The banking sector should not make proposals of tax holidays under the more complicated economic situation and changing business strategy, said the head of the Association of Banks of Azerbaijan (ABA), Zakir Nuriyev at the conference to support the development of small and medium-sized businesses.
In his view, banks should prefer more responsible lending, reducing the yield at lower interest rates, cost optimization, strengthening of corporate governance, the transition from consumer credit to finance the corporate sector, in particular small and medium-sized businesses.
"The banks - is not just taxpayers, and the structure, which themselves contribute to the creation and support of new taxpayers. And the banking sector is far advanced in comparison with the situation at least five years ago - today, its assets at the level of 30 billion manats, which is a profitable part of the state budget (excluding transfers from SOFAZ) is almost 6 times," he said.
Local commercial banks should review the tactical plans for the next few years in relation to the reduction of stock in oil prices, a slowdown in economic growth, as well as an economic crisis in the neighboring countries,” Niriyev summed up the recommendations. --17D-
Economics
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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