl\u0259t b\u00fcdc\u0259si k\u0259sirinin ba\u011flanmas\u0131na v\u0259saitin y\u00f6n\u0259ldilm\u0259si olub.<\/p>\n

01 yanvar 2025-ci il tarixin\u0259 daxili d\u00f6vl\u0259t borcunun 9 milyard 506,0 milyon manat\u0131 d\u00f6vriyy\u0259d\u0259 olan d\u00f6vl\u0259t qiym\u0259tli ka\u011f\u0131zlar\u0131n\u0131n, 9 milyard 153,7 milyon manat\u0131 is\u0259 h\u00f6kum\u0259tin \u00fcz\u0259rin\u0259 g\u00f6t\u00fcrd\u00fcy\u00fc d\u00f6vl\u0259t z\u0259man\u0259tli \u00f6hd\u0259likl\u0259rin pay\u0131na d\u00fc\u015f\u00fcr.<\/p>\n

Qeyd ed\u0259k ki, xarici borclar\u0131n daxili borclanma hesab\u0131na azald\u0131lmas\u0131, h\u0259m\u00e7inin d\u00f6vl\u0259t b\u00fcdc\u0259si k\u0259sirinin ba\u011flanmas\u0131 \u00fc\u00e7\u00fcn daxili borclanmaya gedilm\u0259si Hesablama Palatas\u0131 t\u0259r\u0259find\u0259n d\u0259f\u0259l\u0259rl\u0259 d\u00f6vl\u0259t b\u00fcdc\u0259sinin maliyy\u0259 y\u00fck\u00fcn\u00fc art\u0131ran amil kimi d\u0259y\u0259rl\u0259ndirilib.<\/strong><\/p>\n

Hesablama Palatas\u0131na g\u00f6r\u0259, daxili borclanma il\u0259 qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n inki\u015faf etdirilm\u0259si he\u00e7 d\u0259 u\u011furlu yol deyil. Palatan\u0131n 2023-c\u00fc ilin d\u00f6vl\u0259t b\u00fcdc\u0259sinin icras\u0131na verdiyi r\u0259yd\u0259 qeyd olunur ki, h\u0259min il d\u00f6vl\u0259t qiym\u0259tli ka\u011f\u0131zlar\u0131nda b\u00f6y\u00fck h\u0259cmd\u0259 art\u0131m\u0131n m\u00fc\u015fahid\u0259 edilm\u0259si fonunda investor \u015f\u0259b\u0259k\u0259sind\u0259 m\u00fcvafiq art\u0131m olmay\u0131b: \u201cEmissiya edilmi\u015f d\u00f6vl\u0259t qiym\u0259tli ka\u011f\u0131zlar\u0131n\u0131n b\u00f6y\u00fck qismi m\u00f6vcud investorlar t\u0259r\u0259find\u0259n al\u0131nm\u0131\u015f, investor \u015f\u0259b\u0259k\u0259sinin h\u00fcquqi \u015f\u0259xsl\u0259r \u00fczr\u0259 b\u00f6lg\u00fcs\u00fcnd\u0259 d\u00f6vriyy\u0259d\u0259 olan istiqrazlar\u0131n \u0259h\u0259miyy\u0259tli hiss\u0259si d\u00f6vl\u0259t b\u00fcdc\u0259sind\u0259n birba\u015fa v\u0259 ya m\u00fcvafiq m\u0259qs\u0259dl\u0259r \u00fc\u00e7\u00fcn v\u0259sait alm\u0131\u015f h\u00fcquqi \u015f\u0259xsl\u0259r olmu\u015f, qeyd edil\u0259nl\u0259r fonunda d\u00f6vl\u0259t istiqrazlar\u0131 \u00fczr\u0259 orta \u00f6d\u0259m\u0259 m\u00fcdd\u0259tinin a\u015fa\u011f\u0131, daxili borclanmaya is\u0259 t\u0259l\u0259bat\u0131n b\u00f6y\u00fck h\u0259cmli olmas\u0131 n\u00f6vb\u0259ti d\u00f6vrl\u0259rd\u0259 d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n yenid\u0259n maliyy\u0259l\u0259\u015fdirilm\u0259si \u00fc\u00e7\u00fcn \u0259h\u0259miyy\u0259tli riskl\u0259r yaratd\u0131\u011f\u0131 q\u0259na\u0259tin\u0259 g\u0259linmi\u015fdir.<\/p>\n

