Bank of Azerbaijan grew by 63%
Assets of JSC Bank of Azerbaijan on the 1st of June this year reached the level of AZN 325.8 million, an increase compared to the previous year by 63%.
Lending to individuals and legal entities in the reporting period increased by 75% to 296.9 million manat.
According to the bank's retail deposits reached 85.2 million manat, and paid charter capital - 50 million manat.
At the end of May 2013 interest income equaled 15.2 million manat, and non-interest - 2.99 million manat.
One of the prominent representatives of the financial and banking sector "Bank of Azerbaijan" in operation since 1993. The Bank operates through 16 branches and three offices (excluding head office). "Bank of Azerbaijan" actively supports cooperation with leading banks in Germany, Russia, Turkey and other countries. -15D -
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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