Licenses of two banks are cancelled
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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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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