Black and sad news about the economy of Azerbaijan

Center for Economic Research (CER) has summed up the major economic and financial events of the year.

According to its director, doctor of economic sciences Gubad Ibadoglu very sad news was got by the banking industry of Azerbaijan. Decision of the Central Bank of Azerbaijan on July 25, 2012, January 1, 2014, the minimum total capital of local banks should be 50 million manat. Of the existing 42 banks 10 finish this fiscal year with a loss, there are five candidates for elimination by the entry into force of the requirements of the supreme authority.

Long-awaited is the decision on the privatization of the International Bank of Azerbaijan. It was announced a few years ago, the then government decided to invest in this structure, which has led to confusion, as the existing shareholders, potential investors, and experts expect a radical improvement of the situation.

Collapsed the greatest expectation - the President reported disinterest of the leadership in joining the World Trade Organization. The government believes it unprofitable to rebuild power industry, customs, standards of production and sales, although there are good conditions for it. Referring to an avalanche of imports and dependence on the economies of large states, the government of Azerbaijan does not want to integrate into a single global system of trade relations, which includes most of the world.

The two largest tricks are contained in the State Statistics Committee and the State Committee on Property Issues. The first of them announced the opening of 92,000 jobs, including 72,700 permanent jobs. The opening of more than 1 million jobs from 2003 to 2012 and the above figures are contrary to the performance of the State Social Protection Fund Transfers for compulsory social insurance. The second agency reported that the owners of privatized enterprises in the country are more than 250,000 shareholders. According to the National Depository Center, leading the accounting of joint stock companies, in its database there are 100,000 deposit accounts. In addition, the auction results suggest buying small businesses by one and the same owner. Official data show that by the beginning of 2012 were sold only 1,600 shares of joint stock companies, as well as 42,000 small businesses and facilities. - 17D-


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