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2017 December 29 ( Friday )  13:35:38
USD Exchange Rate for 2018 to Be AZN 1.72 - Central Bank Forecasts

Baku / 29.12.17 / Turan: In 2018, the Central Bank will continue conservative monetary policy. This was stated by the Central Bank on the main areas of monetary policy for 2018 and the medium-term period.

2017 December 29 ( Friday )  12:56:44
Radical Reforms to Be Implemented Next Year - Central Bank

Baku / 29.12.17 / Turan: The Central Bank of Azerbaijan will continue to expand non-cash payments, the Central Bank said in a statement on the main directions of the monetary policy for 2018 and the medium-term period.

2017 December 28 ( Thursday )  14:22:51
The dollar exchange rate has not changed at the currency auction

Baku/28.12.17/Turan: At the currency auction of the Central Bank of Azerbaijan on Thursday, the dollar rate remained unchanged at 1,7001 manats. Commercial banks buy American currency in the range of 1.6900-1.7000 manat, and sell for 1.7025-1.7050 manat. According to the official exchange rate for December 28, the euro exchange rate slightly increased from 2.01888 manat to 2.0259 manat compared to the previous day. Commercial banks buy the European currency for 1.9854-2.0250 manat, and sell in the range of 2.0330-2.0450 manats. The rate of the British pound sterling on December 28 compared with the previous day rose from 2.2745 manats to 2.2820 manats. -71D-

2017 December 28 ( Thursday )  14:10:17
Budget of First Deposit Auction in 2018 to Be AZN 200 Million

Baku / 28.12.17 / Turan: The Central Bank of Azerbaijan plans to attract AZN 200 million at the deposit auction, which will take place on January 5, 2018.

2017 December 28 ( Thursday )  12:18:49
Deposit Insurance Fund Appointed as Liquidator of Demir Bank

Baku / 28.12.17 / Turan: By the decision of the Baku Court of Appeal, the bankruptcy procedure for Demir Bank was started. The bank"s license was canceled on December 23.

2017 December 27 ( Wednesday )  12:46:13
Yield on State T-bills Rise against Background of High Demand

Baku / 27.12.17 / Turan: A special "sell-out" was held at the auction held on December 26 on placement of government bonds: 25 investors took part in it, who filed a total of 57 applications for a total of 224 million manats , 3 times more than the offer - 70 million manats.

2017 December 27 ( Wednesday )  12:25:46
Demir Bank Has Compensable Deposits Totaling AZN 63Million 500 Thousand – FIMSA

Baku / 27.12.17 / Turan: According to the initial estimates, the total amount of compensable deposits in Demir Bank is 63,500,000 manats, the Financial Markets Supervision Authority (FIMSA) said.

2017 December 26 ( Tuesday )  16:25:05
Authorized Capital of Mortgage and Credit Guarantee Fund Determined

Baku / 26.12.17 / Turan: According to the charter of the Mortgage and Credit Guarantee Fund, approved by President Ilham Aliyev, the authorized capital of the Fund will be 466 million manats.

2017 December 26 ( Tuesday )  13:32:35
There Is Enough Money to Compensate Depositors of Demir Bank - Deposit Insurance Fund

Baku / 26.12.17 / Turan: The Deposit Insurance Fund announced that the depositors of Demir Bank, whose license was canceled on December 23, will be informed of the time and place of receipt of applications for compensation.

2017 December 26 ( Tuesday )  13:31:07
Son of MP Becomes Head of Credit Insurance and Mortgage Fund

Baku / 26.12.17 / Turan: By order of President Ilham Aliyev, Fehri Khanhuseyn Oglu Kazimov has been appointed head of the Board of the Credit Insurance and Mortgage Fund.

2017 December 26 ( Tuesday )  12:59:45
BTB Bank Increases Its Authorized Capital by 14.44 Million Manats

Baku / 26.12.17 / Turan: Bank BTB announced the completion of the placement of 14,450 ordinary shares of NGOs with a nominal value of 1,000 manats each.

2017 December 25 ( Monday )  16:51:40
Money Polo System Activity in Azerbaijan Suspended

Baku / 25.12.17 / Turan: The Financial Market Supervision Authority (FIMSA) suspended the activity of the money transfer system Money Polo in the territory of Azerbaijan.

2017 December 25 ( Monday )  16:05:22
What Will Be the Fate of Demir Bank’s Customers?

Baku / 25.12.17 / Turan: Compared with most financial organizations whose licenses were canceled, the bankruptcy of Demir Bank will not lead to significant losses for citizens and local businesses, since one quarter of all liabilities of the bank, which is AZN 117 million, are deposits from individuals and local business, says economist Rovshan Agayev.

