JSC "Bank of Azerbaycan" connected to urgent money transfers for individuals "Monex". It is said in a statement.
The system "Monex" is a proprietary product of "MuganBank" and shove at the end of 2011. Sending and receiving money through this system takes up to 10 minutes, and the commission varies in the redistribution of 0.2-1.5% and is charged only with the sender.
This system serves customers in more than 500 branches and offices of 23 banks in the country. Customers also have the ability to quickly send and receive money transfer to Georgia.
Currently, "Bank of Azerbaycan" works actively in the money transfer systems Contact, Migom, Caspian Money Transfer, Western Union, and the "Golden Crown". - 15D -
Economics
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Azerbaijan's Consumer Price Index (CPI) in December 2024 marked a year-on-year increase of 4.9%, with food and beverage inflation leading the surge, according to data from the State Statistics Committee. The overall CPI stood at 104.9%, driven by a 5.5% rise in food products, beverages, and tobacco, 2.4% in non-food products, and a sharp 6.3% hike in paid services provided to the population.
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In 2024, Azerbaijan produced 29.1 million tonnes of oil together with condensate, down from 30.2 million tonnes in 2023, according to preliminary information published by the country’s Ministry of Energy.
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Azerbaijan’s inflation rate in 2024 remained relatively stable, averaging 2.2% for the year, according to data from the State Statistics Committee. While this marks a period of subdued price growth compared to global trends, the numbers reveal nuanced dynamics across sectors and reflect both domestic policy measures and external influences.
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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