
Several Branches of Three Banks Closed
The Financial Markets Supervision Authority (FIMSA) has canceled licenses for several branches of VTB Bank (Azerbaijan) and Nikoil Bank, FIMSA said.
The licenses of the Azadlyg and Sumgait branches of VTB Bank (Azerbaijan) and the Masalli branch of Nikoil Bank have been revoked.
According to the message, the licenses were canceled based on the appeal of the banks themselves. The closure of branches is aimed at optimizing the costs of banks.
FIMSA also annulled two branches of Azerpocht LLC. On the basis of the request of the postal operator, licenses for the activities of branch No. 2 and branch No. 11 were revoked. ---71D
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- Social
- 7 April 2017 11:56
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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