Bank Republic has started work on the strategy to reduce credit interest rates and simplify the procedures of consumer credits and credits for small and medium-size business as a part of the program for reduction of interest rate implemented by the Central Bank of Azerbaijan.
The bank analyzes the credit basis of the banks as well as demands and possibilities of the market. The heads of various departments of the banks and managers are involved in the work on the strategy to obtain full and different information about this issue.
One of the directions of the strategy is the possibility to increase maximum amount and reduce credit commissions as well as soft credits for various strata of population.
“The bank has already taken measures to consider the most significant factors affecting prices and consumer credits and the results of the work will be used to change the credit procedures of the bank,” Hadija Hasanova, chairman of Board of the bank, said.—0--
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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