384 Cars Imported in Monthly Term
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
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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