The World Bank (WB) is working with Azerbaijan’s Ministry of Ecology and Natural Resources to examine different options of the “green economy” development, Head of the WB Baku Office Naveed Naqvi reported. The bank has also been able to mobilize funds from the Korean Green Growth Trust Fund, to support green economy in Azerbaijan. Naqvi…
The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on December 3, CBA said in a message. According to the message, the demand at the auction amounted to 1.079 billion manats. The weighted average interest rate on deposit transactions concluded within the auction was 7.76%. The CBA has…
Azerbaijan may leave bankcards behind by switching to the use of mobile technologies offline, as it happened in China, a source on Azerbaijan’s financial market reported. The number of bankcard users in Azerbaijan is insignificant and amounts to only 10% of the total population, the source noted. “Similar indicators were also on the Chinese market,…
The budget of Azerbaijan’s State Social Protection Fund and the Unemployment Insurance Fund has been submitted for discussion at the plenary meeting of the Azerbaijani parliament. The State Social Protection Fund’s revenues for 2019 are projected at 3.928 billion manats, up by 9.8% YoY. The revenues of the Unemployment Insurance Fund for 2019 are projected…
In 2018 the share of payments through POS terminals in Azerbaijan accounted for 3-4% of the country’s GDP (65.2 billion manats in January-October), Erdem Cakar, MasterCard country manager in Azerbaijan, said at a press conference on November 29. He said the figure was 40% in Turkey, 50% in the UK and 70% in Sweden. In…
The problem in the export of Azerbaijani wines to Russia has been solved, said Ministry of Economy. A delegation of the senior officials from the Ministry of Economy and the State Customs Committee of Azerbaijan was sent to Russia to promptly study the difficulties of some companies involved in the export of Azerbaijani wines to…
Fitch Ratings, an international rating agency, has noted improvement in the macroeconomic conditions in Azerbaijan, the agency said in a message. The message reads that in January-September the economy of Azerbaijan grew by 0.8% YoY, while the growth rate of non-oil GDP was 1%. Inflation fell sharply from 12.9% at the end of 2017 to…