D\u00f6vl\u0259t qiym\u0259tli ka\u011f\u0131zlar\u0131n\u0131n h\u0259cmi \u00f6t\u0259n il(2022-ci il – red.) il\u0259 m\u00fcqayis\u0259d\u0259 2 milyard 327,2 milyon manat artm\u0131\u015fd\u0131r. Art\u0131m\u0131n s\u0259b\u0259bi \u0259vv\u0259lki v\u0259 yeni t\u0259sdiq edilmi\u015f D\u00f6vl\u0259t borcunun idar\u0259 edilm\u0259sin\u0259 dair orta v\u0259 uzun m\u00fcdd\u0259t \u00fc\u00e7\u00fcn strategiyada m\u00fc\u0259yy\u0259n olunan daxili borcalman\u0131n art\u0131r\u0131lmas\u0131na \u00fcst\u00fcnl\u00fck verilm\u0259kl\u0259, xarici borcalman\u0131n t\u0259dric\u0259n azald\u0131lmas\u0131 istiqam\u0259tind\u0259 h\u0259yata ke\u00e7iril\u0259c\u0259k t\u0259dbirl\u0259rin icras\u0131 m\u0259qs\u0259dil\u0259 xarici d\u00f6vl\u0259t borcuna g\u00f6r\u0259 vaxt\u0131 \u00e7atan \u0259sas borc \u00f6d\u0259ni\u015fl\u0259rinin daxili maliyy\u0259 bazarlar\u0131nda yerl\u0259\u015fdiril\u0259n d\u00f6vl\u0259t istiqrazlar\u0131 hesab\u0131na t\u0259krar maliyy\u0259l\u0259\u015fdirilm\u0259si, h\u0259m\u00e7inin \u0259vv\u0259lki d\u00f6vrl\u0259rd\u0259 emissiya edilmi\u015f d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n yenid\u0259n maliyy\u0259l\u0259\u015fdirilm\u0259si, d\u00f6vl\u0259t b\u00fcdc\u0259si k\u0259sirinin ba\u011flan\u0131lmas\u0131 \u00fc\u00e7\u00fcn daxili borclanmadan istifad\u0259 edilm\u0259si v\u0259 sairdir”.<\/p>\n

