The only regional bank Ganjabank has continued offering of shares in the next issue.
According to the Baku Stock Exchange (BSE), on the site where trades are conducted, from May 31 through June 6, only three customer transactions (400, 200, and 500 thousand manat) repaid the sum of 1.1 million manat. After a series of placements authorized capital of the financial institution increased to 16.1 million.
Recall, as of January 1, the total capital was at 14.17 million manat and the paid charter capital was 15 million manat.
According to the request of the CBA, before 1 January 2014 the existing banks (43) and the newly formed similar structures should bring the total size of share capital to 50 million manat, otherwise the license will be revoked.
The bank was founded Feb. 28, 1994. It has 4 branches - in Baku, Ganja, Shamkir and Barda. It operates under license № 02-10/59 dated February 01 of 2001. Chairman of the Board is Fuad Musayev.
The last year the bank completed with a loss of 872 thousand manats. - 17B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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