Stakeholders of Azerbaijan’s DemirBank decided to increase the bank’s total capital, the bank said in a message. The capital will be increased by transforming the bank’s external liabilities worth $105 million into Tier 1 capital, according to the message. The bank’s recapitalization plan approved by the stakeholders has already been submitted to the Financial Market…
The State Customs Committee of Azerbaijan transferred almost 1.15 billion manats to the state budget in January-June, up by 15.4% YoY, according to the Committee’s report. The Committee transferred more than 173.65 million manats to the state budget in June. Revenues from customs duties amounted to about 44.22 million manats, from the value added tax…
Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of Galagayin-Osmanli-Chol Beshdali-Zalgaraagach-Chol Agamammadli-Azadkend-Mugan Ganjali road in Sabirabad. Under the presidential order, 14.4 million manats is allocated from the state budget for the construction of the road connecting 15 residential settlements with a total population of 41,000 people. (Trend/Business World Magazine)
Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of Tartar-Seydimli-Garadaghli-Sarov road. Under the presidential order, 7 million manats is allocated from the state budget for the construction of the road connecting 20 residential settlements with a total population of 24,000 people. (Trend/Business World Magazine)
The recently completed merger of Azerbaijan’s Atabank OJSC (AB; B-/Negative/b-) with Caspian Development Bank (CDB) has no immediate impact on Atabank’s ratings, Fitch Ratings said in its report. This reflects Fitch’s base case view, based on public disclosure, that the positive impact from the higher capital ratios of the merged bank is counterbalanced by recent…
Russian airline Pegas Fly is starting to operate flights from Moscow’s Zhukovsky International Airport to Baku from July 27, said a message on the airport’s website. The airline will operate regular passenger Zhukovsky-Baku flights three times per week until October 29. On Thursdays, departure from Moscow to Baku will take place at 10:45 local time…
The State Oil Fund of Azerbaijan (SOFAZ) sold $373.2 million through currency auctions organized by the Central Bank of Azerbaijan (CBA) in June, SOFAZ said in a message on July 3. During the six months of 2017, SOFAZ sold more than $1.687 billion at currency auctions. In total, Azerbaijan’s banks bought around $4.92 billion from…