The depositors of 10 closed banks have been compensated 713 million 861 thousand manat by the Deposit Insurance Fund. The specification on banks is as follows: Para Bank – AZN 42 million 902 thousand (98% of the total amount of the due compensation), Zamin Bank – AZN 52 million 380 thousand (72%), Credo Bank – AZN 27 million 192 thousand (97%), Deka Bank – AZN 3 million 021 thousand (96%), Atra Bank – AZN 14 million 258 thousand (97%), Gafqaz Inkishaf Bank – AZN 1 million 943 thousand (92%), Bank of Azerbaijan – AZN 24 million 148 thousand (97%), Ganja Bank – AZN 975 thousand (94%), Tekhnika Bank – AZN 120 million 116 thousand (98%), and Bank Standard – AZN 426 million 926 thousand (97%). ----71D
Economics
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The labor market in Azerbaijan in 2024 presents a mixed picture: a slight decrease in the unemployment rate alongside growing challenges in addressing youth employment issues. Despite significant progress in formalizing employment and creating jobs, the mismatch between labor force growth and job availability remains a pressing issue.
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SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.
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Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.
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Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
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