Investors of Ten Closed Banks Receive AZN 623,736,000
As of October 26, the Deposit Insurance Fund compensated depositors of ten closed banks 623,736,000 manat, the Fund said in a statement.
The depositors of OJSC Para Bank were issued 34 million 582 thousand, JSC Zamin Bank - 51 million 026 thousand, JSC Credo Bank - 26 million 136 thousand, JSC Deka Bank - 2 million 858 thousand, JSC Atra Bank - 14 million 140 thousand, JSC Qafqaz Inkishaf Bank - 1 million 876 thousand, JSC Bank of Azerbaijan - 24 million 117 thousand, JSC Ganja Bank - 969 thousand, JSC Tekhnika Bank - 119 million 978 thousand, and JSC Bank Standard - 348 million 048 thousand manat as compensation. ----71D
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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