The authorized capital of the International Bank of Azerbaijan (IBA) will be increased to one billion. 141.3 million manats by issuing new stocks amounting 500 million manat. This decision has been taken today at a meeting of shareholders.
The IBA is the largest bank of Azerbaijan, and majority of stocks belongs to the state.
Last year, serious violations in the form of theft and embezzlement were identified in the IBA. A number of senior bank officials were arrested, including a former chairman of the board Jahangir Hajiyev. The damage and the amount of bad loans in the bank is estimated from six to eight billion manats.
After identifying these violations the state has undertaken the bank rehabilitation process, by removing from its balance problem loans.—06D--
Economics
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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