Capital of Azerbaijan Industrial Bank Rose by 2.17%
Azerbaijan Industrial Bank (Azerbaijan Senaye Banki) assets rose by 0.67% in the third quarter of 2016 (4 million 247.880 thousand manat), amounting to 636 million 406.150 thousand manat.
According to Turan, during the reporting period, the bank's liabilities amounted to 552 million 586.070 thousand manat (an increase of 0.44%, or 2 million 462.229 thousand manat).
In the third quarter, the bank's capital increased by 1 million 785.660 thousand manat (2,17%), amounting to 83 million 820.090 thousand manat.
During this period, the bank's profit amounted to 5 million 991.670 thousand manat. -----71D
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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