AZAL places 50M manats deposit in International Bank of Azerbaijan

Azerbaijan Airlines CJSC (AZAL) has placed a deposit of 50 million manats (just over $29.4 million) in the state-owned International Bank of Azerbaijan (IBA).

According to Report, the initial agreement was signed on February 5, 2025.

The deposit was placed for six months at an annual interest rate of 8%. On August 1, an additional agreement was signed to extend the deposit for another six months, with the annual interest rate set at 7%.

This year, AZAL also fulfilled its obligations to banks by repaying 32.968 million manats (approximately $19.4 million) in principal debt and 13.471 million manats (just over $7.92 million) in interest payments.