On February 23, the international rating agency Moody`s warned that the assets of Azerbaijani banks are at risk.
As reported by Bloomberg, this assessment came after Azerbaijan, a major oil producer, on February 21 dramatically lowered the rate of the national currency against the dollar and the euro.
In this regard, on Monday Moody`s exposed "negative outlook" for Azerbaijani banks such as JSC International Bank and JSC VTB.
The move had a negative impact on asset quality due to the borrowers’ pressure on banks and the borrowers' ability to repay loans.
At the same time, liabilities of banks in foreign currency were denominated.
Currency devaluation will encourage depositors to transfer manat deposits into foreign currency, analysts from Moody`s believe. -02D-
Economics
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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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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