Overdue Loans Hamper Improvement of Banks - MP
Without improvement of the banking system, it is impossible to develop the real economy of the country, MP Vahid Ahmadov believes.
According to him, the way of recovery of the banking sector goes through solutions to the problem of overdue loans.
This problem sometimes leads to tragic consequences when citizens are unable to pay loans after two devaluations and commit suicide, he said in a conversation with Turan IA.
Ahmadov together with MP Ali Masimli submitted to various institutions a package of proposals on solving the problems of the banking sector and the economy, expecting that the authorities will take them into account when making specific decisions. -06D--
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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