The State Customs Committee of Azerbaijan transferred almost 974.9 million manats to the state budget in January-May, up by 14.6% YoY, according to the Committee’s report. The Committee transferred almost 216.8 million manats to the state budget in May. Revenues from customs duties amounted to 57.8 million manats, from the value added tax – 149.91…
Structural reforms, including those in the banking sector, will help ensure the growth of Azerbaijan’s GDP, reads the latest edition of the World Bank’s (WB) Global Economic Prospects report. The report says Azerbaijan’s economy will grow by 0.6% in 2018 and by 1.3% in 2019. Since the beginning of 2017, Azerbaijan’s economy began to recover,…
The process of consolidation of two Azerbaijani banks – AtaBank and Caspian Development Bank – has been completed, Chairman of AtaBank’s Management Board Dayanat Guliyev said on June 1. Guliyev noted that as a result of the consolidation, sufficient financial reserves were formed and the bank’s capital position had been strengthened. According to him, as…
Restructuring of external debt of the International Bank of Azerbaijan (IBA) has not affected the country’s banking sector and the interaction between other commercial banks, as well as between banks and their customers, said Zakir Nuriyev, head of Azerbaijan Banks Association (ABA). “The state has been fulfilling its obligations to IBA from the first day,…
The Asian Infrastructure Investment Bank (AIIB) will cooperate with the private sector in Azerbaijan, whenever possible, to invest in infrastructure projects which meet the bank’s mandate, strategy and standard, a source in AIIB reported. The source added that mobilizing private capital was one of AIIB’s priority. “AIIB is interested in financing infrastructure investment projects in…
The Central Bank of Azerbaijan (CBA) plans to discuss the issue of revising the discount rate in mid-June, Elman Rustamov, chairman of the CBA, declared on May 30. “The monitoring of market prices in Azerbaijan held in May showed that inflation continued to decline,” Rustamov said. “In this situation, the issue of revising and mitigating…
The Central Bank of Azerbaijan (CBA) believes attainment of a single-digit rate of inflation by late 2017 is feasible, CBA head Elman Rustamov said on May 30. “The forecasts of international organizations, including the International Monetary Fund and the World Bank, for the rate of change of consumer prices in Azerbaijan are positive,” he said.…