JSC Bank of Baku has reported on the results of the past 22 years of activity in the local financial market. As stated in its official information on the website, it has achieved the following over the years:
First Bolkart taxi card, allowing to pay the cost of goods purchased in installments
Payment terminals Cash in - payment of loans, recharge cards, custom credit card payments and other payment
Online payment loans
Information Center, based at the IVR system -145
Application of co-brand cards (Ideal, MyBrands)
Online help service - an opportunity to get a certificate of employment, without leaving the bank
SMS loan
Special offers for customers in the framework of Wi-Fi in the branches. All of these services are introduced for the first time among financial market participants.
Today the bank provides services to more than 700,000 clients in 20 branches in the head and administrative offices.
As of February 1, the liquidity ratio of the Bank of Baku is 330% to the minimum requirement of 30% of CBA. The capital adequacy ratio is 15.35% to the minimum requirement of the Central Bank at 10%, and the capital adequacy ratio is 10.7% to the minimum requirement of 5%. --17D-
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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