The CBA cancelled the license of the two oldest banks - JSC «United Credit Bank» and JSC «NBCBank». The Central Bank appointed temporary administrator of the bank. A press release from the Central Bank noted that "the decision was made due to the fact that banks did not fulfill the requirements for minimum aggregate capital, could not meet obligations to creditors, did not carry out activities in a safe and prudential manner."
Insured deposits will be reimbursed to depositors by the Azerbaijan Deposit Insurance Fund (ADIF.) During the last week have been canceled the licenses of the Bank of Azerbaijan and Ganja Bank.
The NBC Bank was established in December 1992, and was named "Ruza bank" until 2003. «United Credit Bank» was established in 1996.-0-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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