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you got it bud...
Pass it along to me..and I will do the same for you! I am still looking also
man im still looking, the good thing is once we find it we will get it the cheapest because when word spreads that this could be the next dinar or dong the prices will jack up..
have you found a place to purchase yet?
the potential is huge here...
State Oil Company of Azerbaijan
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The State Oil Company of Azerbaijan (SOCAR) and its many subsidiaries are responsible for the production of oil and natural gas in Azerbaijan, for operation of the country's two refineries, for running the country's pipeline system, and for managing the country's oil and natural gas imports and exports. While government ministries handle exploration and production agreements with foreign companies, SOCAR is party to all of the international consortia developing new oil and gas projects in Azerbaijan.
The company was established in September 1992 with the merger of Azerbaijan's two state oil companies, Azerineft and Azneftkimiya.
In 1994 the company signed the "Contract of the Century" related to extraction of oil from the Caspian Sea. SOCAR has a 25% stake in the Baku-Tbilisi-Ceyhan pipeline.
Appointed to head SOCAR in January 2006 was Rovnag Abdullayev, former head of the Baku Oil Refinery and a member of the newly elected Azerbaijani parliament. He replaced veteran SOCAR head Natig Aliyev, who had been named Azerbaijan's Minister of Industry and Energy.
In 2005 SOCAR produced above 14 million tones of oil (150,000 bbls/d), mostly from Shallow Water Guneshli field.
SWWWWWEEEEEEEEEEEEEEEEEEEETTTTT.
I had an "S" in there with Chart so had to chaet and look at yours that is posted up above.......
WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE.
Thanks Bud.
Trav.
Thank you. I will give that a try.
Trav.
Resource Directory
Rovnag Abdullayev
President
73 Neftchilar Avenue, Baku.
Tel: (994-12) 493-2312, 492-0745
Fax: (994-12) 493-6492
SOCAR is the government-owned entity responsible for all aspects of exploration and development related to oil and gas fields both onshore and offshore for the Republic of Azerbaijan. One of the largest companies in the world, it employs 70,000 people. Since 1994, SOCAR has signed 25 major production sharing agreements (PSAs) with consortiums of foreign oil companies, plus two major pipeline agreements-BTC (Baku-Tbilisi-Ceyhan) and SCP (Southern Caucasus Pipeline).
(1) AIOC
(2) CIPCO (closed)
(3) Shah Daniz (BP Exploration-operator)
(4) NAOC (closed)
(5) Lankaran-Talysh (TotalFinaElf-operator)
(6) Yalama (LUKARCO operator)
(7) Absheron (Chevron)
(8) Oghuz (ExxonMobil)
(9) Nakhchivan (ExxonMobil)
(10) Kurdashi (Agip Eni-operator)
(11) Gobustan (Commonwealth-operator)
(12) Inam (BP Amoco operator)
(13) Alov (BP Amoco operator)
(14) Muradkhanli (Ramco)
(15) Kursangi (Frontera Resources)
(16) Yanan Tava (JAPEX operator)
(17) Zafar-Mashal (ExxonMobil operator)
(18) Lerik (ExxonMobil)
(19) Padar (Moncrief)
(20) Zigh-Hovsan (LUKOIL)
(21) Kalamaddin-Mishovdagh
Back to International Business
you type in [charts]website without http:// and then
you type in [charts]website without http:// and then
you type in [charts]website without http://
I need to figure out how to post photos. Photobucket isnt takeing to well to the main page with maps or images.
Trav.
" target="_blank">http://i6.photobucket.com/albums/y232/Zoinkers/azerbaijan_sm001.gif[/IMG]
http://i6.photobucket.com/albums/y232/Zoinkers/azerbaijan_sm001.gif
Thanks for the compliments, its a pleasure to be a part of all of this that is happening right before our eyes.
Dong, DINAR, MANAT, Rial, the list is long. Damn it all looks good. Makes it allot of fun to be in. And the DD rather enjoyable.
Thanks again guys.
Trav.
I am hoping ONE of them pay off in a HUGE way!
he sure is...lets hope this one can flurish after the dinar dong saga,,,,lol
I agree ole Trav is working OT on this one! thanks.RJ
great work bud..............
AZERBAIJANI OIL
The availability of the significant oil and gas
reserves in Azerbaijan is the fortune of our people
and the major factor in the development of the country
for the welfare of the people and their present and future.
