Commercial Bank of Rabitabank increased its registered capital to the level of 51.4 million manat.
As reported in the bank, this is the third in the share capital increase Rabitabank in 2013 to the year. Thus, Rabitabank fully complied with the requirements of the Central Bank in relation to the minimum authorized capital of banks.
The decision to increase the authorized capital of the Bank approved at a general meeting of shareholders in 2012. In 2013, they successfully made the issue of shares and the successful placement of ordinary registered shares.
Created in 1993 Rabitabank this year marks its 20th anniversary. On August 20, 2013 the Bank's assets amounted to 254 million manat, credit portfolio - 138 million manat. Currently, the bank serves individuals and legal entities through 20 branches, 2 offices and one representative office in 14 regions of the country and the city Baku.-15D--
Economics
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Vahid Magerramov, Head of the Public Association for Support of Agrarian Reforms, has raised concerns over rising consumer prices in Azerbaijan, warning that the inflation trend could have serious economic consequences for the country.
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Silk production in Azerbaijan decreased by 32.9% year-on-year in the first eight months of 2024, reaching 239.4 tons, according to data released by the State Statistics Committee. The decline was attributed to a reduction in the number of silkworm seeds distributed to farmers, reflecting a longer-term trend in the sector's contraction, noted agricultural expert Vahid Maharramov.
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Sunniya Durrani-Jamal has officially taken office as the new Country Director of the Asian Development Bank (ADB) in Azerbaijan, succeeding Candice Mcdagan, who held the position since 2021. Durrani-Jamal brings over 25 years of professional experience, including 16 years in senior roles at ADB, to her new position. She previously served as ADB’s Regional Director in Cambodia and Senior Advisor to the Vice President for East Asia, Southeast Asia, and the Pacific.
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Azerbaijan's drive to diversify its economy is faltering, despite years of policy announcements and state programs aimed at reducing reliance on the energy sector. The country has struggled to implement effective diversification measures, leaving it vulnerable to external economic pressures, analysts said.
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