Revoked license of Farmer Credit Union
Azerbaijan’s Central Bank revoked the license of the non-bank credit organization Farm Credit Union. Registered in Gusar, it has lost the right to provide financial activities for violation of licensing rules.
According to statistics from the Central Bank on July 1 this year, the total authorized capital of non-bank credit organizations amounted to 79,680,000 manat compared to the AZN 84.44 million by April 1st. With regard to the assets of non-bank credit institutions, they grew, reaching 579,310,000 manat by the early 3rd quarter (+ 28 180 000 AZN against April 1). -17D-
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- Politics
- 26 August 2014 17:10
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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