The requirement of the Central Bank of Azerbaijan for the minimum level of capitalization will not be changed either in the sum or in the timing, the CEO of CBA Rashad Orujov told the media today. As agreed, all the members of the banking market shall have a net worth of 50 million manat by January 1, 2015.
"The banks have six weeks to meet the conditions; for this time they must either increase the level of capitalization, or merge or take other appropriate action in compliance with the legislation," he said. According to him, the new requirement has already hit the lending capacity of banks, increasing the ratio of theirn assets to non-oil GDP up to 78%. --17D-
Economics
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Azerbaijan’s COP29 Operating Company is advancing green energy initiatives with partners to power the Baku Olympic Stadium, host of the upcoming COP29 climate summit, and to promote sustainability across Azerbaijani regions.
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Azerbaijan's car market has shown mixed trends in 2024, with a sharp drop in the volume of imported vehicles but a rise in overall import costs, according to data for the first nine months.
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Azerbaijan’s real estate market, particularly in Baku, continues to see significant price growth in 2024, with apartment prices up by 9.2% in the first nine months of the year. The trend is largely driven by supply shortages, inflation, and rising demand from investors, according to market analysts.
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The Small and Medium Business Development Agency of Azerbaijan (KOBİA) has focused its support efforts on the Baku economic region, approving 220 business plans from January to September 2024, underscoring its commitment to fostering business growth within the country.
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