New Metropolitan Branch of Access Bank Launched
JSC Access Bank has extended its metropolitan branch network. The new facility called Narimanov and located in the same area at the address 94 Tabriz Street intends to provide a full range of banking services for both individuals and legal entities. Now in Baku there are 18 branches of this credit institutions.
JSC Access Bank has been operating in Azerbaijan under the license of CBA since 2002. Its shareholders are the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, German KfW, Access Holding, and LFS Financial Systems GmbH. --17D-
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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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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