Heydar Aliyev
Azerbaijan has a strong moral, cultural, scientific and economic potential, the favorable geographical-political position and is particularly famous for the rich natural resources. Oil occupies an important place among these reserves. As the result of the global, wide-scale and comprehensive policy conducted wisely by the national leader Heydar Aliyev, deep belief and resoluteness and purposefully and consequently oil serving its master -the Azerbaijani people, aims to ensure the political independence, economic prosperity and people's welfare to date.
The oil industry of Azerbaijan has the history of 150 years. Nevertheless, the people of Azerbaijan were only able to begin a wide-scale utilization of these reserves in the late 20th century. Heydar Aliyev was the one who made that come true.
Azerbaijan which is famous as the oil country in the entire world initiated the industrial production of oil in the middle of the 19th century. The oil fountain in the Bibiheybat field of Baku in 1848 laid the foundation for the first industrial production of "the black gold" in Azerbaijan. Azerbaijan took the first place in the production and processing of oil in 1899 and accounted for 50% of the global oil production.
Beginning from the 1870s the foreign capital started to flow into the country. The development of oil industry bred a new generation of local entrepreneurs. Hadjy Zeynalabdin Tagiyev, Musa Naghiyev, Shamsi Asadullayev turned into the famous oil entrepreneurs owing to their skills, talent, industriousness and undertook great work for the welfare of the people and the nation of the country.
Azerbaijan that accounted for 75% of oil produced in the Soviet Union during the Second World War thus providing the front with the fuel made a great contribution to the victory over fascism.
The fountain struck on the Neft Dashlary considered the rare field 100 kilometers away from Baku in 1949 opened a new stage in the production of offshore oil. Azerbaijan started to produce oil in the offshore fields at that time.
The 1970-1980s entered the history as the period of great achievements of the Azeri oil industry and the strengthening of its material and technical basis as well as its development. The progress of the said sphere within that period of time is closely connected with Heydar Aliyev who ruled Azerbaijan.
These years were also characterized by the development of the deeper regions of the sea by Azeri oilmen. As the result of the purposeful measures conducted at that time oil industry strengthened and its wide infrastructure was established. Azerbaijan was supplied with different drilling plants for the development of offshore fields, special boats, technique and equipment to ensure the offshore construction works and such strategically important production plant as the plant of the deep sea basis of Baku was established. Moreover, great progress was also observed in the oil processing, petrochemical industry and oil mechanical engineering.
The rapid arrangement and realization of geological surveys in the Caspian Sea in the early 1970s were also connected with Heydar Aliyev. To date it is possible to say that the works carried out by the national leader of the Azerbaijani people in all spheres including oil sector constituted his farsighted plans-the contract of the century and the intention to improve the living standards and to ensure the independence of the people.
Within the first years of independence the increase of the gas and oil production was regarded as one of the major means for the elimination of the economic and social troubles. Under such conditions the limited financial funds required the participation of foreign companies and investors. Yet, the oil companies of the West hesitated to invest in Azerbaijan due to the Armenians' intervention to Azerbaijan as well as the turmoil, inner differences and instability. At the same time the economic interests of Azerbaijan were not ensured by any of the conducted talks.
The talks initiated with the interested foreign oil companies in the 1980s were nearing their end in spring of 1993. At that period Azerbaijan was close to the signing of a contract that not only neglected the interests of the people but also would strike a hard blow on the economics of the country through plundering the valuable natural reserves of the country.
Heydar Aliyev's return to the government in 1993 by the will and request of the people laid the foundation for the dramatic changes in the political and economic life of Azerbaijan.
The discussions and talks on the oil contract were in fact resumed and at last following the hard process of negotiations the country agreed on such provisions of the contract that would fully correspond to the interests of Azerbaijan.
The oil contract signed with the oil companies of the West in Gulistan palace of Baku on September 20, 1994 opened a new page in the history of the country. Later, the said contract called the contract of the century was perpetuated in the oil chronicle of independent Azerbaijan.
The signing and implementation of the contract famous as the contract of century in the entire world is the brilliant demonstration of the realization of oil strategy constituting the concept of the economic development of independent Azerbaijan and worked out by the prominent politician Heydar Aliyev.
Heydar Aliyev said concerning the life of Azerbaijan with the signing of the Contract of the Century: "Azerbaijan has been implementing the oil strategy since 1994. The strategy implies the effective utilization of the rich natural reserves including oil and gas fields for the welfare of he Azerbaijani people."
