Minimum authorized capital for each newly established commercial bank in Uzbekistan will be 100 billion soums starting from October 1. According to the decree of the country’s President Shavkat Mirziyoyev “On measures to further develop and improve stability of Uzbek banking system”, the banks operating in Uzbekistan must bring their authorized capital, if necessary, to…
The amount of currency purchased by Uzbekistan’s banks since the introduction of free currency conversion on September 5 exceeded $300 million, according to the country’s Central Bank. Of the total amount of the purchased currency, more than $200 million was sold to the population via currency exchange offices and $100 million was received from exporters.…
Azerbaijan should continue the restructuring of the banking sector, Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), declared. The country’s economic recovery depends on this, according to him. “We discussed the issue of restructuring of the International Bank of Azerbaijan (IBA) and the banking sector as…
The international ratings agency Fitch Agency has downgraded Azerbaijani AccessBank’s Long-Term Issuer Default Rating (IDR) to “BB-” from “BB+”, says the agency’s report. At the same time, the agency has affirmed the bank’s Viability Rating (VR) at “f”. According to Fitch experts, the bank’s shareholders provided $20 million of equity in March and were committed…
Fitch Ratings, the international ratings agency, said that it had withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the settling of the issue on September 1. The agency has not yet rated the new $1 billion senior notes due 2024 issued in part…
Latvian and Lithuanian trade union leaders visiting Estonia last week were given an in-depth overview by Estonian colleagues of employees’ issues related to the creation of Luminor, a new Baltic bank, by the merger of the Baltic operations of DNB and Nordea. “Since we will have a Baltic bank in the new Luminor Bank, its…
The National Bank of Ukraine (NBU) has allowed banks to provide loans in domestic currency against the collateral of foreign currency on customers’ accounts. This has been reported by the press service of the central bank. “As part of further relaxations of anti-recessionary foreign exchange restrictions, the National Bank of Ukraine has allowed banks to…