Palatan\u0131n 2025-ci ilin d\u00f6vl\u0259t b\u00fcdc\u0259si layih\u0259sin\u0259 r\u0259yind\u0259n ayd\u0131n olur ki, cari ild\u0259 daxili d\u00f6vl\u0259t borcu \u00fczr\u0259 \u00f6d\u0259ni\u015fl\u0259r d\u00f6vl\u0259t b\u00fcdc\u0259sinin t\u0259rkibind\u0259 958,0 milyon manat (136,8 milyon manat \u0259sas borc v\u0259 821,2 milyon manat faiz borcu) proqnozla\u015fd\u0131r\u0131l\u0131r ki, bu da d\u00f6vl\u0259t borcuna xidm\u0259tl\u0259 ba\u011fl\u0131 x\u0259rcl\u0259rin \u00fcmumi m\u0259bl\u0259\u011finin 39,9 faizin\u0259, habel\u0259 d\u00f6vl\u0259t b\u00fcdc\u0259si g\u0259lirl\u0259rinin 2,5 faizin\u0259, d\u00f6vl\u0259t b\u00fcdc\u0259si x\u0259rcl\u0259rinin is\u0259 2,3 faizin\u0259 b\u0259rab\u0259rdir. Bu m\u0259bl\u0259\u011f, 2024-c\u00fc ilin ilkin proqnozundan 458,0 milyon manat, yenid\u0259n bax\u0131lm\u0131\u015f m\u0259bl\u0259\u011fd\u0259n is\u0259 787,7 milyon manat \u00e7oxdur: \u201cX\u0259rcl\u0259rin art\u0131m\u0131n\u0131n \u0259sas s\u0259b\u0259bi iki istiqam\u0259td\u0259 \u00f6z\u00fcn\u00fc g\u00f6st\u0259rir. Birincisi h\u00f6kum\u0259tin z\u0259man\u0259tli \u00f6hd\u0259likl\u0259rinin vaxt\u0131nda icra edilm\u0259si m\u0259qs\u0259dil\u0259 “Aqrarkredit” BOKT-un \u00f6hd\u0259likl\u0259rinin daxili d\u00f6vl\u0259t borcu kimi t\u0259snifl\u0259\u015fdirilm\u0259si v\u0259 bu \u00f6hd\u0259likl\u0259r \u00fczr\u0259 n\u00f6vb\u0259ti il \u00f6d\u0259nilm\u0259li olan 136,0 milyon manat \u0259sas borc v\u0259 13,2 milyon manat faiz borcu \u00f6d\u0259ni\u015fl\u0259rinin daxili d\u00f6vl\u0259t borcuna xidm\u0259t x\u0259rcl\u0259rind\u0259 n\u0259z\u0259r\u0259 al\u0131nmas\u0131, ikincisi is\u0259 emissiya edilmi\u015f d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n faiz d\u0259r\u0259c\u0259l\u0259rinin y\u00fcks\u0259lm\u0259si il\u0259 \u0259laq\u0259dard\u0131r”.<\/p>\n

2024-c\u00fc ilin ilkin t\u0259sdiq edilmi\u015f g\u00f6st\u0259ricil\u0259ri il\u0259 m\u00fcqayis\u0259d\u0259 2025-ci il \u00fczr\u0259 xarici d\u00f6vl\u0259t borcunun faiz x\u0259rcl\u0259ri 22,9 faiz azalsa da, daxili d\u00f6vl\u0259t borcunun faiz x\u0259rcl\u0259ri 64,2 faiz art\u0131b. Yenid\u0259n bax\u0131lm\u0131\u015f g\u00f6st\u0259rici il\u0259 m\u00fcqayis\u0259d\u0259 art\u0131m 4,8 d\u0259f\u0259dir. Hesablama Palatas\u0131na g\u00f6r\u0259, bu art\u0131m daxili d\u00f6vl\u0259t borcunun faiz y\u00fck\u00fcn\u00fcn art\u0131m\u0131 il\u0259 ba\u011fl\u0131 etdiyi \u00e7a\u011f\u0131r\u0131\u015flar\u0131n realla\u015fd\u0131\u011f\u0131n\u0131 dem\u0259y\u0259 \u0259sas verir: \u201cEyni zamanda qeyd edilm\u0259lidir ki, daxili borcun h\u0259cminin artmas\u0131 bazar\u0131n kifay\u0259t q\u0259d\u0259r inki\u015faf\u0131na s\u0259b\u0259b olmam\u0131\u015f, lakin b\u00fcdc\u0259 x\u0259rcl\u0259rinin artmas\u0131na g\u0259tirib \u00e7\u0131xarm\u0131\u015fd\u0131r. Bundan \u0259lav\u0259, hesab edirik ki, cari d\u00f6vr\u0259 q\u0259d\u0259r d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n emissiyas\u0131ndan \u0259ld\u0259 edil\u0259n v\u0259saitl\u0259rin xarici borc portfelind\u0259ki d\u0259yi\u015fk\u0259n faiz d\u0259r\u0259c\u0259si il\u0259 c\u0259lb edilmi\u015f kreditl\u0259rin vaxt\u0131ndan \u0259vv\u0259l geri \u00f6d\u0259nilm\u0259sin\u0259 y\u00f6nl\u0259ndirilm\u0259si v\u0259 yaln\u0131z sabit faizli kreditl\u0259rin saxlan\u0131lmas\u0131n\u0131n t\u0259min edilm\u0259si faiz d\u0259r\u0259c\u0259l\u0259rinin d\u0259yi\u015fk\u0259nliyind\u0259n ir\u0259li g\u0259l\u0259n maliyy\u0259 t\u0259zyiql\u0259rinin qism\u0259n azald\u0131lmas\u0131na v\u0259 n\u0259tic\u0259d\u0259 d\u00f6vl\u0259t borcuna xidm\u0259t x\u0259rcl\u0259rind\u0259 \u0259lav\u0259 maliyy\u0259 x\u0259rcl\u0259rinin yaranmas\u0131n\u0131n qar\u015f\u0131s\u0131n\u0131 alma\u011fa k\u00f6m\u0259k ed\u0259rdi\u201d.<\/p>\n

