Baku people, according to the statistics of the Central Bank of Azerbaijan, are the wealthiest citizens of Azerbaijan - in their accounts as of 1 October were 92.7% of all bank deposits, or 6 billion 774 million 651.5 thousand AZN ( 1.9% YTD).
On average, capital deposits from the public were made at the rate of 8.1% per annum, with most of them (the equivalent of 5 billion 263 million 835.7 thousand AZN) transferred into hard currency. Contributions in manats disastrously (2.66 times) decreased from the beginning of the year, amounting to 1 billion 510 million 815.8 thousand AZN. Banks also prefer foreign currency – the deposits are accepted at a rate of 8.4% per annum, while in manats – at 7.4% per annum.
If the contributions from residents of the capital rise, in the regional offices they are reduced (minus 0.6% as of 1 October) and for the reporting period they make up 537 million 154.8 thousand manats. --17D-
Economics
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Azerbaijan's President Ilham Aliyev signed a decree introducing changes to a number of presidential decrees aimed at amending the country's Tax Code in connection with the adoption of Law No. 98-VIIQD on December 16, 2024. The decree, published on Tuesday, introduces significant changes designed to simplify tax refunds for various goods and services and improve the rules for refunding value-added tax (VAT).
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SOCAR Türkiye Enerji AS (STEAS), the Turkish subsidiary of Azerbaijan's state oil company SOCAR, has announced an ambitious plan to build new production facilities for ethylene, polyethylene, and polypropylene (polyolefins) in Turkey. This initiative comes as the country grapples with a widening supply-demand gap, with nearly 90% of its polyolefin needs currently being met through imports.
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The tourism industry in Azerbaijan is experiencing remarkable growth in 2024, driven by post-pandemic recovery and strategic government initiatives. From January to November 2024, the country welcomed 2.412 million foreign tourists, marking a 27% increase compared to the same period in 2023. Projections suggest that the total number of visitors by year-end could reach 3 million, underscoring the sector's impressive trajectory.
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In the first 11 months of 2024, Azerbaijan's consumer market demonstrated steady growth, with the total value of goods and services reaching 67.4 billion manats, a 4.8% increase compared to the same period in 2023. This growth underscores the resilience of Azerbaijan's economy, which continues to adapt to global and domestic challenges.
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