Total assets of banks in Azerbaijan declined in June by 42.14 million manat or 0.3% to 14,778.79 million manat ($ 18.8 billion). From the beginning of 2012, banking assets grew by 5.9%, and for the year - by 1,638 million manat or 12.5%.
According to the Central Bank of Azerbaijan, on July 1, 2012 the amount of cash in banks amounted to 619.6 million manat, funds on correspondent accounts amounted to 1,062.4 million manat, crediting the financial sector - 647.2 million manat, crediting customers - 9,642.4 million AZN, investments - 1,294.6 million manat, and other assets - 1,512.6 million manat.
Liabilities of banks declined in the reported month at 78.2 million manat or 0.6% to 12,555.58 million manat. Of these, 6,823.1 million manat were secured deposits, 4,539.9 million manat - funds provided to the financial sector, and 1,192.5 million manat - other commitments.
The total capital of banks decreased over the year by 46 million manat or 2.1%, and in June it rose by 36 million manat, or 1.6 percent to 2,223.2 million manat ($ 2.83 billion). - 15B -
Economics
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The payment method used in Baku's public buses, which operates via a mobile phone app and QR code activated by the M10 program, creates difficulties for passengers, economist Samir Aliyev stated on Facebook.
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Starting next year, the Azerbaijani government will adopt a new policy towards entrepreneurs who export domestic products abroad but fail to return a portion of their earnings to the country. This issue often concerns Azerbaijani tomatoes sold in Russia. According to National Bank Chairman Taleh Kazimov, decisions to penalize such entrepreneurs will no longer be made without a thorough investigation into the reasons behind the failure to repatriate earnings.
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The Cabinet of Ministers of Azerbaijan has approved a new Unified Tariff Schedule to determine the monthly salaries of public sector employees financed through the state budget. This decision, outlined in Decree No. 540, comes into effect on December 26, 2024, and is aimed at standardizing wages in the public sector.
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On December 27, Azerbaijani President Ilham Aliyev has signed a decree to dissolve the Azerbaijan Industrial Corporation (ASK) and transfer its key assets to the Azerbaijan Investment Holding (AIH), marking a significant step in streamlining the management of state-owned enterprises. The decision, effective immediately, aims to address regulatory issues and enhance operational efficiency.
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