Azerbaijan’s president Ilham Aliyev signed a decree approving a memorandum of understanding between Azerbaijan Railways CJSC and Iranian Railways on the development of railways, signed on March 5 in Tehran. Azerbaijan Railways CJSC is instructed to ensure the implementation of provisions of the decree after the MoU’s entry into force. Meanwhile, Azerbaijan’s Foreign Ministry is…
Russia’s VTB 24 is buying the share (49%) of Azerbaijani AtaHolding group of companies in the authorized capital of VTB Bank Azerbaijan, says a message on the website of the Center for Disclosure of Corporate Information. VTB 24 will acquire 124,496,737 shares of the bank at a cost of $0.25 each. Thus, the total transaction…
Iran and Azerbaijan are expected to launch transporting goods and cargos through the International North-South Transport Corridor in the coming months, amid efforts to boost trade ties between the two neighboring countries. Mohammad Ebrahimi, economic consultant at Iranian Embassy in Baku, said that the goal of cooperation between the two neighboring countries would be fulfilled…
A large delegation from Saudi Arabia, which will include representatives of both, state structures and the private sector, plans to visit Azerbaijan in October. Azerbaijan and Saudi Arabia enjoy successful cooperation in a number of areas and have fruitful bilateral cooperation within international organizations. During the upcoming meeting of the intergovernmental commission on trade and…
The prices of consumer goods and tariffs for services decreased by 1% in Azerbaijan in June compared to May, the country’s State Statistics Committee said. The prices of foodstuffs decreased by 2.5% during the reporting period, while the prices of non-food items and paid services increased by 0.1%. The prices of consumer goods and tariffs…
Total volume of capital of Azerbaijan’s banking sector amounted to almost 2.76 billion manats in January-May, according to a banking sector outlook of the Financial Market Supervisory Authority (FIMSA). Total capital volume of Azerbaijani banks has increased by 44.5% since early 2017. By late May, the sector’s total assets amounted to 30.1 billion manats as…
The International Bank of Azerbaijan (IBA) has received enough votes from creditors to start the process of restructuring its foreign liabilities, Bloomberg reported, referring to the bank’s statement. Creditors holding more than 87% of the debt have voted in favor of the restructuring process, according to the report. Voting on the plan of voluntary restructuring…