The forecast "positive" has been issued by the international rating agency Moody's Investors Service to the local JSC BankTechnique, which increased its long-term deposit rating in national and foreign currency to 'Caa1'.
According to experts, the change in rating reflects the improved financial profile of the structure with respect to asset quality and capitalization. The bank has shown remarkable progress in the recovery of bad loans and in the restoration of core capital, which allowed it to meet the regulatory requirements.
Experts doubt the quality of the bank's assets with the hope of its improvement during the year or in 1.5 years. Despite the significant outflow of deposits in 2012, the reputation of the bank is now recovering liquidity and stabilized, and maintained a sufficient level of liquid assets in the amount of 15-25% in the first half of 2014. The pillow of the bank's liquidity remains at an adequate level (14% of total assets as of October 1, 2014, according to local GAAP).
The Agency believes that the increase in the bank's ratings will depend on its ability to further reduce the amount of bad loans and improve the ability to absorb losses.
According to Moody's Investors Service, assets of BankTechnique by the end of the first half year amounted to 568.5 million manat, the share capital - 49.8 million manat, and the net profit - 1.3 million manat. --17D-
Economics
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The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
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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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