Fivefold increase in the requirements of the Central Bank of AR to the level of capitalization of the market participants will have a positive impact on the efficiency of the banking system, the First Vice-president of the Finance and Banking Council of the CIS, the Chairman of the International Bank of Azerbaijan Jahangir Hajiyev said during the VII Baku International Banking Conference.
According to the Chairman of the Coordinating Council of the Financial and Banking Council of CIS Anatoly Kazakov, against the background of the global political and economic tensions cooperation among the CIS countries should deepen. "We need new ways and concepts. Truly, a concept has been prepared before 2020, but for the constant replenishment of the economy long-term money is required. It is of great importance, given the decline in oil prices. Azerbaijan, Russia and Kazakhstan have not been able to diversify their economy yet. Therefore there can be tense situations," he stressed. --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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