The report of the Central Bank of AR (CBA) on financial stability, including the first quarter of this year, has been issued. As of April 1, the external debt of the local banking sector was at the level of 6.4 billion manats or 22% of the total liabilities of the banking system.
In March, its refinancing rate was 89% and from 2009 to the end of 2014 - 150%, indicating a high potential of the banking system borrowing in foreign markets, the report says.
"It is estimated that local banks are resistant to refinancing the external debt and have sufficient liquid assets in foreign currency to meet the obligations on foreign loans," said CBA. --17D-
Economics
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In the first 11 months of 2024, Azerbaijan Railways CJSC (ADY) transported over 7.6 million passengers, marking a 20% increase compared to the same period last year, the company announced on Thursday.
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The Cabinet of Ministers of Azerbaijan has approved amendments to the list of entities under the State Tourism Agency that are not part of its primary structure, in a move aimed at improving the management of tourism and recreational zones. The decision implements a presidential decree issued earlier this year.
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At the inaugural Caspian Innovation Forum, Orkhan Mammadov, Chairman of the Board of Azerbaijan’s Small and Medium Business Development Agency (KOBIA), announced a significant milestone in the country’s efforts to develop its startup ecosystem. Over the past year, 79 entrepreneurial projects have received financial grants totaling 1.4 million manats, underscoring Azerbaijan's firm commitment to fostering innovation, technology, and digitalization.
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As part of growing regional cooperation, Arif Agayev, Deputy Chairman of Azerbaijan Railways (ADY), hosted a Belarusian delegation led by Andrei Yakobson, Deputy Chairman of Belarusian Railways (BDY), in Baku on December 4. During the discussions, both sides emphasized the importance of strengthening bilateral and multilateral railway partnerships to meet the rising demand for freight transport and bolster trade routes connecting Europe and Asia.
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