Azerbaijan's banking system, reeling from the February devaluation of the national currency (minus 34.5%), today received another shock therapy (minus 48%).
Bankers were informed about the unpopular measure of the Central Bank, but that it is not easier. The entire loan portfolio (banks and non-bank credit organizations as of November 1, issued 18 billion 566.4 million AZN) is tied to the US dollar and the euro, so that the bad loans hung more heavily on the credit institutions.
Furthermore, private production will stop, including the spheres of agricultural industry, construction, trade and services that will become more passive because of the falling consumer demand. The SSC will not be able to report on the acceptable level of inflation. --17D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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