The Financial Markets Supervision House decided to close four branches of Nikoil Bank. The reason for the closure was a violation of the ‘rules of healthy lending and law in cash transactions, as well as the distortion of accounting.’
‘In addition, the audit revealed that the cash balance was not included in the balance information. It was found that in the presence of foreign currency the branches did not sell it,’ the statement says.
Nor were respected principles of healthy crediting and the income was unbalanced as well as the monthly debt burden for borrowers.
In addition, the FMSH regulations dated April 5 were violated on a one-month ban for issuing foreign currency consumer loans.
Commenting the case for Turan, the Director of Marketing Department of Bank Nikoil, Rashad Jumshudov, said all the decisions of the House will be executed immediately.
‘We planned to optimize costs, which meant the closure and consolidation of certain subsidiaries. This will let finish the fiscal year with a positive balance,’ he said.
Jumshudov added that the bank will issue a press release, which will inform customers of the closed branches and where they should apply.
‘The bank continues to operate, and there is no reason to panic. We are working to overcome the crisis,’ he said. -71D-
Economics
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BP has signed a shareholders agreement with SOCAR Green (a subsidiary of SOCAR) and the Azerbaijan Investment Company (AIC) to form a joint venture for the construction of a 240 MW solar power plant in Azerbaijan’s Jabrayil District, the company announced on Monday.
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The State Oil Company of Azerbaijan (SOCAR) and Russian energy giant Gazprom are discussing further steps to strengthen their strategic partnership in the energy sector, SOCAR announced on social media on Monday.
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Azerbaijan, known worldwide for its oil wealth, has seen its oil and gas sector contribute at least 90% of its exports, significantly shaping the country’s GDP, foreign investment, and fiscal stability. These resources have helped stabilize the national currency and ensured political and social stability. However, since oil production has been steadily declining since 2011, the country faces mounting economic challenges as it transitions into a post-oil era, notes economist Gubad Ibadoglu.
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In Azerbaijan, it is planned to calculate wages on an hourly basis instead of monthly. At the same time, according to officials' statements, salary increases are expected next year. So far, there is no official information on how much wages will increase. However, experts say that the transition to hourly wages in Azerbaijan appears very difficult and could lead to cases of abuse.
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