On June 1, total foreign liabilities of local banks (out of 45) were at 6 billion 982.1 million manats (+ 40% on 1 January), the report of the Central Bank of Azerbaijan said.
Over the six months almost by a half (+ 48.1%) increased the total foreign assets of local credit institutions (withdrawal of money abroad), reaching 4 billion 669 900 000 manats. It should be noted that in May, the outflow of capital was reduced by 6.5%. Recall, the trend of growth of foreign assets was caused by the February devaluation of the manat.
The external liabilities of banks in Azerbaijan are formed by loans taken from non-residents, attracted deposits from non-residents, and securities placed in the non-resident. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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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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