In the first half of 2016 the JSC "Bank Silk Way" had $429.000 manat losses. They can be attributed to technical losses, since they arose due to allocations to reserves for possible losses of assets. According to the bank's report, in the first half were created reserves for possible losses in the amount of 7.124.000 manats. Operating profit of the Bank Silk Way for the period amounted to about 6.7 million manat.
Over six months the bank's income only for foreign exchange trading amounted to 3.7 million manats.
For July 1 of this year, Bank Silk Way assets amount to 364.4 million manats. Of these, the share of loans to customers, amounts to 346,200,000 manats. Of this amount, 193.8 million manats granted in foreign currency.
The volume of bank deposits totals 148.2 million manat, of which 132.8 million manat were invested in foreign currency. In 2015, with revenue of 32.4 million AZN the OJSC "Bank Silk Way" got 1.5 million manat net profit. Shareholders of Bank owned capital in the amount of 106.6 million manats. --08D--
Economics
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, praising notable achievements in macroeconomic stability and the banking sector. However, the report underscores persistent vulnerabilities stemming from the country’s dependence on hydrocarbons and provides a detailed outlook for its oil-rich economy.
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The Azerbaijan Caspian Shipping Company (ASCO) announced the commissioning of its newly built vessel, "Bergyushadchay", on November 28. Constructed at the Zykh Ship Repair and Construction Yard, the vessel is now part of ASCO's Caspian Sea Oil Fleet as an auxiliary ship, according to the company's statement.
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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