Maraql\u0131d\u0131r ki, bu ilin \u0259vv\u0259lind\u0259n Maliyy\u0259 Nazirliyi t\u0259r\u0259find\u0259n d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n yerl\u0259\u015fdirilm\u0259si h\u0259yata ke\u00e7irilm\u0259yib. Halbuki 2024-c\u00fc ilin yanvar-fevral\u0131nda 7 d\u0259f\u0259 istiqrazlar \u00fczr\u0259 h\u0259rraclar elan edilib. Yanvarda bir, fevralda bir h\u0259rrac emitentl\u0259ri g\u0259lirlilik s\u0259viyy\u0259si qane etm\u0259diyin\u0259 g\u00f6r\u0259 ba\u015f tutmay\u0131b. H\u0259r iki h\u0259rrac 3 illik istiqrazlar \u00fczr\u0259 ke\u00e7irilm\u0259li idi. \u0130ki ayda 5 h\u0259rracda Maliyy\u0259 Nazirliyi t\u0259r\u0259find\u0259n \u00fcmumi h\u0259cmi 519 milyon manat olan istiqrazlar yerl\u0259\u015fdirilib. Onlar\u0131n b\u00f6y\u00fck \u0259ks\u0259riyy\u0259ti bir illik istiqrazlar olub. H\u0259rrac yekunlar\u0131na dair m\u0259lumatlardan ayd\u0131n olur ki, 1 illik istiqrazlar \u00fc\u00e7\u00fcn m\u00fcraci\u0259tl\u0259rin m\u0259bl\u0259\u011fi t\u0259klifd\u0259n 3-4 d\u0259f\u0259 y\u00fcks\u0259k olub. 1 illik istiqrazlar\u0131n g\u0259lirlilik s\u0259viyy\u0259si 7 faiz, 3 illik istiqrazlar\u0131nk\u0131 is\u0259 8 faizd\u0259n y\u00fcks\u0259k m\u00fc\u0259yy\u0259n olunub.<\/p>\n

Bu il is\u0259 Maliyy\u0259 Nazirliyi n\u0259inki borclanmaya getm\u0259yib, \u0259ksin\u0259, 2023-2024-c\u00fc ill\u0259rd\u0259 yerl\u0259\u015fdirilmi\u015f 4 istiqraz\u0131n vaxt\u0131ndan \u0259vv\u0259l geri al\u0131nmas\u0131 q\u0259rara al\u0131n\u0131b. Nazirliyin yayd\u0131\u011f\u0131 m\u0259lumatdan ayd\u0131n olur ki, Bak\u0131 Fond Birjas\u0131n\u0131n ticar\u0259t platformas\u0131 vasit\u0259sil\u0259 yerl\u0259\u015fdirilmi\u015f AZ0201040208, AZ0201040240, AZ0201040265 v\u0259 AZ0201040323 \u0130S\u0130N kodlu d\u00f6vl\u0259t istiqrazlar\u0131n\u0131n Burax\u0131l\u0131\u015f \u015e\u0259rtl\u0259rinin 3.2-ci b\u0259ndin\u0259 \u0259sas\u0259n 2025-ci il 25 fevral tarixind\u0259 vaxt\u0131ndan \u0259vv\u0259l geri al\u0131nmas\u0131 \u00fczr\u0259 Bak\u0131 Fond Birjas\u0131nda h\u0259rrac\u0131n ke\u00e7irilm\u0259si n\u0259z\u0259rd\u0259 tutulur.<\/p>\n

