The issue prospectus of JSC Kovsarbank has been registered. According to the State Securities Committee (SSC), the financial structure is going to increase its registered capital by 38 million manat, issuing 190,000 shares with a nominal value of AZN 200 each. Thus, after the repayment of the issue they will meet the requirement of the Central Bank of a 50 million AZN equity.
Recall that the said bank is known for its opposition to the Central Bank of Azerbaijan. Twice - in 2001 and 2010 the main regulator of financial flows sued the bank, and lost both times.
Kovsarbank is one of the oldest banks in the country and it previously operated under the name Universalbank. It has extensive contacts in the higher echelons of power. The main shareholder of Kovsarbank is Heydar Ibrahimov, the brother of the chairman of the Parliamentary Committee on Agrarian Policy Eldar Ibrahimov.
In Azerbaijan, there are 44 banks. - 17D-
Economics
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In July 2024, the State Oil Fund of the Republic of Azerbaijan (SOFAR) reported a sharp increase in currency sales, reaching $826.3 million. This figure is three times higher than the $272.7 million recorded in July 2023 and twice the amount for June 2024.
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The State Statistics Committee has reported a decline in Azerbaijan's grain production for the first half of 2024, with output totaling 1.96 million tons of grain and legumes, including corn. This represents a 5.6% decrease compared to the same period last year.
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Azerbaijan's President Ilham Aliyev has issued a decree making significant amendments to existing presidential decrees to align with the new law on payment services and payment systems, effective from July 14, 2023.
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Azerbaijani President Ilham Aliyev has approved new regulations governing tourism and recreation zones as part of a broader effort to enhance the sector's infrastructure and investment framework.
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