JSC Azer-Turk Bank has opened a branch in Masalli in the south of Azerbaijan. The branch named Masalli is located in the complex ASAN Hayat. According to the bank, its opening was attended by Azerbaijani President Ilham Aliyev.
From the beginning of the year, it has been the fourth full banking center opened. Previously the users received Branch №2 in Baku, as well as the branch Shirvan in the Shirvan city and the department Gabala in Gabala.
JSC Azer-Turk Bank was established in May 1995. By the end of August its assets reached 900 million manats. The state represented by the State Committee for Property Affairs owns 75% of its shares. Turkish Ziraat Bank owns 12.37%, and Ziraat Bank International owns 1.08%. The securities are also owned by two insurance companies: Reinsurance Company AzRe - 6.55% and Qala Hayat Sigorta - 5%.--17D-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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