The Central Bank of Azerbaijan (CBA) raised 100 million manatsat a deposit auction, the CBA said on October 9. The CBA was ready to receive 456.3 million manats from banks, and therefore, the demand exceeded supply almost 4.6-fold. The weighted average interest rate on deposit transactions at the auction was 10.01%. The CBA started holding…
Azerbaijan’s banks will get bigger in 2018, through the ongoing consolidation as well, Anar Hasanov, first deputy chairman of Azerbaijani AccessBank’s Management Board, said. “I believe that new bank merger cases will occur on the market in 2018,” he declared. “The banking sector is moving in this direction and local banks will be enlarged. It…
Azerbaijani banking sector stabilized after creditors restructured $3.3 billion in foreign obligations of the state-owned International Bank of Azerbaijan (IBA) in return for government bonds, said Nariman Mannapbekov, head of ADB Azerbaijan office. “Some capitalized banks are making initial efforts to gradually build-up their loan portfolios,” Mannapbekov said. On July 15, 2015, President of Azerbaijan…
Azerbaijan Railways CJSC will buy 900 new freight cars in the near future, says a report on implementation of measures reflected in the Strategic Roadmap for the Development of Logistics and Trade in Azerbaijan. According to the report, the purchase of additional cars is related to an increase in freight traffic volume. Azerbaijan Railways will…
Azerbaijan’s Financial Market Supervisory Authority is studying the possibility of local banks’ merger, according to the monitoring report on the implementation of measures reflected in the Strategic Roadmap for the Development of Financial Services. The possibility of further capitalization of the banks is also being considered, according to the report. The Financial Market Supervisory Authority…
The Asian Development Bank (ADB) expects that Azerbaijan’s GDP growth will be 1% in 2018, according to the “Asian Development Outlook 2017 Update: Sustaining Development Through Public-Private Partnership”. Azerbaijan’s GDP growth rate decreased by 3.8% in 2016. The ADB expects that the recession will continue in 2017, but its pace will slow down. Thus, according…
An auction for placement of short-term notes worth 200 million manats of Azerbaijan’s Central Bank (CBA) will be held at the Baku Stock Exchange (BSE) on September 27, the BSE said. Some 2 million notes at a par value of 100 manats each and maturity period of 28 days will be put up for auction.…