Bank assets of Turkic states approach $1.2 trillion

The combined bank assets of the member states of the Organization of Turkic States (OTS) have approached $1.2 trillion, while the bloc’s combined gross domestic product has reached $2.1 trillion, Vusal Gasimli, executive director of the Economic Statistics Research and Communication Center, said.

Speaking at a financial and banking sector event, Gasimli said the OTS economies account for around 3% of global GDP, while average economic growth across the bloc stands at about 6%.

According to him, Kyrgyzstan has recorded economic growth of more than 11%, while Uzbekistan’s economy has expanded by 7%, Kazakhstan’s by 6.5% and Azerbaijan’s by more than 5%.

Gasimli said the banking assets of OTS member states currently account for around 0.8% of global banking assets.

He added that the combined loan portfolio of the bloc had reached approximately $670 billion, or about 2.3% of global lending.

According to Gasimli, these indicators demonstrate significant growth potential for the banking and financial sector across the Turkic states, particularly through the development of capital markets and deeper financial integration.

He said closer regulatory coordination and the adoption of new technologies, including artificial intelligence, blockchain, tokenization and open finance, would play a key role in strengthening the region’s financial system.

N.Tebrizli