2017 December 25 ( Monday )  13:44:43
Central Bank Raises AZN 300 Million at Deposit Auction

Baku / 25.12.17 / Turan: At the deposit auction of the Central Bank of Azerbaijan on Monday, the volume of supply and demand coincided.

2017 December 25 ( Monday )  13:34:01
Bankruptcy of Banks Reduces Confidence in Whole Banking System - Vugar Bayramov

Baku / 25.12.17 / Turan: The closure of Demir Bank was expected, since for a long time the bank could not return even small deposits. This was written by the economist Vugar Bayramov on his profile in the Facebook social network.

2017 December 25 ( Monday )  12:06:45
Fall of Banks to Continue

Baku / 25.12.17 / Turan: The end of 2015 and all subsequent 2016 can be safely called the period of the fall of banks. In general, 13 of the 44 banks operating in Azerbaijan were closed by the decision of the Financial Markets Supervision Authority (FIMSA). On Friday, the structure withdrew the license of OJSC Demir Bank, thus bringing the number of banks to 30.

2017 December 25 ( Monday )  11:08:32
Termination of Demir Bank Means Fall of Other Banks

Baku / 25.12.17 / Turan: On December 22, 2017 the Financial Markets Supervision Authority (FIMSA) of Azerbaijan terminated the license of Demir Bank OJSC, which was a surprise for the staff of this bank; on the eve of this decision its leadership announced vacancies, that is, it was going to hire new specialists, and the bank's website published ads with an offer to borrow loans from them.

2017 December 22 ( Friday )  14:04:50
Fitch Agency Retains Negative Outlook for Azerbaijan’s Banking Sector in 2018

Baku / 22.12.17 / Turan: Negative forecast for the banking sector of Azerbaijan for 2018 is preserved, according to the report of the international rating agency Fitch on the banking sector of the CIS and Georgia.

2017 December 22 ( Friday )  12:43:51
Budget of Next Deposit Auction to Be 300 Million Manats

Baku / 22.12.17 / Turan: The Central Bank of Azerbaijan plans to raise AZN 300 million at the deposit auction on December 25. The funds will be attracted for a period of 14 days, at an average weighted rate of 10.01% -14.99%.

2017 December 21 ( Thursday )  17:21:50
Ministry of Finance Keeps Bonds for AZN 70 Million

Baku / 21.12.17 / Turan: The Ministry of Finance raised 28 million 340 thousand manats to cover the deficit of the state budget by placing semi-annual bonds for a total of 30 million manats. At the same time, some investors managed to buy them at 14% per annum, the Baku Stock Exchange reports.

2017 December 21 ( Thursday )  15:48:15
When Silence Is Not Gold

Baku / 21.12.17 / Turan: Banks silenced experts and the press, but this did not save the situation. Their credit ratings continue to fall. On these days Moody's Investors Service again downgraded the credit ratings of the Bank of Baku and Bank Respublika implicated in a high-profile incident involving the General Prosecutor"s Office this summer.

2017 December 21 ( Thursday )  15:46:06
Banks of Azerbaijan to Provide Investment Services - FIMSA

Baku / 21.12.17 / Turan: Azerbaijani banks will provide investment services. This was announced on Thursday at the event Capital Markets in 2018, said Ruslan Babayev, head of the department for infrastructure supervision over financial markets of the Financial Markets Supervision Authority (FIMSA). According to him, the decision on this issue will be adopted before the end of the first half of 2018.

2017 December 21 ( Thursday )  14:26:53
Two Devaluations of 2015 Still Affect Economy - MP Vahid Ahmedov

Baku / 21.12.17 / Turan: Two devaluations of the manat in 2015 still affect the financial sector and the economy as a whole.

2017 December 21 ( Thursday )  13:16:53
Oil and Gas Sector Absorbed 40.5% of Foreign Currency Earnings over Nine Months

Baku / 21.12.17 / Turan: The oil and gas sector is not only the largest source of foreign exchange earnings, but also one of the most important items of government spending.

2017 December 20 ( Wednesday )  15:55:01
Moody’s Withdraws Ratings of VTB Bank (Azerbaijan)

Baku / 20.12.17 / Turan: The international rating agency Moody`s has decided to revoke the credit ratings of VTB Bank (Azerbaijan). The agency reported that the decision was made for business reasons.

