S&P downgrades SOCAR’s rating
In addition, S & P removed the long-term corporate credit rating of SOCAR from the list of CreditWatch Negative.
16:48 02 November
CBA chairman: Manat rate may rise by year-end
According to him, het floating exchange rate regime is based on existing economic realities and international practice: “Today, many countries are preparing for switching to this regime. This regime is the most effective measure for Azerbaijan’s development and resistance against external shocks. It has no alternative. Stability in the market shows that this regime has justified itself”.
12:22 31 October
Two freight trains sent off via BTK - UPDATED
APA reports that the ceremony on departure of first train from New Baku International Sea Port was attended by Azerbaijani President Ilham Aliyev, Turkish President Recep Tayyip Erdogan, Georgian Prime Minister Giorgi Kvirikashvili, Uzbek Prime Minister Abdulla Aripov and Kazakh Prime Minister Bakijan Sagintaev, as well as representatives from Kyrgyzstan and Tajikistan.
16:19 30 October
Baku-Tbilisi-Kars railway line going to be launched today
APA-Economics reports that the ceremony on departure of first train from New Baku International Sea Port will be attended by Azerbaijani President Ilham Aliyev, Turkish President Recep Tayyip Erdogan, Georgian Prime Minister Giorgi Kvirikashvili and Kazakh President Nursultan Nazarbayev.
00:00 30 October
President Ilham Aliyev: Azerbaijan-Iran cooperation yields results, all agreements are fulfilled
APA reports that the head of state congratulated Karbasian on appointment as the Minister of Economic Affairs and Finance of the Islamic Republic of Iran.
17:15 27 October
Measures to maintain financial stability should continue – Financial Stability Board
The meeting was attended by the members of the FSB – Natig Amirov, Assistant to President of the Republic of Azerbaijan on Economic Reforms, Samir Sharifov, the Minister of Finance, Elman Rustamov, Governor of the Central Bank of Azerbaijan, Rufat Aslanli, Chairman of the Board of Directors of the Financial Markets Supervisory Authority, and Shahmar Movsumov, Executive Director of the State Oil Fund.
18:40 26 October
IBA liabilities decline by 50.5 percent
Bank says the assets dropped 49.93% to AZN 7,106,530,000, loan portfolio slid 56.83% to AZN 2,271,421,000, liquid assets make up AZN 1,604,712,000, deposits in banks AZN 3,050,949,000.
11:47 25 October
AZN 442M to be paid to IBA creditors next year
According to drafts of state and consolidated budgets for 2018, AZN 441.9 million will be paid to creditors of the International Bank of Azerbaijan in connection with the restructuring processes. On September 1, 2017, the government bonds in the amount of $2,265,900,000 issued by Azerbaijani government, which are denominated in foreign currency, were registered in Ireland stock exchange and submitted to the IBA creditors. For transfer of IBA liabilities to the state, the upper limit of external borrowing increased to AZN 4 billion in accordance with the amendments in the Law on state budget for 2017.
14:32 20 October
Supreme Court considers appeal by IBA ex-chairman
The Supreme Court of Azerbaijan on Thursday considered a cassation appeal filed against the court decision with regard to Jahangir Hajiyev, former chairman of the board of the International Bank of Azerbaijan (IBA), APA reported.
12:30 12 October
PwC: Since sanction to Russia, western firms chose Azerbaijan
“Until decline in oil prices Azerbaijan’s macroeconomic indicators were one the best in the Post-Soviet region with low debt to GDP ratio, stable local currency, accumulation of significant reserves in State Oil Fund and Central Bank. However, with drop in oil prices situation is changing, revenues and reserves start declining. That makes Azerbaijan to look for new streams of revenue or investments into the country”, Vugar Akhundov, PwC Deals director in charge of debt and capital advisory, mergers and acquisitions, financial restructuring and transaction support services, said.
17:43 11 October
IBA restructuring stabilized banking sector – ADB
“However, the banking sector still needs to increase the crediting. Apparently, volume of troubled loans has already hit the worst level and several well-capitalized banks rebuild their loan portfolio”, he added.
16:59 04 October
Azerbaijani billionaires want to buy land plot of IBA-Moscow
“We were interested in this Project. You know that this is a project of the International Bank of Azerbaijan (IBA). But I don’t see any perspective yet. The bank has not made a decision whether it sells the land plot or not. Firstly, they started negotiations, then stopped”.
11:32 29 September
Another IBA official charged with embezzlement standing trial
The criminal case of Eynal Safarov, the treasurer of International Bank of Azerbaijan (IBA) OJSC accused of embezzlement in large quantities (Article 179.3.2) in the bank’s Narimanov branch, has been submitted to court.
15:46 26 September
Minister: "IBA can be prepared for privatization"
According to him, it’s already possible to take measures for privatization: “The EBRD is interested in this process. We will continue discussions with the EBRD in the future”.
13:03 19 September
World Bank, Azerbaijani State Committee for Refugee and IDP Affairs implement $170 mln credit projects
The World Bank and the Azerbaijani State Committee for Affairs of Refugees and IDPs have jointly implemented credit projects worth nearly $170 million during 18-year cooperation, said Azerbaijani Deputy Prime Minister Ali Hasanov, who also chairs the State Committee.
11:28 19 September
EBRD may become shareholder of IBA
The International Bank of Azerbaijan (IBA), the country’s largest bank, is undertaking a $3.3 billion debt restructuring.
11:26 15 September
Another IBA official standing trial on fraud charges
The Baku Court of Grave Crimes launched Wednesday a judicial investigation into the case of the director of the Financial Management Department of Azerikard LLC, operating under the International Bank of Azerbaijan (IBA), Gulshan Aliyeva, and her driver Bayram Shafiyev, who are charged with fraud.
13:52 13 September
SOFAZ: Azerbaijani government once more demonstrated that it does not make difference between local and foreign investors
“I know that Kazakhstan also had money in this bank. SOFAZ’s moneys are also in this bank. As a result of restructure, SOFAZ and other foreign investors faced losses. 20%^ of deposits in bank has been written off, however, Azerbaijani government once more demonstrated that it does not make difference between local and foreign investors”, Movsumov said.
16:04 07 September
Fitch withdrawn the ratings of the International Bank of Azerbaijan
The international ratings agency Fitch said that it has withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the extinguishment of the issue on Sept. 1, APA reports.
21:13 05 September
Azerbaijani Finance Ministry issues Eurobonds within framework of restructuring of IBA
The Finance Ministry of Azerbaijan issued a series of Eurobonds on September 1 within the framework of the restructuring of external obligations of the International Bank of Azerbaijan (IBA), informs Sberbank CIB Investment Research, APA-Economics reported citing Interfax.
11:06 05 September