The international agency Fitch Ratings affirmed the long-term issuer default rating of the largest local banks (International Bank of Azerbaijan at the level of BB and Capital Bank and Pasha Bank at B +).
As stated in the press release, the forecast for the activities of all three structures is "stable", while the stability rating of Capital Bank has been upgraded to «b».
Experts do not hide the fact that the stability and activity of the mentioned positive trend of banks matched with government financial resources and those close to the government, based on a strong public participation and a significant amount of the State Oil Fund of Azerbaijan. Otherwise, the dependence of the local economy of global oil prices would make the chances of these organizations vulnerable and uncertain.
"Despite the decline in oil revenues, the government policy is expected to be relatively moderate, so that economic growth will continue. However, if oil prices for a long time are at a low level, it can lead to significant budget cuts that have been the main driver of growth for the non-oil sector, as well as reduction in support of bank lending and asset quality," the press release said. --17D-
Economics
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Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
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Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
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The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
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But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
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