The Board of Directors of Azerbaijan`s Central Bank (CBA) has revoked the license of Texnikabank as it failed to meet the minimum capital requirement, liabilities to its creditors, and also failed to reliably and prudentially manage its current activities ...

International Bank of Azerbaijan starts processing JCB cards

29.01.2016 [16:24]
The International Bank of Azerbaijan (IBA) started accepting cards of Japan's JCB payment system in its ATM and POS-terminal network. This will provide access for JCB cards to over 730 ATMs and an extensive network of more than 11 000 POS terminals served by the IBA ...

Azerbaijan’s Central Bank revokes licenses of Caucasus Development Bank and Atrabank

27.01.2016 [19:00]
The Management Board of the Central Bank of the Republic of Azerbaijan has revoked the licenses of the OJSC Caucasus Development Bank and OJSC Atrabank as they failed to meet the minimum capital requirement, liabilities due creditors, and failed to reliably and prudentially manage their current activities ...

Elman Rustamov: New economic strategy forms in Azerbaijan

26.01.2016 [21:24]
“As a result of determined steps taken by the head of state a new economic strategy forms in Azerbaijan,” said Elman Rustamov, chairman of the country`s Central Bank. “Global oil prices have fallen four times in just more than a year ...

Moody's takes rating actions on “Bank of Baku”

22.01.2016 [17:56]
Moody's Investors Service has today taken rating actions on six Azerbaijani banks. The downgrade of OJSC Bank of Baku's BCA to b3 from b1 and downgrade of the long-term deposit ratings to B3 from B1 with a negative outlook reflects Moody's expectation that currency ...

Moody’s affirms Kapital Bank ratings

22.01.2016 [17:44]
Moody's Investors Service affirmed Kapital Bank's current BCA at b1 and long-term deposit ratings at Ba3, whereas changed the outlook to negative from stable reflecting the pressure on the bank's credit profile from deteriorating market conditions and expectations of worsening ...

Elman Rustamov: Loans up to $5,000 can be paid by previous exchange rate

19.01.2016 [16:13]
“The government of Azerbaijan considers the issue of allowing the population to pay their loans which amount up to $5,000 by the previous exchange rate,” chairman of the Central Bank of Azerbaijan Elman Rustamov told journalists ...

SOFAZ puts up $200 m in auction

18.01.2016 [23:44]
The Central Bank of Azerbaijan has today carried out another auction of US dollars. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) put up $200 million in the auction. ...

Azerbaijani population's income grew by 5.7 percent last year

18.01.2016 [19:23]
“In 2015, the revenues of the Azerbaijani population have nominally increased compared to the same period last year by 5.7 percent, reaching 41.7 billion manats,” the State Statistics Committee said. “The average per capita income increased by 4.5 percent, reaching 4,380.1 or 365 manats per ...

Asian Infrastructure Investment Bank launches first international fund in Beijing

16.01.2016 [20:48]
The Asian Infrastructure Investment Bank (AIIB), the first fully fledged international organization led by China, held its formal inauguration on Saturday at the Diaoyutai State Guesthouse in Beijing with 57 member nations including Azerbaijan in attendance ...

SOFAZ to put up $200 mln for auction

15.01.2016 [11:20]
State Oil Fund of Azerbaijan (SOFAZ) continues currency sale in 2015. According to SOFAZ, the Central Bank of Azerbaijan will hold an auction on January 15, 2016. The Fund will put up $200 mln for the auction. All banks may participate in the ...

CBA to establish automated monitoring system

15.01.2016 [11:09]
The Central Bank of Azerbaijan has announced a tender for creation of the automated monitoring system during transactions with foreign currency. The tender will be held at the CB administrative office on March 1, 2016. The tender participation fee is AZN 200. The foreign participants can pay in US dollars. ...

Chinese top leaders to attend AIIB opening activities

08.01.2016 [16:44]
Chinese President Xi Jinping and Premier Li Keqiang will attend activities marking the opening of the Asian Infrastructure Investment Bank (AIIB), according to Xinhua news agency. Chinese Foreign Ministry spokesperson Hua Chunying told a regular press briefing ...

International Bank of Azerbaijan reimburses cardholders for the expenses incurred after the currency rate change

08.01.2016 [13:29]
The International Bank of Azerbaijan reimburses its clients, holders of the plastic cards in manats, for the expenses incurred during the operations in foreign currency after the switch to the floating exchange rate of manat ...

International Bank of Azerbaijan upgraded banking solution

07.01.2016 [12:58]
The International Bank of Azerbaijan (IBA) upgraded to new Oracle Flexcube Universal Banking Solution 12.0.3, to improve its efficiency. This version of Oracle Flexcube platform is implemented in the leading financial institutions of the world ...

Asian Infrastructure Investment Bank officially established

27.12.2015 [10:13]
An Asian Infrastructure Investment Bank has been officially established in Beijing. Azerbaijan is one of the founding members of the bank. The bank, which was established on the initiative of China ...

Azerbaijan SSC to put into operation automated trading and settlement system in securities market

18.12.2015 [11:36]
The Azerbaijan State Securities Committee recently is to put into operation automated trading and settlement system in the country’s securities market. This was stated by Azerbaijan State Securities ...

MONEYVAL approves voluntary report on progress submitted by Azerbaijani government

15.12.2015 [10:42]
As earlier reported, the 49th plenary session of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) was held on December 8-11 in Strasbourg ...

TuranBank receives AMCHAM CSR 2015 Excellence Award

10.11.2015 [21:05]
TuranBank has been named the third place winner under the nomination “Volunteering” of the AMCHAM CSR 2015 Excellence Award organized by the American Chamber of Commerce in Azerbaijan. ...