Bak\u0131 Fond Birjas\u0131n\u0131n elan\u0131ndan ayd\u0131n olur ki, geri al\u0131nacaq istiqrazlar\u0131n \u00fcmumi m\u0259bl\u0259\u011fi 490 milyon manat t\u0259\u015fkil edir. H\u0259min istiqrazlar\u0131n b\u0259zil\u0259rinin \u00f6d\u0259ni\u015f m\u00fcdd\u0259ti bu ilin sonunda tamam olurdu. Onlar\u0131n vaxt\u0131ndan \u0259vv\u0259l geri al\u0131nmas\u0131n\u0131 h\u0259m d\u0259 Maliyy\u0259 Nazirliyinin timsal\u0131nda h\u00f6kum\u0259tin daxili borclanman\u0131 art\u0131rmaq siyas\u0259tind\u0259n \u00e7\u0259kilm\u0259si kimi d\u0259 qiym\u0259tl\u0259ndirm\u0259k olar. Bu, h\u0259m\u00e7inin Hesablama Palatas\u0131n\u0131n son ill\u0259rd\u0259 t\u0259kidl\u0259 ir\u0259li s\u00fcrd\u00fcy\u00fc t\u0259klifl\u0259rin n\u0259z\u0259r\u0259 al\u0131nmas\u0131n\u0131n g\u00f6st\u0259ricisi ola bil\u0259r.<\/p>\n

