The requirement of the Central Bank of Azerbaijan for the minimum level of capitalization will not be changed either in the sum or in the timing, the CEO of CBA Rashad Orujov told the media today. As agreed, all the members of the banking market shall have a net worth of 50 million manat by January 1, 2015.
"The banks have six weeks to meet the conditions; for this time they must either increase the level of capitalization, or merge or take other appropriate action in compliance with the legislation," he said. According to him, the new requirement has already hit the lending capacity of banks, increasing the ratio of theirn assets to non-oil GDP up to 78%. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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