BAKU/18.12.13/TURAN : International rating agency Moody's Investors Service revised its outlook on the long-term deposit rating in national and foreign currencies JSC
Agency experts say that improving outlook reflects the Bank's financial stabilization and added that the financial institution has made significant progress in restoring troubled loans and their capital base. Moody's emphasizes the increase in capital over the past year and a half and is expected to exceed the statutory minimum of 12% by year-end.
The Tier improved to 9% compared with 1.7 % at the end of 2011 , which was made possible as a result of capital growth , recovery of reserves for possible losses and risk reduction.
In addition , according to analysts of Moody`s, for 18 months the Bank was able to strengthen its liquidity. Thus, the bank maintains sufficient level of liquid assets - about 20% of the total. The Bank has also significantly increased the deposit portfolio - by 19% , representing 58% of total liabilities . - 15D -
Economics
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A delegation led by Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with key Italian officials during an official visit to Italy, highlighting the strong and multifaceted partnership between the two countries.
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The Cabinet of Ministers of the Republic of Azerbaijan approved amendments on July 17 to the list of goods, services, and tariffs regulated by the state, as well as adjustments to import and export customs duties. These changes, guided by Article 119, paragraph 8 of the Constitution of Azerbaijan, aim to streamline economic activities and improve the regulatory framework.
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Rashad Huseynov has been appointed as the new director of the Center for Agricultural Research under the Ministry of Agriculture, replacing Firdousi Fikretzade who led the center since 2019. Fikretzade stepped down from his position on June 10 at his own request.
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Since July 1, bus and metro fares have increased by 10 qəpik, reaching 50 qəpik. The fare for buses on the Baku-Sumgayit route has risen from 60 qəpik to 70 qəpik. However, it is reported that there has been no improvement in service quality following the price increase. According to complaints, air conditioners are not working on buses operating in the periphery, and overcrowding persists.
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