During the last meeting the Central Bank of Azerbaijan Republic (CBA) decided to reduce the interest rates on a range of banking products.
According to the information of the main financial regulator, it will be done by supporting the optimization of operating costs of banks, as well as reducing the cost of financial resources.
In particular, it was decided to lower the tariffs for interbank payments through the local system of large payments (AZIPS) twofold. They also changed the tariffs for spending cash. For example, they abolished the commission of 0.15% for the provision of cash denominations of 50 and 100 manat. The rate for the second and subsequent submission or payment of cash in a single day was reduced to 0.05%.
The Central Bank has also approved the methodological guidance on responsible lending from banks and non-bank credit organizations. --17D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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