Deposits Returned by Gandja Bank
The process of returning deposits by Gandja Bank started. This was reported to the media by the Chairman of the Central Bank of Azerbaijan, Elman Rustamov.
According to him, representatives of the bank and the temporary administrators should ensure that the investors could take their money back in the statutory minimum periods.
"Deposits in the financially sound banks in Azerbaijan will be fully insured. Recently, the Parliament adopted a law on full insurance of all deposits, which is to be signed soon. So deposits in large sound banks with prospects of growth will be insured at 100%," he said, without naming the "sick" ones.
According to the observations of Turan IA, cancellation of banking licenses is actually taking place - during the week the licenses of the Bank of Azerbaijan OJSC and JSC Gandjabank were revoked. If the Central Bank had promptly informed the clients of the unreliability of these banks, as well as others that changed their name and founders, there would not have been risky investments. Moreover, it is not a secret that the banking system has more than 10 unpromising banks with a small specific weight of financing and an unreliable loan portfolio. --17D-
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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