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SOFAZ reported losses from asset management of $2.659bn, or 5.7% of its value, as well as extra-budgetary expenses amounting to $2.46bn, largely due to exchange rate appreciation.
Counter-cyclical fiscal policy needed. Among other things, more modest budget spending would help country combat soaring inflation.
The European Bank for Reconstruction and Development's (EBRD's) June 2021 Regional Economic Prospects report predicts 2.0% ...
Planned deficit raised to 12.4% of GDP from 2.3%. Baku forced to raid sovereign wealth fund to support manat.
Move said to affect 7.3bn manats ($4.3bn) of deposits and protect interests of 8.3mn people. Economist claims woes rooted in systemic problems.
Baku has spent the past few years recovering from the previous collapse of hydrocarbon prices and building its financial firepower to fend off any repeat.
Plummeting receipts for tourism, collapsed oil price and difficulties posed by dollarized economies highlighted by latest South Caucasus analysis.
Global energy prices and the scale of Azerbaijan’s energy exports will determine whether the fund can continue growing at such a rapid pace.
The Turkish currency crisis is not expected to cause contagion in other emerging markets but it has hurt the currencies of its regional neighbours where it plays a more important role via trade, banking and investment links.
The Azerbaijani government has finished taking over $2.2bn worth of external debt owned by the country's largest bank, International Bank of Azerbaijan (IBA), APA news agency reported on March 5 ...
Moody's said the rating revision was based on the weakening of Azerbaijan's fiscal and economic strength as a result of low oil prices, the country's declining production potential, and its very weak banking system.
Although government support for Azerbaijan's largest bank is equivalent to 27% of 2016 national GDP, the lender may not overcome the depressed operating environment, rating agency warns.
Competitors preparing for Paris world championship refuse to take part in training, threaten to withdraw from event in row over unpaid wages.
Rating agency Moody's upgraded the long-term foreign and local currency deposit ratings of Azerbaijan's largest lender, International Bank of Azerbaijan (IBA), on July 25 from 'Caa2' to 'Caa1'. ...
Creditors have endorsed the plans to restructure the $3.3bn foreign debt owed by Azerbaijan's largest bank, preventing it from having to initiate insolvency procedures
A New York court ruling has granted the International Bank of Azerbaijan (IBA) chapter 15 protection under US bankruptcy law, the Wall Street Journal reported on June 28. The petition has been ...
Kazakhstan will support state-run Azerbaijani lender IBA’s debt restructuring plan, Kairat Kelimbetov, a board member of the Kazakh state pension fund, said on June 15. ... ...
A group of creditors of International Bank of Azerbaijan (IBA) have filed an objection in a US court against the ...
Azerbaijan government tries to force creditors to share losses from insolvent bank's open currency positions.