21 oil contracts were signed with the foreign oil companies in Baku as well as at the large palaces of the biggest capitals of the world-Washington, Moscow, London, Paris with the direct participation of Heydar Aliyev through the previous period. To date nearly 30 companies out of 14 countries of the world participate in the realization of the said contracts.
These contacts stipulated for USD 60 billion for the oil and gas industry of Azerbaijan. Of them USD 4.5 billion has already been invested in the country.
To date the hydrocarbon reserves of Azerbaijan exceed 4 billion tons thus including the country into the list the biggest oil regions of the world.
One more significant event took place in the life of the Azerbaijani people on April 17, 1999. The Supsa export terminal on the Black Sea shore of Georgia and oil pipeline Baku Supsa were commissioned with participation of President of the Republic of Azerbaijan Heydar Aliyev, president of Georgia Edward Shevarnadze and President of Ukraine Leonid Kuchma. The Chyrag oil started to be transported to the global markets from Supsa port, thus opening the new western direction of the transportation of Azerbaijani oil.
The real life once more proved the correctness of the balance reflecting the exactly counted farsighted, political, economic and commercial and other risks of the national leader Heydar Aliyev and the many-sided export strategy established on the basis of the long-term interests of Azerbaijan.
The transportation of Azeri oil to the world markets was one of the major directions in Heydar Aliyev's oil strategy. Due to the comprehensive protection of the long-term interests of Azerbaijan, the development of wide international economic cooperation and the increase in the oil production in the region much was done for the implementation of the project of Baku-Tbilisi-Ceyhan oil pipeline and conducted negotiations successfully completed for the transportation of oil to the global markets.
Owing to the influence of Heydar Aliyev and as the result of the talks with the state and government leaders of different countries, political and business representatives and leaders of oil companies, Turkey and Azerbaijan signed an important intergovernmental contract on the transportation of Azeri oil to Turkey.
Oil and gas deposits in Azerbaijan sector of the Caspian Sea
President of the Republic of Azerbaijan Heydar Aliyev, President of Georgia Edward Shevarnadze and President of Turkey Suleyman Demirel signed a contract on the transportation of crude oil by Baku-Tbilisi-Ceyhan pipeline via the Republic of Azerbaijan and Turkey at the Istanbul summit of OSCE on November 18, 1999.
At the same time Presidents of Azerbaijan, Georgia, Turkey, Kazakhstan and the United States signed an Instanbul Dec;aration supporting the aforementioned project.
Thus, Heydar Aliyev undertook the next important step for ensuring the long-term political and economic interests of Azerbaijan, the establishment of comprehensive international cooperation and the stability and peace in the region.
As the result of he implementation of oil strategy thoroughly worked out by Heydar Aliyev Azerbaijan turned to one of the oil centers of the world, the state playing an important role in the formation of quite new economic model for the development of the region and the energy potential of the Caspian Sea, the expansion of political and trade relations between Europe and Asia, the development of the Caucasus transport regions and the implementation of such great projects as TRASECA. top
GENERAL INFORMATION ON AZERBAIJANI ECONOMY
After Azerbaijan Republic restored its state independence in 1991, started to realize its sovereign rights and conduct independent policy in economic field. Major directions of this policy were transition to economic system, created in base of different forms of property, market economy and integration to world economy.
Economic development existed in country since period of independence till now can be divided in two main stages. First period was economic chaos or regress covering 1991-1995. Second is period of macroeconomic stability and dynamic economic development lasting since 1996.
Within short historical period after restoration of state independence, despite hard initial conditions very big achievements were made in field of social-economic development of country and its integration to world economic system due to foresight policy and hard activity of nationwide leader of Azerbaijani people Heydar Aliyev. The biggest achievement was creation of model of Azerbaijan - a new model of economic reforms and development in process of independent state building implemented in the country during this period.
In the second stage of economic development a number of big-scale policy documents (conceptions, strategies and programs) were adopted as legal base of realization of mentioned model in Azerbaijan Republic ('Program on State Assistance to Small and Middle Entrepreneurship in Azerbaijan (1997-2000)', 'State Program of Development of Small and Middle Entrepreneurship in Azerbaijan (2002-2005)', 'State Program of Development of Agrarian Sector in Azerbaijan (2002-2006)', 'Demographic Development Concept of Azerbaijan Republic', 'State Program on Development of Tourism in Azerbaijan Republic in 2002-2005', 'State Program on Poverty Reduction and Economic Development in Azerbaijan Republic (2003-2005)', 'State Program on Social-Economic Development of Regions of Azerbaijan Republic (2004-2008)' and etc) and a number of documents are under preparation ('Employment Strategy of Azerbaijan Republic', 'Integrated Strategy of Trade and Investment on Non-Oil Sector' and etc).
