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…
The output in production of machinery and equipment, other vehicles, cars, trailers and semi-trailers amounted to 91.7 million manats in Azerbaijan in January-May. The production of cars, trailers and semi-trailers increased by 63.9%, machinery and equipment production – by 15.8%, while the production of other vehicles decreased by 1.8% in January-May 2018 compared to the…
The International Monetary Fund (IMF) forecasts GDP growth in Azerbaijan at the level of 2.7% in 2019, and in the following years – from 2.1% to 2.5%. The economy of Azerbaijan is gradually recovering from the experienced shocks, said Natalia Tamirisa, head of the IMF mission in Azerbaijan, at a press conference in Baku on…