Currency rates

Calculate

as at 21.07.2017
M
$
1 AZN =0.5865 USD 0 (0%)

Currency rates

Rates may be stored in your browser’s cash. Please refresh the page for the latest data.
as at 21.07.2017
  Buy Sell
Currency CBA rate Cash operations Non-cash operations Cash operations Non-cash operations
USD 1.7012 1.6700 1.6700 1.7050 1.7020
EUR 1.9783 1.9288 1.9288 1.9921 1.9921
GBP 2.2065 2.1513 2.1513 2.2286 2.2286
RUR 0.0289 0.0265 0.0265 0.0289 0.0289
CHF 1.7884 1.7437 1.7437 1.8063 1.8063
JPY 0.0152 0.0148 0.0148 0.0154 0.0154
CAD 1.3506 1.3168 1.3168 1.3641 1.3641
AUD 1.3431 1.3095 1.3095 1.3565 1.3565
TRY 0.4824 - 0.4703 - 0.4872
AED 0.4632 0.4400 0.4400 0.4678 0.4678
SEK 0.2069 0.2017 0.2017 0.2090 0.2090
NOK 0.2114 0.2061 0.2061 0.2135 0.2135
DKK 0.2661 0.2594 0.2594 0.2688 0.2688
KZT 0.0052 - 0.0051 - 0.0068
GEL 0.7072 - - - -
XAU 2107.2764 - 2054.5945 - 2128.3492
Contact us
Thank you

Form successfully send. We will contact you soon

Write to us

Call us

937

Bank online
Thank you

Form successfully send. We will contact you soon

Send us your resume

Thank you

Form successfully send. We will contact you soon

Order your confirmation letter

Thank you

Form successfully send. We will contact you soon

Renew your card online

Government reaffirms its support to International Bank of Azerbaijan

During 2015 and 2016, the Government of Azerbaijan, which is the majority shareholder of the International Bank of Azerbaijan (“IBA”), provided financial support to IBA on a number of occasions in the context of several devaluations of the Manat, including through (i) a Presidential Decree ordering the transfer of certain non-performing loans to  CJSC Aqrarkredit (which is state-owned and a shareholder of IBA), in consideration for AZN 10 billion (representing the full outstanding amounts of such loans, at par), (ii) a capital increase, as a result of which the Government increased its shareholding of IBA and (iii) a U.S.$1 billion term deposit by the State Oil Fund of Azerbaijan (“SOFAZ”).

During 2015 and 2016, the Government of Azerbaijan, which is the majority shareholder of the International Bank of Azerbaijan (“IBA”), provided financial support to IBA on a number of occasions in the context of several devaluations of the Manat, including through (i) a Presidential Decree ordering the transfer of certain non-performing loans to  CJSC Aqrarkredit (which is state-owned and a shareholder of IBA), in consideration for AZN 10 billion (representing the full outstanding amounts of such loans, at par), (ii) a capital increase, as a result of which the Government increased its shareholding of IBA and (iii) a U.S.$1 billion term deposit by the State Oil Fund of Azerbaijan (“SOFAZ”).

Despite the fact that the original objective of the Government was the quality improvement of the IBA’s loan book, one of the negative and unintended consequences of this support, in the form of the non-performing assets transfer to Aqrarkredit, was further distorted open currency position on the IBA’s balance sheet. As a result, further recent devaluations of the Manat impacted the IBA’s financial position.

To address this adverse development, IBA is working in close coordination with the Government, which has thus far resulted in the Ministry of Finance providing an additional capital injection of AZN 600 million, increasing the Government’s stake in IBA to 91.3% from 82.2% (the Ministry of Finance now holds 76.7% and Aqrarkredit 14.6%).  Further Government support measures are under consideration. In addition, the President signed a decree on December 27, 2016, which instructs the Financial Stability Chamber to support to IBA and allocates budget for it to do so.

IBA and the Government are in the process of appointing advisors to assess the impact of these events on IBA and assist it in determining appropriate steps IBA should take to address it.

IBA and the Ministry of Finance are working in close coordination and will be in regular contact with investors and creditors and try provide further timely updates as warranted. For more information please also see the recent statement of the Ministry of Finance http://maliyye.gov.az/en/node/2013.

Kamran Huseynov, Director, Central Treasury Department at Kamran.huseynov@ibar.az,

Sabina Abassova, Head of DCM & Ratings at sabina.abassova@ibar.az,

Rustam Ibrahimov, Head of FI at rustam.ibrahimov@ibar.az,

Gunel Bakhshiyeva, Senior FI Officer at gunel.bakhshiyeva@ibar.az

Next page

IBA announces decision on Inter