The international rating agency Moody's Investors Service has retained the same long-term rating of OJSC Khalg Bank for obligations at the level B2, a "negative".
Moody's also affirmed the assessment of counterparty risk at the level of B1 (cr) / Not Prime (cr).
The forecast was changed from stable to negative on long-term deposit ratings of OJSC Khalg Bank in January 2016. At the end of 2015 OJSC Khalg Bank had 50% of its loans in foreign currency, and the 20 largest borrowers accounted for more than 400% of the capital of the first order. However, at the beginning of 2016 the bank had sufficient capital of the first order and total capital at 22.2% and 23%, respectively. -0-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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