More than fourfold increase in the refinancing rate of the Central Bank of Azerbaijan for the period from May 2014 to September 14 this year (from 3.5 to 15%) affected the requests of local financial and credit institutions.
As stated in the CBA report, by October 1, total volumes for this position were at the level of 6 billion 475.1 million manat (minus 25 million to September 1 and minus 79.6 million to August 1).
As can be seen from the bank reporting indicators, they have not ceased to look for credit lines and simply abandoned the CBA services, seeking for foreign financial institutions applying a more gentle rate. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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