CBA sees no problems in "Nakhchivanbank" closure
Reorganisation of the only regional bank of Azerbaijan - "Nakhchivanbank" into a non-banking credit organisation (NBCO) "E-kredit" bank does not pose a threat to the bank's creditors, including its depositors.
The Central Bank of Azerbaijan (CBA) said in a statement.
"According to the latest report, "Nakhchivanbank" has no financial difficulties, its assets make it possible to fully fulfill obligations to all physical and legal entities. The specific weight of the bank in the sector is 0.24% on assets, including 0.04% on loan portfolio and 0.003% on liabilities. "Nakhchivanbank will soon fulfill its obligations to depositors and other creditors based on the plan adopted pursuant to the rules," the statement said.
Finance
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On November 19, Finance Minister Samir Sharifov stated in the Milli Majlis (National Assembly) that fines issued to citizens in Azerbaijan sometimes do not reach the state budget. According to him, a new software system has been developed to address this issue and ensure proper oversight of fine payments.
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‘Baku Stock Exchange' (BSE) has started its work since 19 November to take part in the annual meeting of the World Federation of Exchanges (WFE), which will end on 22 November.
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There is additional potential in Azerbaijan associated with budget receipts from leasing of state property.
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In 2025, AZN 1,162.6 million is forecasted to be allocated from the state budget to 56 public legal entities in Azerbaijan.
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