Azerbaijan's Inflation at 1.1% in June, CBA Projects Higher Rates for 2024

Eel Electric LLC, a resident of the Agdam Industrial Park, has completed 85 percent of the construction of its power distribution equipment and power sockets plant, the Ministry of Economy announced on Monday.

The State Tax Service (STS) of Azerbaijan has issued an urgent warning to citizens regarding a surge in fraudulent activities exploiting the name of the country's VAT refund project. According to the STS, cybercriminals have been creating counterfeit websites and online pages that closely mimic the official internet resources of the State Tax Service, luring unsuspecting citizens with promises of VAT refunds.

On July 30, a meeting of the Working Group on "Inflation and Price Monitoring" was held under the chairmanship of the Head of the Cabinet of Ministers, Rufat Mammadov, to discuss price changes in Azerbaijan's consumer market and the government's anti-inflationary measures this year.

Azerbaijan's foreign trade balance showed a positive surplus of $4 billion in the first half of 2024, according to data from the Central Bank of Azerbaijan (CBA) on the parameters of the interest rate corridor.