Completed the process of increasing the authorized capital of the Central Bank of Azerbaijan (CBA) - up to 500 million manats, reporters were told by its head Elman Rustamov. According to him, this was achieved at the expense of profits.
Responding to questions from the media, he said that he would support the consolidation and represent its interests in court in connection with the revocation of the license of bankrupt JSC Atrabank and Qafqaz Inkishaf Banki. Regarding the consolidation itself, this process develops and will be completed after the assembly of new shareholders. The three banks have signed a protocol of intentions and conduct mutual assessment of assets, and etc.
According to Rustamov, the problem of the main regulator of banks is not in providing the financial market with exchange, but in preventing strong fluctuations of the exchange rate of the manat, which will continue to be on the shoulders of the state budget transfers from the State Oil Fund of Azerbaijan. --17D-
Economics
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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Azerbaijan Railways (AZD) has launched rail transit shipments from Zira Port, located 45 kilometers east of Baku, strengthening the country's position as a logistics hub on the Middle Corridor.
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Azerbaijan’s state-owned electricity producer, Azerenergy, is advancing the construction of six hydroelectric power plants (HPPs) in the Kalbajar and Lachin districts as part of the country’s efforts to expand its renewable energy capacity. The plants, with a combined capacity of 37.5 megawatts (MW), are expected to be commissioned in the first half of 2025, according to the company.
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