One of priorities of economic policy of Azerbaijan Republic was preparation of oil strategy of independent state. Implementation of this strategy, author of which is nationwide leader of Azeri people Heydar Aliyev, started in September of 1994 by signing the 30-year contract between Azerbaijan Republic State Oil Company and 13 most popular oil companies (Amoco, BP, McDermott, Unocal, SOCAR, LUKoil, Statoil, Exxon, Turkiye Petrolleri, Pennzoil, Itochu, Ramco, Delta) of a number of countries of the world (USA, Great Britain, Russia, Turkey, Norway, Japan and Saudi Arabia) on joint exploitation of 'Azeri', 'Chirag' wells and deep part of 'Guneshli' well in Azerbaijan sector of Caspian Sea and share division of oil production.
20 September 1994, which was written with golden letters in new history of independent Azerbaijan Republic, will always be remembered by present and future generations. Singing and realization of this contact that is known all over the world under name 'Contract of century' is bright reflection of implementation of new oil strategy, which is the economic development concept of independent Azerbaijan and was prepared by Heydar Aliyev.
On December 29 of 1999 nationwide leader Heydar Aliyev signed Decree 'On Establishment of State Oil Fund of Azerbaijan Republic'.
Major goal of creation of Oil Fund was to ensure fair division of oil wealth gifted to Azerbaijani people by God among generations. One of main targets of Fund is to collect and increase oil revenues for future generations and to use these revenues for present generations by taking into consideration current social needs of country, economic progress and development requirements.
On the wise decision of our great leader Heydar Aliyev, the first funds from Oil Fund were allocated to funding the measures concerning improvement of social-domestic circumstance of refugees and IDPs that are most sensitive section of Azerbaijani people and live under hardest conditions.
Due to large-scale and basic reforms carried out in economy of country significant results were gained in industry in 1995-2004. Contracts signed on September 20 of 1994 with big companies representing developed countries of the world on joint activity in oil and gas production industry stimulated rapid development of oil and gas industry. Production of industrial output lifted. Volume of production increased due to visible progress almost in all the fields of industry as well in oil and gas, chemistry and oil chemistry, machinery and metal processing, building materials industry. Processing industry develops also along with production industry. Over the last six years production increased 1,5 times in processing industry fields, as well 43% in food industry, 2 times in wood production, 30% in paper production, 2,5 times in chemical production, 5 times in building materials production, 3 times in metallurgy industry.
More than 3,000 new industrial enterprises were opened in 1993-2003 and number of them reached 5536 for January 1, 2004. As a result of 'open door' policy that was founded by nationwide leader and is implemented at the present day, number of foreign and joint ventures increased 3 times during these years. At the moment 192 foreign-invested enterprises representing 63 states function in industry field, thousands of workplaces have been opened. 74% of investments made in our national economy in 2003 was directed just to the industrial fields. Visible growth of newly formed economical structures, enlargement and dynamic development of small entrepreneurship, engagement of physical persons with entrepreneurship is accompanied with growth of role of private sector.
Important works are implemented in direction of meeting the requirements of economy and population to energy resources. As a bright example of special attention of President Ilham Aliyev to this field, 'State Program on development of fuel-energy complex of Azerbaijan Republic (2005-2015)' was prepared by Industry and Energy Ministry and confirmed by Decree 635 of President of Azerbaijan Republic dated February 14, 2004 in order to ensure energy security in country and meeting of the growing demands to energy resources in more effective manner.
Being one of major fields of Azerbaijani economy in all times, agriculture played important role in development of country and assurance with necessary consumption products. Adoption of laws on 'Bases of agrarian reforms', 'Reforms of sovkhozes and kolkhozes', 'Land reform' and other important legal documents contributed to implementation of fundamental changes in agrarian-industrial complex. Law 'On land reform' considered for the first time in CIS the criteria such as giving the land to private property, affirmed it as an object of purchase-sale.
