Depositors of Ten Closed Banks Offset by 725 Million 712 Thousand Manat
The depositors of 10 closed banks have been offset by 725 million 712 thousand manat by the Deposit Insurance Fund. The specification is as follows: Para Bank – AZN 43 million 175 thousand (98.4% of the total amount of compensation), Zamin Bank – AZN 54 million 362 thousand (75%), Credo Bank – AZN 27 million 771 thousand (99 9%), Deka Bank – AZN 3 million 086 thousand (98.7%),
Atra Bank – AZN 14 million 280 thousand (98.1%), Qafqaz Inkishaf Bank – AZN 1 million 974 thousand (94.4%), Bank of Azerbaijan – AZN 24 million 161 thousand (97%), Ganja Bank – AZN 976 thousand 440 (94%), Tekhnika Bank – AZN 120 million 433 thousand (98.2%), and Bank Standard – AZN 435 million 489 thousand (99%). ----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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