The devaluation of the manat (amounting to 34% of 21 February) cannot be a basis for the restructuring of loans.
According to the order №11 / 4 dated February 26, CBA Chairman Elman Rustamov, published the day before, the relevant amendmentswere made to the Rules of classification of assets and formation of reserves to cover losses.
In accordance with the innovation, assets restructured until February 23 this year are recognized as standard. Assets, restructuring of which became possible after February 23, cannot be classified as satisfactory. They will require additional redundancy. --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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