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--
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
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