In the first two months of 2016 Azerbaijan was delivered 821 vehicles. Imports fell for the comparable period by 9 times.
According to the State Customs Committee, purchased abroad were 737 cars. Last year, in the same two months 7,031 cars were imported.
Both primary and secondary car market has been experiencing a crisis since 2013. Not only the volume of imports, but also the operations of purchase and sale reduced. Experts note that this is a direct consequence of the banking crisis and the falling incomes of the population. Banks for many years financed car loans, interest rates which ranged from 10 to 18% per annum. This lending was mainly in US dollars.
Since January 2015 Azerbaijan has also raised excise rates on import of vehicles. ---08D
Economics
-
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
-
The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
-
The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
-
Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
Leave a review