The international rating agency Moody's has raised the outlook on the long-term rating of The Bank of Baku B2 from stable to positive.
Analysts at Moody's, evaluating the prospects of The Bank of Baku, stated that a positive outlook is based on positive trends, such as strengthening the bank's position in the market of consumer loans, increased profits, high asset quality and a high level of capitalization to absorb potential losses.
Commenting on the event, Chair of The Bank of Baku, Farid Alizadeh said: "We welcome the objective decision based more on financial performance, which in turn are the result of the qualitative development of all aspects of our business. Taking this opportunity, I would like to thank the management and shareholders of all the staff of The Bank of Baku."
Also according to the decision of the Central Bank of Azerbaijan Republic, from January 1, 2014 on, the requirement for the minimum total capital will increase to 50 million manat. On 1 September 2012 the total capital of The Bank of Baku amounted to 82 million manat. That is, the total capital of the bank is 32 million manat or 64% higher than the requirement of the Central Bank. It should be noted that the high level of capitalization also provides long-term stability to the bank. - 15D -
Economics
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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The State Oil Company of Azerbaijan (SOCAR) will begin issuing "green" bonds on January 15, with a total issuance volume of USD 200 million, according to an official SOCAR statement cited by Turan.
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