By the decision of the Central Bank of Azerbaijan dated December 30, a banking license was granted to Ziraat Bank Azerbaycan.
Thus, in fact 44 banks have licenses.
According to the Ministry of Taxes, a subsidiary of TC Ziraat Bank A.S (Turkey) in Azerbaijan - OJSC Ziraat Bank Azerbaycan passed state registration on December 26. The authorized capital of the bank meets the minimum requirements - 50 million manat. The Chairman of the bank is Avni Demirchi.
The legal address of the bank is 40 Jafar Jabbarly Street, Baku.
Until November 2014 TC Ziraat Bank A.S owned 46% of the shares of the commercial bank AzerTurk Bank. The Turkish side has sold its share to the state represented by the State Committee for Property Affairs of Azerbaijan. 08D
Economics
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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On September 6, the State Oil Company of Azerbaijan (SOCAR) has announced a partnership with American oilfield services firm Halliburton to conduct research aimed at reassessing the hydrocarbon potential of the shallow-water section of the Guneşli field.
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