2017 December 20 ( Wednesday )  12:26:22
Moody's Downgrades Rating of Bank Respublika and Bank of Baku

Baku / 20.12.17 / Turan: The international rating agency Moody's has reduced the long-term deposit rating and basic lending assessment of two Azerbaijani banks - Bank Respublika and Bank of Baku.

2017 December 20 ( Wednesday )  11:32:06
Is Law Not Written for Baku Collecting Agency?

Due to the up-to-date updated legislation, the Financial Market Supervision Authority (FIMSA) notified banks of the illegality of cooperation with collectors. At the same time, one of the largest collection agencies in the country - the Baku Collecting Agency (BCA) announced the recruitment of employees, planning to continue activities.

2017 December 19 ( Tuesday )  14:47:12
Depositors of Eleven Bankrupt Banks Compensated AZN 747 Million 943 Thousand

Baku / 19.12.17 / Turan: Deposit Insurance Fund has compensated 747 million 943 thousand manats to the depositors of 11 bankrupt banks. The specification is as follows: United Credit Bank - 1 million 837,465 manats (87.5%), Bank of Azerbaijan - 24 million 191 thousand manats (97%), Gandja Bank - 976,441 manats (94%), Tekhnika Bank - 120 million 413.9 thousand manats (98.2%), Para Bank - 43 million 222 thousand manats (98.5%), Zamin Bank - 72 million 196.9 thousand manats (99.3%), Credo Bank - 27 million 914.7 thousand manats (99.6%), Deka Bank - 3 million 088.3 thousand manats (98.8%), Atra Bank - 14 million 352.1 thousand manats (98.2%), Gafgaz Inkishaf Bank - 2 million 004.4 thousand manats (95.9%), and Bank Standard - 437 million 745.8 thousand manats (99.2%). -71D-

2017 December 19 ( Tuesday )  14:38:50
Property of Baku Crystal Hall Insured

Baku / 19.12.17 / Turan: The state-owned Baku Crystal Hall concluded an agreement on compulsory property insurance on December 13. This is the first public contract for property insurance of the sports and entertainment complex put into operation in 2012.

2017 December 19 ( Tuesday )  12:58:21
USD Exchange Rate Did Not Change

Baku / 19.12.17 / Turan: At the currency auction of the Central Bank of Azerbaijan on Tuesday the USD rate did not change, remaining at the level of 1.7001 manats.

2017 December 19 ( Tuesday )  12:28:46
Property of Four Bankrupt Banks Put up for Sale

Baku / 19.12.17 / Turan: The Deposit Insurance Fund put up for sale the property of four bankrupt banks, through an auction.

2017 December 19 ( Tuesday )  11:29:09
BSE Members Study Exchange Trade with Their Turkish Counterparts

Baku / 19.12.17 / Turan: A group of representatives of the stock market participants of Azerbaijan started practical training in the Istanbul Stock Exchange on December 18 to organize trade in various financial instruments, as well as precious metals and stones.

2017 December 18 ( Monday )  16:22:39
Pasha Hayat Sigorta Becomes Leader in Insurance Fees and Payments

Baku / 18.12.17 / Turan: Pasha Hayat Sigorta became the leader in insurance premiums for the first 11 months of 2017, which during the reporting period amounted to 136,797,912 manats, according to the Financial Markets Supervision Authority.

2017 December 18 ( Monday )  15:57:10
Volume of Insurance Fees Increased by AZN 55,721,456 for Year

Baku / 18.12.17 / Turan: In January-November of 2017, 21 insurance companies of Azerbaijan collected 504,234,798 manats, the Financial Markets Supervision Authority reports.

2017 December 18 ( Monday )  14:40:36
Uni Bank Bonds Included in Listing

Baku / 18.12.17 / Turan: On December 18 Baku Stock Exchange included interest bonds of Uni Bank OJSC in the listing. Placement of securities will begin in the next few days.

2017 December 18 ( Monday )  14:15:39
Lawyer Calls Creditors of Tekhnika Bank and Zamin Bank to Create Committees of Creditors

Baku / 18.12.17 / Turan: Tekhnika Bank and Zamin Bank lenders often appeal to me, with a complaint that there is not any news on the payment of their deposits and the Deposit Insurance Fund does not give them any information. A bank expert, lawyer Akram Hasanov told about this on Facebook.

2017 December 18 ( Monday )  13:25:15
Central Bank Raises Less at Deposit Auction

Baku / 18.12.17 / Turan: The Central Bank of Azerbaijan raised AZN 180.10 million at the deposit auction on Monday, against the budget of the auction, AZN 200 million.

