Issuance of compensation to depositors of MuganBank begins

By the decision of the Administrative Board of the Baku Court of Appeal #2-3(103)-54/2023 dated October 24, 2023, Muğan Bank OJSC was declared bankrupt and the Deposit Insurance Fund was appointed the liquidator of the bank.

Taleh Kazimov: This year monetary base to grow by 20%

The Central Bank predicts growth of the monetary base more than by 20% this year.

Taleh Kazimov: Number of transactions for purchase of foreign currency exceeds number of sales in banks

In Azerbaijan today, the number of banking transactions for the purchase of foreign currency, including the US dollar, exceeds the number of transactions for their sale.

Trade surplus at end of this year to be $13.9 bn

Central Bank’s chairman Taleh Kazimov revealed the accounting corridor at a press conference.

Central Bank and IMF discuss macroeconomic situation in Azerbaijan

The Central Bank of Azerbaijan (CBA) and the International Monetary Fund (IMF) discussed the state of the financial and banking sector

CBA releases inflation forecast

The Central Bank of Azerbaijan forecasts annual inflation in the country at 4.3% this year, 5.3% next year, and 3.4% in 2025, ABC.AZ reports, referring to the CBA.

Central Bank lowers discount rate to 8.5%

The Central Bank of Azerbaijan (CBA) has decided to reduce the discount rate from November 2 to 8.5% from 9%.

CBA foreign exchange reserves increased

As of November 1, 2023, the foreign exchange reserves of the Central Bank of Azerbaijan (CBA) amounted to $10.5 billion (7.4% more than on October 1).

Interests paid by credit unions of Azerbaijan remained unchanged

As of October 1, 2023, interests paid by credit unions of Azerbaijan amounted to 100,000 manats.

Number of Azericard successful transactions grew by 42%

Azerbaijan's largest processing center Azericard made 340 million successful transactions for Jan-Sept 2023.

Fast money transfers by banks sharply decreased in Azerbaijan

Fast money transfers in banks has sharply declined, while card-to-card transactions has sharply increased.

Law on Payment Systems & Services to come into force on this day

CBA is preparing a financial development strategy, and this work is approaching to the end.

CBA general director: Volume of operations with use of tokens in Azerbaijan grows

With the support of international card organizations, operations with the use of tokens are widely used in Azerbaijan.

Central Bank currency rates for 1 November

Azerbaijani manat rate has grown to the euro, to the Turkish lira, and to the Russian ruble, while is stable to the US dollar.

Fitch Solutions: Manat exchange rate to remain stable in 2023

Fitch Solutions (FS), owned by Fitch Group, maintained its forecast regarding monetary policy in Azerbaijan in 2023.

List of banks with grown liabilities in 2023

Nine out of the 24 banks operating in Azerbaijan observed the reduction on liabilities as of October 1, 2023.

Azerbaijani NBCOs’ fixed assets reduced

As of October 1, 2023, the fixed assets of the NBCOS of Azerbaijan amounted to AZN 21.3 million.

Banks whose liabilities exceed AZN 2 billion

The liabilities of four out of 24 banks operating in Azerbaijan exceeded AZN 2 billion as of October 1, 2023.

Growth of 40% reported on net loan portfolio of Azerbaijani NBCOs

As of October 1, 2023, the net loan portfolio of Azerbaijani NBCOs totaled AZN 509.7 million.

Finances on current accounts of NBCOs of Azerbaijan lowered

As of October 1, 2023, the finances on the current accounts of the NBCOs of Azerbaijan amounted to AZN 19.9 million.

Preferential loans for about AZN 1.4 million given to entrepreneurs in Nakhchivan

The Entrepreneurship Development Fund and the Ministry of Economy of the Nakhchivan Autonomous Republic held meetings with five authorized credit organizations of the Fund.