Two more banks deprived of licenses
The Central Bank of Azerbaijan (CBA) announced the revocation of licenses of two commercial banks - the OJSC Atrabank and the Caucasus Development Bank. A decision to revoke the license was taken due to the fact that the total capital of both banks did not meet the minimum requirements of the Central Bank (50 million manat), and they could not meet obligations to creditors, reads the information of the CBA. Today temporary administrators have been appointed to the banks. The Azerbaijan Deposit Insurance Fund will pay the banks’ customers a compensation for insured deposits. Over the last week the Central Bank revoked the license of four banks - Gandja Bank, Bank of Azerbaijan, United Credit Bank, and NBCBank. The number of banks licensed by CBA was reduced to 37. Demirbank and AGBank announced on the eve of the merger. -06D--
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- Economics
- 27 January 2016 16:05
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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