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-
Economics
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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