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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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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