The situation with approval of voluntary restructuring plan of foreign obligations of the International Bank of Azerbaijan (IBA) by foreign creditors will be clarified by mid-July, Azerbaijan’s Finance Minister Samir Sharifov declared on June 13. “We have already informed the public about the negotiation process,” said the minister. Earlier, the IBA commenced a process of…
Azerbaijan’s Rabitabank OJSC plans to increase its authorized capital through the new issue of shares, according to the bank’s message. The issue will be discussed during the extraordinary meeting of the bank’s shareholders, to be held on July 14. Meanwhile, the changes to Rabitabank’s regulations will also be discussed in connection with the new issue…
Standard & Poor’s (S&P) Global Ratings expects that Azerbaijan’s Kapital Bank OJSC will likely increase its already material market share, while its operating revenues continue increasing progressively and its profitability remains high, according to an S&P report. S&P confirmed the credit rating of the Azerbaijani bank at BB-/B level with a negative outlook. Meanwhile, the…
The State Customs Committee of Azerbaijan transferred almost 974.9 million manats to the state budget in January-May, up by 14.6% YoY, according to the Committee’s report. The Committee transferred almost 216.8 million manats to the state budget in May. Revenues from customs duties amounted to 57.8 million manats, from the value added tax – 149.91…
Structural reforms, including those in the banking sector, will help ensure the growth of Azerbaijan’s GDP, reads the latest edition of the World Bank’s (WB) Global Economic Prospects report. The report says Azerbaijan’s economy will grow by 0.6% in 2018 and by 1.3% in 2019. Since the beginning of 2017, Azerbaijan’s economy began to recover,…
The process of consolidation of two Azerbaijani banks – AtaBank and Caspian Development Bank – has been completed, Chairman of AtaBank’s Management Board Dayanat Guliyev said on June 1. Guliyev noted that as a result of the consolidation, sufficient financial reserves were formed and the bank’s capital position had been strengthened. According to him, as…
Restructuring of external debt of the International Bank of Azerbaijan (IBA) has not affected the country’s banking sector and the interaction between other commercial banks, as well as between banks and their customers, said Zakir Nuriyev, head of Azerbaijan Banks Association (ABA). “The state has been fulfilling its obligations to IBA from the first day,…