On termination of the independent activity of the currency exchange points, the income of banks for foreign exchange transactions is rapidly growing. This also contributes to the expansion of the margin basis from 2 to 7-8%.
According to the economist Rovshan Agayev, if prior to the devaluation of the manat exchange points earned 20-30 gepiks per 100 US dollars, today the banks earn not less than 40-50 gepiks. According to the financial report, in 2015 OJSC Capital Bank earned 40.7 million AZN of net profit from that. In the previous year, the bank's income from these transactions amounted to only 14.7 million manats.
In the past year the International Bank of Azerbaijan had income from currency trading in the amount of 37.4 million manats (+7.3 million AZN).
Currency trading continues to generate income to banks. For example, JSC Bank Silk Way gained 1 million 975 thousand AZN from that in Q1. ----08B
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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