\"Manat\u0131n<\/p>\n

\u00a0R\u0259\u015fad H\u0259s\u0259nov<\/strong><\/p>\n

\u0130qtisad\u00e7\u0131-ekspert R\u0259\u015fad H\u0259s\u0259novun \u201cYeni M\u00fcsavat\u201da dediyin\u0259 g\u00f6r\u0259, xarici v\u0259 daxili d\u00f6vl\u0259t borcu il\u0259 ba\u011fl\u0131 balans\u0131n tap\u0131lmas\u0131 \u00e7ox vacibdir:<\/strong>\u00a0\u201c2015-ci ild\u0259n sonra Az\u0259rbaycan h\u00f6kum\u0259ti xarici borcun azald\u0131lmas\u0131 siyas\u0259ti y\u00fcr\u00fctm\u0259y\u0259 ba\u015flay\u0131b. Buna daha \u00e7ox daxili borclanma yolu il\u0259 nail olunub. Lakin 2023-2024-c\u00fc ill\u0259rd\u0259 daxili borclanma prosesind\u0259 m\u00fc\u0259yy\u0259n arzuolunmayan m\u0259qamlar formala\u015fma\u011fa ba\u015flay\u0131b. Bura ilk n\u00f6vb\u0259d\u0259 daxili bazarda borclanma faizl\u0259rinin k\u0259skin art\u0131m\u0131 aiddir. N\u0259inki Maliyy\u0259 Nazirliyinin buraxd\u0131\u011f\u0131 istiqrazlar\u0131n, h\u0259m\u00e7inin M\u0259rk\u0259zi Bank\u0131n notlar\u0131n\u0131n da faizi 4-5 faizd\u0259n 8-9 faiz\u0259 y\u00fcks\u0259ldi. N\u0259tic\u0259d\u0259 bu ka\u011f\u0131zlar\u0131n \u0259sas al\u0131c\u0131s\u0131 olan bank sektoru bazardan maliyy\u0259ni daha y\u00fcks\u0259k faizl\u0259rl\u0259 c\u0259lb etm\u0259y\u0259 ba\u015flad\u0131. Bel\u0259likl\u0259, \u0259man\u0259t faizl\u0259ri y\u00fcks\u0259ldi, onun h\u0259cmi s\u00fcr\u0259tl\u0259 artd\u0131. \u018fman\u0259t faizl\u0259ri kredit faizl\u0259rini d\u0259 arxas\u0131nca \u00e7\u0259km\u0259kd\u0259dir. Bundan \u0259lav\u0259, banklar v\u0259saitl\u0259rini daha \u00e7ox q\u0131sam\u00fcdd\u0259tli d\u00f6vl\u0259t qiym\u0259tli ka\u011f\u0131zlar\u0131na y\u00f6n\u0259ltm\u0259y\u0259 ba\u015flad\u0131lar, real iqtisadiyyat\u0131n maliyy\u0259l\u0259\u015fm\u0259si arxa plana ke\u00e7di. Dig\u0259r t\u0259r\u0259fd\u0259n, faizl\u0259rin artmas\u0131 d\u00f6vl\u0259tin maliyy\u0259 y\u00fck\u00fcn\u00fc d\u0259 art\u0131rd\u0131. Son iki ild\u0259 d\u00f6vl\u0259t b\u00fcdc\u0259sinin daxili borclara xidm\u0259t x\u0259rcl\u0259ri 1 milyard manatdan 2 milyard manatdan yuxar\u0131ya artd\u0131. Bu, \u00e7ox ciddi bir g\u00f6st\u0259ricidir. Eyni zamanda borclanma il\u0259 \u0259laq\u0259dar \u00f6d\u0259ni\u015fl\u0259rin yax\u0131nm\u00fcdd\u0259tli d\u00f6vrd\u0259 konsentrasiyas\u0131 qeyd\u0259 al\u0131nd\u0131. T\u0259s\u0259vv\u00fcr edin ki, \u00fcmumi daxili borclar\u0131n 73 faizinin yax\u0131n 2-3 ild\u0259 qaytar\u0131lmas\u0131 laz\u0131md\u0131r. Bu, 7 milyard manata yax\u0131n v\u0259sait dem\u0259kdir. Bel\u0259 y\u00fcks\u0259k m\u0259bl\u0259\u011f h\u0259m d\u00f6vl\u0259t b\u00fcdc\u0259si \u00fcz\u0259rind\u0259 a\u011f\u0131r y\u00fck yarad\u0131r, h\u0259m d\u0259 bazarda likvidlik problemini formala\u015fd\u0131r\u0131r. Buna g\u00f6r\u0259 d\u0259 bu sah\u0259d\u0259 ciddi siyas\u0259t d\u0259yi\u015fikliyi z\u0259rur\u0259ti var. D\u00fc\u015f\u00fcn\u00fcr\u0259m ki, bu ilin \u00f6t\u0259n d\u00f6vr\u00fcnd\u0259 yeni yerl\u0259\u015fdirilm\u0259nin olmamas\u0131, bir s\u0131ra istiqrazlar\u0131n vaxt\u0131ndan \u0259vv\u0259l geri al\u0131nmas\u0131 bu d\u0259yi\u015fikliyin ba\u015flanmas\u0131ndan x\u0259b\u0259r ver\u0259 bil\u0259r\u201d.<\/p>\n

