Assets of Bank of Baku Decreased by 6.4%
The assets of Bank of Baku in the third quarter of 2016 compared to the second quarter decreased by 6.4% (37 million 844.54 thousand manat), amounting to 549 million 542.43 thousand manat, the bank said.
During the reported period the bank's liabilities amounted to 498 million 990.24 thousand manat, decreasing by 4.5% (23 million 664.74 thousand manat).
The bank’s capital was reduced by 14 million 179.79 thousand manat (21.9%) and amounted to 50 million 552.19 thousand manat.
The bank’s funds increased by 2 million 114 thousand manat since the beginning of 2016, reaching 114 million 358 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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