Investors of Nine Private Banks of Azerbaijan Receive 212 Million AZN as Compensation
The depositors of nine closed banks have received compensation in the amount of 212 million manats, said the report of the State Deposit Insurance Fund of Azerbaijan..
The depositors of Para Bank were paid 20.3 million AZN, those of Zamin Bank were paid 34.1 million AZN, those of Credo Bank were paid 9.8 million AZN, and those of Deka Bank were paid 2.4 million AZN.
The depositors of Atra Bank received 1.2 million AZN, those of Qafqaz Inkishaf Banki received 629,000 AZN, those of Bank of Azerbaijan received 24 million AZN, those of Ganja Bank received 895,500 AZN, and those of Tekhnika Bank received 119.5 million AZN. -------73D
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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