Completed the process of increasing the authorized capital of the Central Bank of Azerbaijan (CBA) - up to 500 million manats, reporters were told by its head Elman Rustamov. According to him, this was achieved at the expense of profits.
Responding to questions from the media, he said that he would support the consolidation and represent its interests in court in connection with the revocation of the license of bankrupt JSC Atrabank and Qafqaz Inkishaf Banki. Regarding the consolidation itself, this process develops and will be completed after the assembly of new shareholders. The three banks have signed a protocol of intentions and conduct mutual assessment of assets, and etc.
According to Rustamov, the problem of the main regulator of banks is not in providing the financial market with exchange, but in preventing strong fluctuations of the exchange rate of the manat, which will continue to be on the shoulders of the state budget transfers from the State Oil Fund of Azerbaijan. --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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