The Baku branch of Bank Melli Iran changed the chief accountant. In place of Elkhan Rahimli they appointed Vugar Mirheydar, who was the deputy chairman of the Board of Gunay Bank.
Bank Melli Iran opened its branch in Baku in 1993. First, it developed rapidly, but then after the introduction of US sanctions against Iran, the bank sharply limited its activity, becoming almost imperceptible in the Azerbaijani capital market.
Turan Agency recalled that in December 2015 the CEO of the Baku branch of Bank Melli Iran Manouchehr Hosseynzade “voluntarily” left his position. He had led the division for over 7 years. He was replaced by Najafimarganmaskan Asghar Khalil.
At the end of 2015 the branch's assets reached about AZN 19 million.
Visiting Baku in early August, the Minister of Communications and Information Technology Mahmoud Vaezi in an interview with Azerbaijani officials once again returned to the issue of expansion of Iranian involvement in the banking sector of Azerbaijan.
Last summer, during a visit to Azerbaijan Vaezi expressed dissatisfaction with the low activity of the branch of Bank Melli Iran, which was caused by restrictive international sanctions.
After the removal of international sanctions against Iran, Vaezi offered to open the Azerbaijani banking market for Iranian bankers and jointly use the defrosted Iranian assets in Azerbaijan in the amount of $ 200 million in the banking and other sectors of the economy. -0-
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
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