BAKU, Azerbaijan, May 20. The Central Bank of Azerbaijan (CBA) cancelled the license of Gunay Bank OJSC this week, Trend reports.
The CBA cancelled the license of the bank due to the fact that its total capital is less than the established requirement - 50 million manat ($29.4 million), while the adequacy ratio of the total capital is less than three percent.
The bank was declared bankrupt by the decision of the Baku Commercial Court.
Also this week, Azerbaijan's Economic Zones Development Agency and the industrial cluster of Russia's Tatarstan signed a Memorandum of Cooperation (MoC).
The document provides for establishment of cooperation relations between entrepreneurs of the two countries and supports development of entrepreneurship, implementation of joint projects in the field of industry, organization of business trips, as well as joint development of projects of mutual interest.
Moreover, according to the International Monetary Fund (IMF) forecast released this week, the nominal GDP of the country in 2024 will amount to $74.5 billion.
The country's real GDP growth in the oil sector in 2023 is projected at 0.5 percent, while in the non-oil sector - 4.2 percent. At the same time, Azerbaijan's GDP growth in the non-oil sector for 2024 is forecast for 3.6 percent, while in the oil sector - for 0.3 percent.