VTB Bank-Azerbaijan transfers operations to «AzeriCard»
VTB Bank (Azerbaijan) completed transference of operations to the processing center «AzeriCard». According to the bank, the transition process began in late July in accordance with the recommendation of the Central Bank. "By the recommendation of the Central Bank of Azerbaijan, we carried out a project of migration to the local processing center. The transition process went smoothly, as it was planned. Currently activities of all payment cards and terminals across the network are supported by the processing AzeriCard," said Chairman of the Board of VTB Bank (Azerbaijan), Yuri Yakovlev. Previously the VTB Bank (Azerbaijan), which is a subsidiary of VTB Group, has collaborated with the Russian processing center "Multicard". Transference activities of payment cards and a network of terminals to a national processing center was carried out in accordance with the "Rules of the issue and use of payment cards.» --0--
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review