Azerbaijan, officially the Republic of Azerbaijan, is a transcontinental country located at the boundary of Eastern Europe and West Asia. It is a part of the South Caucasus region and is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia and Turkey to the west, and Iran to the south. Baku is the capital and largest city.
The economy of Azerbaijan is highly dependent on oil and gas exports, in particular since the completion of the Baku-Tbilisi-Ceyhan Pipeline. The transition to oil production in the late 1990s led to rapid economic growth over the period 1995–2014. Since 2014, GDP growth has slowed down substantially.
The Republic of Azerbaijan is a member of the United Nations, the Non-Aligned Movement, the Organization for Security and Cooperation in Europe, NATO's Partnership for Peace, the Euro-Atlantic Partnership Council, the World Health Organization, the European Bank for Reconstruction and Development; the Council of Europe, CFE Treaty, the Community of Democracies; the International Monetary Fund; and the World Bank.
The manat is the currency of Azerbaijan. It is subdivided into 100 gapiks.
The State Oil Company of the Republic of Azerbaijan, largely known by its abbreviation SOCAR, is a fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea. It operates the country's only oil refinery, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling station networks under the SOCAR brand in Azerbaijan, Turkey, Georgia, Ukraine, Romania, Switzerland, and Austria.
The Central Bank of Azerbaijan is the central bank of Azerbaijan Republic. The headquarters of the bank is located in the capital city Baku.
The Baku Stock Exchange (BSE) is the main stock exchange in Azerbaijan. BSE is organized in the form of a closed joint stock company with 19 shareholders.
Darwin Bank is an Azerbaijani bank oil field in the Caspian Sea, 45 kilometres (28 mi) – 50 kilometres (31 mi) north-east of Baku and 6 kilometres (3.7 mi) west of Pirallahi Island. Industrially significant oil and natural gas resources were discovered here in the 1950s. To date, 16.2 million tons of oil and 1.5 billion cubic meters of gas were extracted. State Oil Company of Azerbaijan Republic is in the process of building a new oil platform which will be installed in the field for drilling of 12 wells in 2010. A similar platform No. 660 has already been commenced on site, and another platform for drilling of 20 wells is being finalized. Another platform operated by Absheronneft drilled two more wells in 2009 with an overall output of 7–8.5 tonnes of oil.
ABB, the largest bank in Azerbaijan, is an open joint-stock company whose shares are owned by the Azerbaijan state. Its head office is located in Azerbaijan.
Unibank is one of the largest private banks established in Azerbaijan in July 1992 under the name of MBank. In 2021, Unibank co-founded the first Azerbaijani neobank called Leobank.
DekaBank Deutsche Girozentrale is the central provider of asset management and capital market solutions of the Sparkassen-Finanzgruppe, a network of public banks that together form the largest financial services group in Germany and in all of Europe. It is registered in both Frankfurt and Berlin, with main operational headquarters in Frankfurt. It traces its origins to the Deutsche Girozentrale, established in 1918 as a hub for payments within the German savings banks system.
Banking in Azerbaijan in its present form dates back to 1992, but it originates in the second half of the 19th century and continued through the Soviet period. It consists of the country's central bank, the Central Bank of Azerbaijan, founded on 11 February 1992, and other commercial banks. The commercial banks in the country are joint–stock.
Elman Rustamov is an Azerbaijani politician. He was the chairman of Azerbaijan Central Bank from January 1995 until April 2022.
AccessBank is a bank with headquarters in Baku, Azerbaijan.
Royal Bank was a private commercial bank established as ÖZ BANK on 2 August 1993. The bank provided financial services for individual customers, small- and mid-size businesses. The last supervisory board took the control over the bank in 2004 and initiated a program on restructuring the financial and control systems.
The International Bank of Azerbaijan-Georgia is a subsidiary bank of the International Bank of Azerbaijan located in Tbilisi, Georgia, founded in 2007. It is one of three Azerbaijani banks operating in Georgia. The bank is a member of the Association of Banks of Georgia.
Shirzad Abdullayev, Deputy Minister of Economy of the Republic of Azerbaijan (2018–2020), Executive Director of the National Entrepreneurship Support Fund (2008–2018), PhD in economics, professor.
The Finance system in Azerbaijan consists of government policy and arrangements for borrowing and lending and the transfer of assets. The system is composed of banks, insurance companies, other financial institutions, pension system, financial markets and payment systems.
Taleh Kazimov is the Governor of the Central Bank of the Republic of Azerbaijan since April 2022.
