Khalg Bank’s Rating Remains Negative
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'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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