Best Days Behind Bank of Baku
On the background of the financial crisis Bank of Baku announced the closure of three of its metropolitan branches.
According to the information, the licenses of the branches May 28, Babek and Yeni Guneshli were canceled. According to experts of Turan IA, this is due to the fact that the bank preferred to extend the portfolio of consumer loans issued without collateral. And this has led to an increase in the proportion of problem loans, including overdue and "suspended" ones. Now there is a kind of recovery of the loan portfolio.
Recall that after today's announcement, the number of the bank's branches was reduced from 24 to 21.
JSC Bank of Baku received its banking license in 1994. Its shareholders are three businesses and two individuals. --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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