As expected, the long-term deposit rating of Capital Bank has been confirmed at Ba3, the forecast changed for downward - from "stable" to "negative."
This became known after the international rating agency Moody`s Investors Service has published its rating actions. In addition to this bank, the ratings of six banks of Azerbaijan, namely, Khalg Bank, Bank Respublika, VTB (Azerbaijan), Bank of Baku and Unibank were published. All these have a negative outlook.
This assessment is based on the negative impact of the devaluation of the national currency on the banks' asset quality, profitability and funding after the transition to a floating AZN rate on December 21 last year. A role was also played by bringing manat deposits to the plane of foreign currency, mainly the US dollar. --17D-
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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