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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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.
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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.
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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.
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"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.
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