Due to the serious structural reforms implemented in agriculture all the agricultural enterprises, as well sovkhozes and kolkhozes were abolished, except a number of pedigree and other such kind of farms, and their properties were divided among members of farms. Acceleration of formation of new property - villager-farmers in the village firmly contributed to better organization of works in agriculture and development of agrarian sector.
For their rapid and radicalism, agrarian reforms deeply differed from reforms carried out in other sectors of Azerbaijani economy and even reforms implemented in CIS countries and played important role in formation of private property and development of business in republic.
Reforms realized in bank system played great role in removing the distrust in banks existed in the first years of independence. Modern bank building works started in country, works implemented in direction of formation of two-stepped bank system, strengthening of banks, growth of their authorized capital. Weak banks, unable to work under conditions of free market economy and stand the competition, were eliminated. Number of banks functioning in country was decreased for four times, capital base of bank system increased 5 times.
One of major criteria ensuring economic development is dynamics of capital investment. Funds directed to capital investment serve growth of production, as well construction and commissioning of new enterprises, educational, medical, dwelling and other social establishments, creation of new workplaces. This is why yearly growth of investments, as well volume of foreign investments in economic policy of Azerbaijan Republic is considered one of priorities.
After Azerbaijan Republic gained state independence, one of important directions of its foreign economic policy was relations with international financial-credit and economic structures. Much has been done in this field over the passed time. Azerbaijan became member of almost all the prestigious international structures, as well in 1992 International Monetary Fund, World Bank, European Bank for Reconstruction and Development, Islam Development Bank, in 1999 Asian Development Bank and carries out regular consultations with these organizations on issues concerning transition to market economy, use their financial resources.
So, numerous positive results caused within a short time by reforms implemented in all fields of economy prove once again correctness of economic policy firmly carried out by direction of Azerbaijan Republic.
I thought you might like that. :)
Trav.
AZERBAIJAN HAS THE GOODS THATS FOR SURE...
Minerals map
http://www.azerbaijan.az/_Maps/_production_e.html
LOL...I know what you mean. When I get on the phone I can just watch the BILL adding up! RJ
My pleasure. Ill try the National Bank of Azerbaijan on Monday, cant seem to get through to them today to ask any questions.
I should have bought stock in Verizon due to all the calls today. LMAO.
Trav.
thanks for that info...I contacted a few local banks and NO they do not trade it either! Rj
Address: AZ1014,
R.Behbudov str., Baku, Azerbaijan
Tel.: +994 12 4931122
Fax.: +99412 4935541
Per Well's Fargo, "It is Forbitten" for them to deal in this currency. lol. Her notes were "No in or out" so they cant touch it.
She thinks it might be a currency that you have to purchase 'in that country.
Wells Fargo. 1-800-678-4653
Trav.
EEEEEEEEEEEEKKKKKKKK GAAAAAAAAAAAAAGGGGGGGGGGGGSSSSSSSS
I GOT TO GO BUY TICKETS!!!!!.
Thanks for the photo in your SIG to remind me.
Hold on to your underwear everyone Spidie 3s out.
Trav. :))))))
PS, Its raining here. lol. Its always raining here.
talk later I am sure...expecting 90's this weekend, it is going to be GREAT...RJ
Its going awesome, thanks. Hope your is as well.
Happy Friday RJ, have a great weekend.
Trav.
LOL...we will when the time is right...I hope your day is going great...RJ
Should we make a new board for that now???....LMAO.
:)
Trav.
if you become a dealer...YOU can start the next reval rumor...LOL! RJ
sorry i didnt get back to you rj.......i think this country has the potential to be a huge oil player, i lived there for 3 months and saw first hand the amount of oil there is, i just cant seem to find a place to buy manats yet, i dont think there is a market for it yet, i may become a dealer..lol
Thanks Trav, it is always nice to DD something new! RJ
hey Od...so what is the story here? GL with this board...RJ
differences between the new money and
existing money according to the design
and technical features?
In the earliest years of the state independence there was not any sole design concept. The experiences of the developed countries show that the national currency and money have to be changed every 7-10 years. The main reason of this is the rapid development of the computer technology and accordingly the counterfeit technology. This way their designs are prepared according to the demands of the new period.
The National Bank has already prepared the development conception for the design of the new generation money and a new protection philosophy in the direction of the modernization of the national currency-manat. It should be noted that at the time being the new generation banknotes to be in the turnover will be of the highest international protection standards and easily recognizable by the population.
