Azerbaijan’s Kapital Bank is increasing its authorized capital by 40 million mantas, to 225.85 million manats, said a message posted on the ESID (Electronic System for Information Disclosure) portal. For this purpose, the bank has issued 3,228,410 shares worth 12.39 manats each. Kapital Bank, being the legal successor of “Sberbank”, has more than 140 years…
Azerbaijan may increase wine exports 2-fold by the end of 2018, Chairman of the Azerbaijan Wine Producers and Exporters Association Elchin Madatov declared. “The export of Azerbaijani wine products exceeded $4 million in the first half of 2018, up by 80% YoY,” Madatov said. “By the end of 2018 we expect a 100% increase in…
Azerbaijan’s NIKOIL Bank and non-bank credit organization TBC Kredit (subsidiary of Georgian TBC Bank) are holding negotiations on the merger. To this end, both parties have signed an agreement on strategic partnership. A source close to the negotiations said that it was too early to talk about the actual merger, because there were still a…
The Russian rating agency ACRA is forecasting the growth of Azerbaijan’s economy in 2018 at 1.5% with further acceleration of GDP growth to 3.2% in 2022, the agency’s report for Azerbaijan says. The agency noted that after the economic recession in 2016 and nominal growth of 0.1% in 2017, the economy of Azerbaijan began to…
The Central Bank of Azerbaijan can again reduce the discount rate during the next meeting of the Board, Director of the Training Center of the Ministry of Taxes of the country, economist Farhad Amirbekov believes. The expert noted that macroeconomic indicators were favorable for further reduction of the discount rate. “The situation is stable from…
Azerbaijan Hazelnut Producers and Exporters Association (AHPEA) intends to expand the geography of hazelnut exports on the European market, the association’s Chairman Ismayil Orujov declared. He said that last week Azerbaijan Export and Investment Promotion Foundation (AZPROMO) organized an export delegation to Switzerland, and about 12 Azerbaijani producers took part in it. “It is important…
Iranian Deputy Minister of Industries, Mining and Trade Mohsen Salehinia said Iran Khodro Group (IKCO) planned to open new production line in neighboring Azerbaijan in a bid to increase its annual production there. “Iran Khodro is equipping its production line in Azerbaijan and plans to increase its daily output from 4 to 8 cars,” Salehinia…