Credit organizations of Azerbaijan carried out in June 2012, 1,876,000 money orders totaling 10,167 million AZN. The number of payments was 263 thousand and the total turnover increased from the previous month by 272 million manat.
Compared with the corresponding period last year, the number of payments in January-June increased 4,472,000 or 57.8% to 12,209,000, and their volume increased 10,566 million AZN or 23.6% to 55,381 mln AZN.
In the structure of payment transactions in January-June, the share of large and urgent payments was 1.8% (217,000) of the total number and 91.1% (50,477 million) of the total value. The average size of this category of payments decreased compared to June 2011 by 1.5% to 219,200 manat, and small and medium size retail payments increased by 43% to 522.9 manat.
As of July 1, 2012 payment system users were 54 organizations, 50 of which could make large and urgent payments. - 15B -
Economics
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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