Azerbaijan strives to increase agricultural production not only to meet local demand, but also to get broader access to foreign markets. In this regard, the country strengthens its efforts to support the activities of people engaged in agricultural production. To this end, Azerbaijan established the State Agro Trade Company under the Ministry of Agriculture last…
During the first five months of 2019, the turnover of Azerbaijan’s non-oil sector increased by 8% YoY, the Ministry of Taxes reported. The increase in VAT turnover was 9.6%, according to the report. The trade and public catering sector showed the highest growth rates. The wholesale trade turnover grew by 18.4%, including 24.6% in terms…
Ganja Automobile Plant has signed a contract with Russia’s KAMAZ automobile plant for the supply of a major cargo of spare parts for vehicles. The contract was signed for the supply of spare parts worth 400 million rubles (about 10.68 million manats). The KAMAZ carmaker has 11 major automotive factories and auxiliary cycle divisions. KAMAZ…
In January-April the average monthly salary in Baku increased by 3.9% YoY and amounted to 820 manats, the Baku city Statistical Department reported. The employees of enterprises and organizations engaged in industrial, financial and insurance, professional, scientific and technical spheres, as well as ICT and construction sectors had the biggest average monthly salaries. The employees…
In January-May financial revenues from banks and insurance companies through the Ministry of Taxes to Azerbaijan’s state budget increased by 48.4% YoY. The total revenue value from banks and insurance companies for the reporting period amounted to 180.2 million manats. Over a quarter of all tax transfers accounted for the industrial sector – 560.9 million…
Azerbaijan, which is an important supplier of natural gas in the Caspian Sea region, particularly to European markets, keeps increasing its gas exports. In the period from January to May Azerbaijan exported 4.9 billion cubic meters of gas, up 1.8-fold YoY, according to the Azerbaijani State Customs Committee. In monetary terms, the export volume amounted…
The Central Bank of Azerbaijan (CBA) held a deposit auction on July 1, where it attracted 100 million manats from Azerbaijani banks. The bank noted that the demand at the auction amounted to 701.5 million manats. The funds are placed for a period of 14 days with a yield of 6.51%. The auction was held…