SOCAR’s cash in IBA reduced AZN 1.3B

SOCAR’s cash in IBA reduced AZN 1.3B
  • Clock-gray 09:41
  • calendar-gray 07 July 2017

SOCAR places its cash with reputable financial institutions in the Azerbaijan Republic.

 

According to the consolidated report on SOCAR financial activities in 2016, SOCAR’s cash is mainly placed with the International Bank of Azerbaijan (“IBA”) which is controlled by the Azerbaijani Government.

 

The balance of cash and cash equivalents and deposit held with the IBA at 31 December 2016 was AZN 1,154 (2015: AZN 2,529).

 

The Group continually monitors the status of the banks where its accounts are maintained.

 

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