The international auditing firm Deloitte & Touche to audit the consolidated financial statements of the International Bank of Azerbaijan (IBA) and its subsidiaries for the first half and all of 2013. This year, the service will cost the bank about 50,000 manats cheaper.
The selection of an external auditor was held on a tender basis, and as noted in the register of tenders for procurement of the State Procurement Agency, Deloitte & Touche appreciated their services this year in the amount of 354,000 manat.
Deloitte & Touche is the third consecutive year by the auditor of the IBA. Interbank market in which the government of Azerbaijan continues to maintain a majority stake (50.2%) has also subsidiaries in Russia in Georgia, insurance and processing company. Paid-up share capital of OJSC International Bank of Azerbaijan is 368,333,300 manats. - 08B-
Economics
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The State Oil Fund of Azerbaijan (SOFAR) reported revenues of $4.60 billion from the Azeri-Chirag-Guneshli (ACG) oil field in the January-September period of 2024, a decline of 12.1% compared to the same period last year. In 2023, SOFAR recorded revenues of $5.23 billion from ACG, the largest oil field in Azerbaijan.
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Azerbaijan launched its first trade forum on Monday to highlight the opportunities and challenges faced by small and medium-sized enterprises (SMEs). The forum, titled “Opportunities, Current Situation and Challenges for SMEs,” aims to strengthen dialogue between the public and private sectors while promoting international business cooperation.
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Vahid Magerramov, Head of the Public Association for Support of Agrarian Reforms, has raised concerns over rising consumer prices in Azerbaijan, warning that the inflation trend could have serious economic consequences for the country.
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Silk production in Azerbaijan decreased by 32.9% year-on-year in the first eight months of 2024, reaching 239.4 tons, according to data released by the State Statistics Committee. The decline was attributed to a reduction in the number of silkworm seeds distributed to farmers, reflecting a longer-term trend in the sector's contraction, noted agricultural expert Vahid Maharramov.
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