On 28 September the Ministry of Economic Development hosted the signing of the Charter of the Trade and Development Bank (ECOBank) of the Economic Cooperation Organization (ECO).
The press service of the Ministry of Economic Development told Turan that Azerbaijan takes 3% of the share capital of ECO Bank. It will cost the state budget 9.97 million SDR.
Membership in ECO Bank will open new opportunities to finance private sector projects, as well as the expansion of trade and economic relations with the member countries ECO, said the ministry
ECO Bank has been in force since 2008. Its existing shareholders are Turkey, Iran and Pakistan. The authorized capital exceeds $ 1.5 billion. Afghanistan has also recently signed the charter of ECO Bank.
ECO was established in 1985. It consists of 10 Muslim countries.
Special Drawing Rights (SDR) is an artificial back and tender issued by the International Monetary Fund (IMF). It has only non-cash form as entries in bank accounts. Bills were not issued. - 08D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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