Deposit Guarantee Fund has compensated depositors of 10 closed banks 708 million 399 thousand manat.
The depositors were issued the following sums: Para Bank – AZN 42 million 862 thousand, Zamin Bank – AZN 52 million 306 thousand, Credo Bank – AZN 27 million 192 thousand, Deka Bank – AZN 3 million 021 thousand, Atra Bank – AZN 14 million 218 thousand, Qafqaz Inkisaf Banki – AZN 1 million 926 thousand, Bank of Azerbaijan – AZN 24 million 147 thousand, Ganja Bank – AZN 975 thousand, Tekhnika Bank – AZN 120 million 81 thousand, and Bank Standard – AZN 421 million 669 thousand. ------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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