Debt of Bank of Baku to Central Bank Rose to AZN 60 Million
In 2016, the assets of Bank of Baku amounted to AZN 549 million 609 thousand, down compared with 2015 by 25.2%, or 185 million 239 thousand manat.
The bank's liabilities during the reporting period decreased by 26.1% or 168 million 760 thousand manat, reaching 476 million 741 thousand manat.
Deposits in the bank fell to 284 million 042 thousand manat (- 145 million 918 thousand manat or 33.93%).
The debt of Bank of Baku to the Central Bank increased from 40 million manat in 2015 to AZN 60 million in 2016.
The bank's capital was reduced by 16 million 480 thousand manat or 18.4%, amounting to 72 million 867 thousand manat in 2016.
Bank of Baku completed the year 2016 with a loss of 15 million 330 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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