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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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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