Banking System in Anticipation of Panacea
The Council to ensure the financial stability led by the Prime Minister of Azerbaijan Artur Rasizadeh intends to make a decision on institutional governance of derived troubled assets of financial and credit institutions.
Commenting on the situation, the head of the Financial Markets Supervisory House Board of Directors Rufat Aslanli said this initiative is based on the proposals to change the legislation in order to regulate these issues.
The point is to make effective measures for the rehabilitation and restructuring of the banking system, resulting in problem assets separated from the healthy assets.
"The regulator is against the forced union of banks and insurance companies. Before the first wave of devaluation of the manat the share of loans in foreign currency amounted to 47%. After the December drawdown their nominal amount in manat has doubled, which creates problems with the implementation of the bank's liabilities in dollars and euros. After deciding these issues will soften,” he said. --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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