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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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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