By January 1, 2016 SOCAR placed 543 million AZN as deposits in three Azerbaijani banks, reads the consolidated report about SOCAR’s financial operations last year audited by Ernst& Young.
Of this amount 461 million AZN was placed at the International Bank of Azerbaijan (IBA), 32 million AZN at Halq Bank and 50 million AZN at Pasha Bank.
During this period the interest rates of these deposits totaled Libor+70, Libor+3 and Libor+6, respectively. The initial term of post restante deposit is three months.—0—
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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