Assets and Liabilities of International Bank of Azerbaijan Will Be Drastically Reduced
As a result of ineffective management policy, the International Bank of Azerbaijan has a large foreign debt, said Finance Minister Samir Sharifov.
He noted that the state took over the rehabilitation of the bank and one of the main issues is the interests of depositors.
‘We are talking about the largest bank and the bank's problems can strike the international image of Azerbaijan. At the same time the healing process should also take into account the changing macroeconomic situation,’ the Minister said.
Sharifov said one of the purposes of recovery of the bank is its reduction.
‘After the return of foreign liabilities the bank's assets and liabilities will be drastically reduced,’ Sharifov said. ----71B
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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