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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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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