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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President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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