More than fourfold increase in the refinancing rate of the Central Bank of Azerbaijan for the period from May 2014 to September 14 this year (from 3.5 to 15%) affected the requests of local financial and credit institutions.
As stated in the CBA report, by October 1, total volumes for this position were at the level of 6 billion 475.1 million manat (minus 25 million to September 1 and minus 79.6 million to August 1).
As can be seen from the bank reporting indicators, they have not ceased to look for credit lines and simply abandoned the CBA services, seeking for foreign financial institutions applying a more gentle rate. --17D-
Economics
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), and Oleg Korobchenko, Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, discussed cooperation and expressed satisfaction with the partnership between SOCAR and the Russian oil company Tatneft.
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