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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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.
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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.
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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.
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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.
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