The functions of the Central Bank of Azerbaijan have been enhanced. Yesterday the Azerbaijani President Ilham Aliyev approved amendments to the Law "On the Central Bank", adopted on 28 September by the Milli Majlis.
According to the amendments, the text of which is published in the official press, the Central Bank will provide loans to Azerbaijan Deposit Insurance Fund (ADIF) under the state guarantee in the event of a shortage of money to grant depositors affected in case of bankruptcy of banks.
Recall, as of December 1, the Central Bank issued ADIF a total guaranteed loan of 560 million manat for compensation to depositors of 5 banks whose licenses were revoked in July and September. Now the procedure is enshrined in law. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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