Ekspert\u0259 g\u00f6r\u0259, yax\u0131nm\u00fcdd\u0259tli d\u00f6vrd\u0259 daxil borc faizl\u0259rinin yaratd\u0131\u011f\u0131 riskl\u0259rin t\u0259sirinin azald\u0131lmas\u0131 \u00fc\u00e7\u00fcn daxili borclanma s\u0259viyy\u0259sinin t\u0259nziml\u0259nm\u0259si il\u0259 ba\u011fl\u0131 q\u0259rarlar al\u0131na bil\u0259r.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u0130qtisad\u00e7\u0131n\u0131n fikrinc\u0259, xarici v\u0259 daxili d\u00f6vl\u0259t borcu il\u0259 ba\u011fl\u0131 balans\u0131n tap\u0131lmas\u0131 vacibdir\\\\ 2025-ci il 1 yanvar tarixin\u0259 Az\u0259rbaycan Respublikas\u0131n\u0131n d\u00f6vl\u0259t borcu (daxili v\u0259 xarici d\u00f6vl\u0259t borcu) 27 milyard 380,2 milyon manat olub. Maliyy\u0259 Nazirliyinin a\u00e7\u0131qlad\u0131\u011f\u0131 m\u0259lumata g\u00f6r\u0259, bu, 2024-c\u00fc il \u00fczr\u0259 126 milyard 337,0 milyon manat m\u0259bl\u0259\u011find\u0259 olan \u00dcmumi Daxili M\u0259hsulun (\u00dcDM) 21,7 faizi dem\u0259kdir. R\u0259smi m\u0259lumata g\u00f6r\u0259, \u00fcmumi d\u00f6vl\u0259t borcunun 8 milyard 720,5 milyon manat\u0131 (5 milyard 129,7 milyon AB\u015e dollar\u0131) v\u0259 ya 31,8 faizi xarici d\u00f6vl\u0259t borcunun, 18 milyard 659,7 milyon manat\u0131 v\u0259 ya 68,2 faizi daxili d\u00f6vl\u0259t…<\/p>\n","protected":false},"author":2,"featured_media":788364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[],"aioseo_notices":[],"gutentor_comment":0,"rttpg_featured_image_url":{"full":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",700,394,false],"landscape":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",700,394,false],"portraits":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",700,394,false],"thumbnail":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e-500x280.jpg",500,280,true],"medium":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e-648x365.jpg",648,365,true],"large":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",640,360,false],"1536x1536":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",700,394,false],"2048x2048":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",700,394,false],"post-thumbnail":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e-240x172.jpg",240,172,true],"advps-thumb-one":["https:\/\/arantv.az\/wp-content\/uploads\/2025\/02\/c324b4ae6515e721211edf48a9d48c0e.jpg",700,394,false]},"rttpg_author":{"display_name":"V\u00fcsal Rafiqo\u011flu","author_link":"https:\/\/arantv.az\/?author=2"},"rttpg_comment":0,"rttpg_category":"C\u0259miyy\u0259t<\/a>","rttpg_excerpt":"\u0130qtisad\u00e7\u0131n\u0131n fikrinc\u0259, xarici v\u0259 daxili d\u00f6vl\u0259t borcu il\u0259 ba\u011fl\u0131 balans\u0131n tap\u0131lmas\u0131 vacibdir\\\\ 2025-ci il 1 yanvar tarixin\u0259 Az\u0259rbaycan Respublikas\u0131n\u0131n d\u00f6vl\u0259t borcu (daxili v\u0259 xarici d\u00f6vl\u0259t borcu) 27 milyard 380,2 milyon manat olub. Maliyy\u0259 Nazirliyinin a\u00e7\u0131qlad\u0131\u011f\u0131 m\u0259lumata g\u00f6r\u0259, bu, 2024-c\u00fc il \u00fczr\u0259 126 milyard 337,0 milyon manat m\u0259bl\u0259\u011find\u0259 olan \u00dcmumi Daxili M\u0259hsulun (\u00dcDM) 21,7 faizi dem\u0259kdir.…","_links":{"self":[{"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/posts\/788363"}],"collection":[{"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arantv.az\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=788363"}],"version-history":[{"count":1,"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/posts\/788363\/revisions"}],"predecessor-version":[{"id":788365,"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/posts\/788363\/revisions\/788365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arantv.az\/index.php?rest_route=\/wp\/v2\/media\/788364"}],"wp:attachment":[{"href":"https:\/\/arantv.az\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=788363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arantv.az\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=788363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arantv.az\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=788363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}