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Azerbaijan's banking system assets reduced in Q1

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Overall assets of the banking system of Azerbaijan totaled AZN 27.907 bn by 31 March 2018.

As of 1 January 2018 Azerbaijani banks’ assets reached AZN 27.9 million.

The Financial Market Supervision Chamber (Fimsa) informs that banks’ loan portfolio by 31 March is AZN 11.249 bn.

Total capitalization of banks in Azerbaijan amounted to AZN 3.87 bn by 31 March 2018.

Banks’ liabilities totaled AZN 24.037 bn by 31 March 2018, including liabilities to the Central Bank for AZN 499 million.

Banks’ overall losses amounted to AZN 55.9 million for Q1 of 2018.

Over Jan-Mar of the year banks’ interest income reached AZN 428 million, including AZN 287 million on the given loans.

Non-interest income of the domestic banks for the reporting period amounted to AZN 114.5 million.

Banks’ interest expenditures for Jan-Mar 2018 amounted to AZN 151.9 million, including AZN 95.1 million on deposits, and non-interest expenses AZN 242.7 million.

Operating profit of the Azerbaijan’s banking sector amounted to AZN 147.9 million and payments on profit tax AZN 7.7 million. The banks directed AZN 197.5 million in Q1 for the formation of reserves. As a result, losses of the banking sector amounted to AZN 55.9 million for Jan-Mar 2018.

As of 31 March of the year 30 banks have license for activity in Azerbaijan, including 15 banks with foreign capital.

In general, by the end of March the banks are numbering 511 branches and 143 sub-branches.

The banking sector of Azerbaijan is numbering 16,389 people.

 

USD operations increase by 1.6-fold in Azerbaijan

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USD operations increase by 1.6-fold in Azerbaijan

By contrast to January-February 2017, the foreign currency market increased 1.57-fold in the reporting period of 2018, APA-Economics reports according to the statistics of the Central Bank.

In February 2018, the USD operations amounted to $373,582,600, up 4.30% or $ 15,427,900 from 2017.

In the reporting period of 2018, $151,155,300 was sold, down 6.97% or $11,332,000 from previous year. At the same time, $222,427,300 was bought, up 13.68% or $26,759,900 in comparison to a year earlier.

In the reporting period of 2018, EUR 53,160,700 was sold, up 16.55% or EUR 7,551,300 from previous year. At the same time, EUR 9,055,600 was bought, down 24.89% or EUR 3,044,700 in comparison to a year earlier.

Euro operations amounted to EUR 62,216,300 in February 2018, up 7.80% or EUR 4,506,600 from 2017.

Last Updated ( Monday, 07 May 2018 09:03 )
 

Trade between Azerbaijan and Kazakhstan doubled in Q1 of 2018

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Trade between Azerbaijan and Kazakhstan doubled in the first quarter of this year compared with the same period in 2017. Kazakhstan was among the 15 largest exporters of Azerbaijan in the first three months of the year. The exports volume exceeded $48 million against $17.5 million in 2017.

Azerbaijan imports grain from Kazakhstan, some types of industrial products, as well as agricultural goods and oil production equipment.

 

SDL Nobel, BP sign new contract

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SDL Nobel has signed a new three-year contract with BP. As part of the contract, SDL Nobel will render fabrication and site installation services for BP offshore and onshore assets in Azerbaijan (AZERTAC).
As a local company, SDL Nobel was established in 2016 to deliver first-in-class services and address the needs of major international and local clients in the region.
SDL Nobel adopted the best practices from Nobel Oil Services (UK) Limited and SDL Denholm Limited, its co-owners with proven local and international expertise.
“Since 2004, SDL Denholm Limited have held a similar contract with BP and we firmly believe that SDL Nobel, its subsidiary, will now follow suit and continue with the successful realization of the full range of activities and work scopes available,” said Peter Waddel, General Director of SDL Nobel.
SDL Nobel is specialized in provision of offshore and onshore fabrication services to the oil and gas industry. The range of its services covers fabrication and site installation, inspection of fabricated materials, pressure testing of fabricated materials and other services.

 

Role of civil society organizations in the Reforming Public institutions and Strengthening Governance

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Gubad Ibadoghlu, a senior policy analyst of Economic Research Center was attended the workshop on “Functional and Institutional Analysis of Public Institutions, Organizational Structure” in the framework of Platform I on Public Administration Reform on the Eastern Partnership Program in Tbilisi on April 2, 2018. He made presentation on the role of civil society organizations in the Reforming Public institutions and Strengthening Governance.

Last Updated ( Sunday, 22 April 2018 12:36 )
 
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    In his newsletter, the events ( round tables, seminars, trainings, etc), publications, press releases, including the information on business trips to abroad realized within the framework of projects by the Economic Research Center are covered in both languages 

( Azerbaijan and English).

  


Program and financial report of  Economic Research Center covering activities in 2012