The Central Bank of Azerbaijan (CBA) has revoked the license of «Bank of Azerbaijan». According to the official announcement, Bank of Azerbaijan has not fulfilled the requirements of the minimum total capital (50 million manat.) The bank's capital adequacy ratio fell below 3%, the bank does not meet its obligations to creditors, did not carry out reliable operation, the report says. According to the Central Bank, the Azerbaijan Deposit Insurance Fund (ADIF) will compensate depositors the insured deposits (up to 30.000 manat.) The bank appointed a temporary administrator.
The Bank of Azerbaijan operates since 1993. The main shareholders are the sons of a businessman Hafiz Mammadov, also known by the nickname "Hafka", which in the last 3-4 years experienced great financial difficulties and lost part of its business. Hafiz Mammadov for many years has been a business partner of Ziya Mammadov, the Minister of Transport. -06D-
Economics
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Natural gas supplies from Azerbaijan to Bulgaria have been temporarily suspended due to technical reasons from January 6, 2025, Turan reports. Bulgarian «Bulgargaz» Energy Company has announced the suspension, noting that supplies are expected to resume on January 11, 2025.
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In 2024, Azerbaijan welcomed 3.523 million passengers from 38 countries via air transportation, reflecting a significant 32.1% increase compared to the previous year. According to the State Tourism Agency, this also marks an expansion in reach, with visitors arriving from three additional countries, an 8.5% rise year-on-year.
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As Azerbaijan sets an ambitious trajectory for economic growth in 2025, the country is poised to expand its investment portfolio and develop innovative financial instruments. These efforts aim to create a favorable environment for both domestic and international investors, while steering the economy away from oil dependency toward diversified and sustainable growth.
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In 2025, Azerbaijan will celebrate a series of public holidays and mourning events combining cultural traditions, religious rituals and national commemorations. The calendar, approved by the Cabinet of Ministers, defines significant dates that will provide citizens with the opportunity to honor their heritage, reflect on history, and relax with family and friends.
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