Confidence in Access Bank Grows
Long-term Issuer Default Rating (IDR) of Access Bank (Azerbaijan) in foreign currency increased from the level BB + to the level BBB- with the rating outlook "stable".
According to the report on the website of Fitch Ratings, the short-term IDR upgraded to F3 with rated sustainability affirmed at bb- and improved support rating of 2.
The press release states that the improvement of parameters reflects the estimate of the probability of support that the bank may receive from its major shareholders - international financial institutions. Moreover, by July 1, the share of non-performing loans of the bank was only 0.2% of the total loan portfolio.
Access Bank shareholders are the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, German KfW, Access Holding, and LFS Financial Systems GmbH. --17D-
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- Question-answer
- 11 December 2014 15:27
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- Social
- 11 December 2014 16:05
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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