Bank VTB (Azerbaijan) Chooses External Auditor
JSC Bank VTB (Azerbaijan) has summed up the announced public tender for the audit of the financial results of 2012 and quarterly reports in 2013 on the basis of International Financial Reporting Standards.
As reported in the bank, according to the decision of the tender commission, the winner was the international auditing company Ernst & Young. The external audit of the bank for 2009, 2010 and 2011 was carried out by Baker Tilly Audit Azerbaijan.
The Russian financial institution Bank VTB acquired a 51% stake in Azerbaijani AF Bank and made the necessary re-branding in 2008. -15D -
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- Photo sessions
- 31 August 2012 15:46
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- 31 August 2012 16:06
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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