JSC Caspian Development Bank has become a full member of VISA International. As stated by the financial structure, the decision was taken at the last meeting of the VISA in Singapore.
Membership in the global system allows financial institutions, including CDB, to issue cards of that community. In particular, the bank plans to offer its customers 7 banking products of VISA: VISA Electron, VISA Classic, VISA Gold, VISA Platinum, VISA Infinite, VISA Business and VISA Virtual.
JSC Caspian Development Bank (known by its earlier name Kovsar Bank) was founded in 1988. In December 2014 the composition of shareholders of the bank changed and its owner is Synergy Group. That is why in January of this year, the bank changed its name too. The authorized capital is 50.02 million manats. --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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