2017 December 18 ( Monday )  11:38:41
Rights of Claim for Problem IBA Assets in Europe Sold

Baku / 18.12.17 / Turan: The state non-bank credit organization (NBCO) Aqrarkredit has put on sale rights for two former debt obligations to the International Bank of Azerbaijan (IBA) for a total of 2,010,316 euros and 86,993,441 US dollars.

2017 December 15 ( Friday )  14:14:09
Eight Banks Need Improvement - Vugar Bayramov

Baku / 15.12.17 / Turan: The number of banks that do not fully cope with their functions is growing. This was written by the economist Vugar Bayramov on his Facebook page.

2017 December 15 ( Friday )  13:49:33
IBA Depositors Should Complain about Interest Rate Reduction - Akram Hasanov

Baku / 15.12.17 / Turan: The bank expert Akram Hasanov proposed to the investors of the International Bank of Azerbaijan to apply to the Bank with a complaint, due to a decrease in the interest rate on deposits in foreign currency to 2%.

2017 December 15 ( Friday )  12:42:55
Financial Markets Supervision Authority Signs Memorandum with Special State Security Service

Baku / 15.12.17 / Turan: The Financial Markets Supervision Authority (FIMSA) for the purpose of providing cyber security and preventing cybercrime in the banking sector has signed a memorandum of understanding with the State Agency for Special Communication and Information Security under the Special State Service.

2017 December 14 ( Thursday )  17:10:50
Problem Loans: Psychological Frontier Overcome

Although the banking system of Azerbaijan is not completely weakened, such a sad scenario, judging by official statistics, is not at all excluded. The Central Bank (CBA) has released another report on the state of affairs in this area. As noted in the document, bank deposits of the population compared to the beginning of the year decreased by 2.3%. The volume of deposits for the reporting period amounted to 7 billion 280.1 million manats.

2017 December 14 ( Thursday )  13:31:14
USD Exchange Rate Remained Unchanged, EUR Rises in Price

Baku / 14.12.17 / Turan: At the currency auction of the Central Bank on Thursday, the dollar rate remained unchanged - 1.7001 manats.

2017 December 14 ( Thursday )  12:25:30
Uni Bank Increases Authorized Capital

Baku / 14.12.17 / Turan: Uni Bank announced an increase in the authorized capital by AZN 10 million.

2017 December 13 ( Wednesday )  14:58:25
Bank BTB Increases Authorized Capital

Baku / 13.12.17 / Turan: BTB Bank will hold an EGM on December 29. Shareholders will discuss the increase in the bank's authorized capital. In addition, the agenda of the meeting includes the issue of changes to the charter of the bank.

2017 December 13 ( Wednesday )  13:34:57
Experts Do Not Expect Impact of Fed's Decision on Manat

Baku / 13.12.17 / Turan: According to analysts, on Dec. 13, after two days of discussions, the Chairman of the Board of Directors of the US Federal Reserve, Janet Helen, at 11:30 pm on December 13, at the time of assessing the current economic situation in the country, voicing expectations for the future, will announce an increase in the discount rate by one quarter.

2017 December 13 ( Wednesday )  11:14:32
Share of Topaz Investments in Nikoil Bank Exceeds 93%

Baku / 13.12.17 / Turan: Topaz Investments CJSC repurchased issued shares of Nikoil Bank OJSC for AZN 35.5 million. After this transaction, the company's share in the bank's capital is 93.16%. This is reported in the Electronic Information Disclosure System.

2017 December 13 ( Wednesday )  11:07:25
MET-AK LLC Issued Bonds for AZN 2 Million

Baku / 13.12.17 / Turan: The Financial Market Supervision Authority (FIMSA) has registered the issue of securities of MET-AK Production Company, the Baku Stock Exchange reports.

2017 December 13 ( Tuesday )  10:57:15
Yield on Biennial Government Bonds Increased by 1.85%

Baku / 13.12.17 / Turan: The average weighted yield on government bonds of the two-year circulation was set at 13.48% per annum on December 12 at the Baku Stock Exchange. This is 1.85% more than at the previous auction.

2017 December 12 ( Tuesday )  12:46:07
USD Exchange Rate Increased, EUR Gone Down

Baku / 12.12.17 / Turan: The US dollar rate at the currency auction of the Central Bank on Tuesday increased slightly from 1.7000 to 1.7001 manats.