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
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review