Establishment of the committee of the creditors of the «Standart» bank
On the basis of the decision of the Baku Administrative-Economic Court will be set up a committee of the creditors of the bank «Standart». According to Turan, creation of the committee was assigned to the Deposit Insurance Fund. The Foundation shall take the necessary measures to determine the composition of the committee, for the approval of the Regulations on the committee of creditors.
The decision on the bankruptcy of the Bank «Standart» was adopted on October 4, 2016. As of January 19, 2017 depositors compensated 434.920.000 manat, or 98.4% of the total insured bank deposits. -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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