Assets of Avrasiya Bank Decreased by 1.3%
Avrasiya Bank's assets by the beginning of October fell by 1.3% (1 million 876.9 thousand manat), amounting to 135 million 728.9 thousand manat.
During the reporting period, the bank's liabilities decreased by 2 million 329.9 thousand manat (2.9%) and amounted to 77 million 598.7 thousand manat.
In September, the bank's assets amounted to 58 million 130.2 thousand manat (an increase of 0.78% or AZN 453,000).
The net profit without tax payments amounted to 6 million 696.5 thousand manat. -71D-
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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