The company Audatex-Azerbaijan, specializing in insurance risk assessment, intends to adhere to the policy of 1 EUR = 1 AZN. As a local representative of the French Audatex, it provides services in euro, unifying the system of assessment of damage caused by a motor vehicle in a traffic accident.
As the head of the company Zakir Kerimzadeh told local media, the reason for equating the manat against the euro is that the service agreement was concluded with the Bureau of Compulsory Insurance (BCI) in 2014, when there was no devaluation and the manat amounted to the euro.
The company Audatex-Azerbaijan registered at the Taxes Ministry in December 2014 is engaged in software to calculate the cost of repair of vehicles. Its Parisian patron is the world leader in this field. It has more than 30 customers, including 11 insurance companies and several service centers. --17D-
Economics
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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.
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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."
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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.
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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.
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