Azerbaijan's state-guaranteed debt stood at AZN 7,886 million at the end of the January-September 2026 reporting period. It declined by AZN 2,482.4 million, or 23.9%, from the start of the year, according to the Ministry of Finance report. Foreign currency nevertheless represents 83.8% of the portfolio, calculated by FinFly as 100% minus the reported manat share.
External debt and foreign-currency debt measure different things
External state-guaranteed obligations amounted to AZN 4,857.8 million, or 61.6% of the portfolio. Domestic obligations reached AZN 3,028.2 million, or 38.4%. A separate currency breakdown puts the manat share at just 16.2%.
| Currency of obligation | Share |
|---|---|
| US dollar | 57.9% |
| Euro | 19.4% |
| Manat | 16.2% |
| Japanese yen | 4.6% |
| Other currencies | 2.0% |
The published currency shares add up to 100.1% because of rounding. The 83.8% foreign-currency estimate therefore uses the complement of the manat share. It should not be confused with the external debt share: financing location and denomination describe different features.
Maturity profile
Debt maturing within five years accounts for 68.8% of the portfolio; maturities of five to ten years represent 19.3%, and those beyond ten years 11.9%. The first category corresponds to approximately AZN 5.43 billion, calculated from the total and the rounded share.
This is not an amount the budget must pay in the current year. Obligations are spread across maturities, and a state guarantee does not mean that the borrower has stopped servicing its debt.
Interpreting the exposure
A smaller portfolio reduces the amount of guaranteed obligations. The high foreign-currency share leaves their manat valuation sensitive to exchange rates. Assessing an individual borrower's risk additionally requires information on revenue currency, cash flow, repayment dates and guarantee terms. The aggregate table does not establish the probability of budget support being required.