JSC Rabitabank begins a new credit campaign timed to the professional holiday of oil.
Under the terms of the campaign the bank will not charge interest on oil workers for the second year of a two-year loan received during the campaign. Thus, for the period of the campaign any representative of the oil sector in the country will be able to get in Rabitabank a loan in cash for 2 years and pay interest on the loan only for the first year.
For an 18-month interest free credit the grace period is the last 6 months and for a year-long loan it is the last 3 months. The campaign will last until October 20, 2013. -15D -
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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