BAKU, Azerbaijan, March 13. Last week it became known that the Central Bank of Azerbaijan (CBA) is developing a financial sector development strategy, which reflects the priority issues in solving the problems of the financial sector, Trend reports.
Elsewhere, Anglo Asian Mining PLC (Public Limited Company) signed a credit agreement for 55 million manat ($32.3 million) with the International Bank of Azerbaijan.
The seven-year revolving credit facility was signed through Anglo Asian's wholly-owned operating subsidiary - Azerbaijan International Mining Company ("AIMC"), which will provide both additional finance and operational flexibility for the company's expansion plans. No drawdown has currently been made from the facility.
Furthermore, a digital bank similar to Azerbaijan's Leobank has been launched in Vietnam this week. The Vietnamese Liobank digital bank was launched in partnership with Orient Commercial Joint Stock Bank (OCB).
Also, this week the Dutch ING company updated its forecast for the inflation rate in Azerbaijan. Analysts at the Dutch ING company forecast the average annual rate of inflation at 9.2 percent in Azerbaijan in 2023.
For 2024, the company forecasts an average annual inflation rate of 4.7 percent, and for 2025 - 4.5 percent.