JSC Azerbaijan Credit Bank decided to strengthen the leadership position. As head of the Supervisory Board, they appointed Emil Rzayev, who is the former chairman of the local BTB Bank, the majority of whose shares belong to the family of the head of the Presidential Administration Ramiz Mehdiyev. According to the press service of JSC Azerbaijan Credit Bank, the former head of the Supervisory Board was Shirkhan Abbasov.
Observers attribute this step to the lowest level of the share capital (11,430,000 manat) and its inability to bring it to the minimum level of capitalization (AZN 50 million) set by the Central Bank of the country. Hence, it is possible the bank will be absorbed by the aforesaid larger counterpart.
JSC Azerbaijan Credit Bank received a license to operate in December 2005. Its shareholders are three members of the Shirkhan Abbasov family (36.64% stake). --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review