To Be or Not to Be for Atrabank
On November 26, there is scheduled an extraordinary general meeting of the shareholders of Atrabank.
According to the bank, the agenda includes the issue of increasing the bank's equity to 50 million manat and other issues related to the current activity. As of October 24, 2014 the Bank's equity is equal to 35.874 million manat. As is known, according to the decision of the Central Bank, by 1 January 2015, the minimum equity capital of banks in Azerbaijan should be equivalent to 50 million manat, otherwise they will have to become non-bank credit organizations, choose another type of financial activity or consolidate with other banks.
AtraBank JSC was established in 1991. Its shareholders are more than 30 individuals. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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