The implementation of the denomination process makes the turnover of coins alongside with the banknotes inevitable as well. From 2006, after the denomination the issue of the banknotes of 6 nominal (1, 5, 10, 20, 50 and 100 manats) and coins of 6 nominal (1, 3, 5,10,20,50 coins) is planned. This way the new nominal structure of manat will maximally simplify the cash payments.
The world’s well known printing companies and designers had been attracted to the preparation of the new design. (The author of the euro, De La Rue Company of England, Orell Füssli of Switzerland, Giesecke and Devrient of Germany, Enschede of Holland, Oberthut of France). As to the main subject of the design we can say that the design of the latest world standards is being prepared. Here the key target will be to emphasize the position of Azerbaijan in the international scene, integration to the international system according to the world values.
The banknotes will be issued according to the highest international safety standards. The protection and technical indicators of the banknotes are being prepared within the frame of the technical support of The National Bank of Switzerland. We’d like to add that according to the progress in the safety system of money The National Bank of Switzerland is considered as a favorite and while comparing the different currency banknotes the Swiss Frank banknotes are considered as a model from the protection point of view. The safety system of the new generation banknotes are being prepared multi – graded.
http://www.nba.az/?mod=inside&id=555&sub1=471&sub2=476&lang=en
This web site from NBA
http://www.nba.az/?mod=exch&lang=en
has a archives area. But I havent looked at it all yet.
Still finding other links out there. lol, and some arent English friendly.
Trav.
im trying to find a currency chart for the last 5 years, but i cant...
03.05.2007 Exchange rate. (Day, Month, Year)
1 USD 0.8642 AZN
http://www.nba.az/?lang=en
I just started my weekend a few hours ago.
Yahoooooo, well kinda, I'll be on iHub for allot of it. LMAO.
Trav.
i just got in to work.....
Power exchange to resume between Azerbaijan and Russia
Economy / 01.05.2007 14:36
“Azerenerji” and Russian “Inter rao” company are to strike a deal on power trade in coming days.
Power exchange between Azerbaijan and Russia restored from May 1. “Azerenerji” Open Joint Stock Company informed ANS that “Azerenerji” and Russian “Inter Rao” company are to strike a deal on power trade in coming days. Agreement on power trade was agreed at talks in late April and power supply will be resumed from May 1. Meanwhile, power supply was cut as parties didn’t reach agreement on power prices.
Copyright 2007 The ANS Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Kuwait Ministers to pay a visit to Baku
Politic / 03.05.2007 14:22
Itinerary of head of state is being planned currently via diplomatic channels.
Kuwait PM Sheik Nasir Mahammad As-Sabah is due too visit Azerbaijan tomorrow. According to Shahin Abdullayev, Azerbaijan ambassador to Kuwait itinerary of state head is being planned via diplomatic channels. According to him, Azerbaijan and Kuwait have good relations. Perspectives of strengthening of cooperation between two countries have been discussed when Elmar Mammadyarov, Minister of Foreign Affairs visited Kuwait. Kuwait’s Trade Minister is expected to visit Baku soon.
Copyright 2007 The ANS Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
http://www.ans.az/nid16887.html
National Bank of Azerbaijan
The National Bank in Baku.The National Bank of Azerbaijan (NBA, Azerbaijani: Azərbaycan Milli Bankı) is the central bank of Azerbaijan. It is located at 32 Rashid Beybutov Street in the city of Baku. In early 1992, former Soviet banks were incorporated into the National Bank of Azerbaijan; The 1992 Law on Banks and Banking Activity and the Law on the National Bank established the NBA as the top level of the new system and commercial banks (state and private) on the second level. However, in 1993 the system was undermined by poor technology, large unresolved debts among state- enterprises, irregular participation by enterprises, and bank delays in transferring funds. The main bank for the exchange of funds among private and state enterprises is the Industrial Investment Joint Stock Commercial Bank. A limitation on FDI in the banking sector was reduced when the NBA increased the limit on participation of banks with foreign ownership from 30 to 50 percent of the commercial banking market. In June 2002, the NBA liberalized some overseas transfer provisions for Azerbaijani legal residents, including an increase of advance payments for import transactions from $10,000 to $25,000 and waiver of all restrictions for withdrawing foreign currency in cash.
http://www.nba.az/
Thank you for the welcome, and not bad at all for this late at night. lol. Wait till morning, you'll have a couple dozen more.
Trav.
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