IBA Guarantees Provide Good Rating to Its Entity in Moscow
The rating of the bonds of Bank IBA-Moscow LLC is set at the level of BB.
As stated by Fitch Ratings, it has become possible due to the availability of guarantees of its founder, OJSC International Bank of Azerbaijan.
The planned issue of securities in the amount of 3 billion rubles for corporate purposes is designed for 3 years with a commitment to repurchase in a year. The yield on the bonds in the first year is set at 11.5%.
The bank IBA-Moscow with a capital of 2,110,427,000 rubles ($ 31.71 million at the current exchange rate) was founded in 2002 and is a subsidiary of OJSC International Bank of Azerbaijan. Its has branches in Moscow, St. Petersburg and Yekaterinburg. --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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