Azerbaijan still has 4 banks with low capital
Aggregate capital of four of the 43 banks in Azerbaijan up in August 2012 did not meet the minimum requirement of 10 million manat.
According to the Central Bank of Azerbaijan (CBA), the capital of one bank is less than 3.5 million manat, another one is within 3.5-5 million manat, and two banks - 5.10 million manat. The total share of the latter two groups of banks in total capitalization of the sector is 0.2% and 0.8%.
The number of banks with a total capital of over 10 million manat in August remained unchanged at the level of 39. Their share in the total capital is equal to 99%.
The minimum requirement for the size of the total capital of banks since July 2007 is 10 million manat. According to the recent decision of CBA, from 1 January 2014, the figure will be 50 million manat. - 15B -
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review