The Financial Markets Control House (FMCH) of Azerbaijan has withdrawn the licenses of four local banks – Deka Bank, Credo Bank, Para Bank and Zamin Bank, the head of FMCH Rufat Aslanli said.
According to him, the decision was taken on 21 July. According to Aslanli, the reason for the withdrawal of the licenses is that “the assets of these banks are not classified in accordance with the law, they do not have the necessary reserves, and the total capital does not meet the minimum requirement of 50 million AZN.”
He also noted that these banks are members of the Deposit Insurance Fund, so investors will receive funds for insured deposits. The total amount of such deposits in these banks exceeds 140 million AZN (more than 40 thousand accounts). The money can be received a week later, after the liquidators of these banks are identified. These banks employed 450 people, and from 22 July temporary administrators have been appointed there. -02D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review