Azerbaijan has created the first public entity - the Chamber of Control of the financial markets.According to the presidential decree, the new body is intended to license, regulate and supervise the securities market, investment funds, insurance companies and credit institutions (banks, micro-finance organization and the postal operator), as well as payment systems. Also, it will improve the monitoring system of combating the legalization of funds and property obtained by criminal way. The ultimate goal, according to the document, is transparency and mobility created by the monitoring system.The new structure with its charter and the charter fund will operate under the president.Its leadership consists of the five people: the chairman of the State Securities Committee RufatAslanli;AsimMammadov, Chairman of the Supervisory Council of JSC «Khalq Bank», Jalal Gasimov, Chairman of the Supervisory Board of «Kapital Bank», FaigHuseynov, Chairman of the Board of JSC «Unibank», RovshanJavadov, the head of the investment department of SOFAZ, and ZakaMirzyaev, head of the sector for regulation of the financial and insurance markets, Ministry of Finance. --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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