The State Oil Fund of Azerbaijan will save nearly $2 billion due to the devaluation of the manat in 2016, SOFAZ told Trend on December 21.
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The financial sector should play a more active role in Azerbaijan’s economic development, according to Rashad Orujov, executive director of the Central Bank of Azerbaijan.
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The Central Bank of Azerbaijan (CBA) has solved the problem with the lack of equity.
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Azerbaijan’s commercial banks faced a number of challenges since the central bank has decided to abandon the national currency peg to the US dollar in mid February.
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Azerbaijan's government will form the next year budget setting the oil price at the level of $50 per barrel.
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Azerbaijan’s banks face risks to asset quality after the Central Bank of Azerbaijan devalued the national currency, Moody’s Investors Service announced.
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The Azerbaijani banks reduced the interest rates on deposits both in national and freely convertible currencies in January-November 2014.
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Azerbaijan’s state energy company SOCAR has appealed to the Central Bank of Azerbaijan for a major loan to finance construction of a new Oil and Gas Processing and Petrochemical Complex (OGPC), said Suleyman Gasimov, SOCAR Vice President.
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The total amount of foreign direct investment made in Azerbaijan's economy amounted to $5.8 billion in the first three quarters of 2014 including 85.3 percent in the oil and gas sector.
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Azerbaijan’s strategic foreign exchange reserves have increased by 7 percent or $3.5 billion in the first nine month of 2014.
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