The Board of Directors of the Financial Markets Supervision Authority (FIMSA) closed six branches of VTB Bank (Azerbaijan).
In particular the branches of Old City, Hazi Aslanov, Ahmadli, Bakikhanov, 28 May and Khirdalan closed. The bank said the branches were closed to streamline its activities. After this decision, the bank has eight branches left.
FIMSA also granted permission to open a new branch of Pasha Bank, which will be located in the Sabail district. Thus, the number of the bank’s branches has reached six. ----71D
Economics
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The government of Azerbaijan approved new regulations regarding the leasing of agricultural lands in liberated territories to residents of villages and settlements on preferential terms. This initiative aims to revitalize rural communities and stimulate agricultural production.
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As a significant step toward strengthening Azerbaijan's position in global trade, the "International Trade" working group of the Commission on Business Environment and International Rankings held a videoconference to review progress achieved and set objectives for 2025. Key participants included the First Deputy Minister of Economy, Elnur Aliyev; the Head of the Economic Reforms Monitoring and Evaluation Sector, Vusal Shikhaliev; and the Deputy Chairman of the State Customs Committee, Natig Shirinov.
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Under the auspices of Azerbaijan’s Ministry of Economy and the Azerbaijan Export and Investment Promotion Agency (AZPROMO), a pivotal exporters’ meeting was held this week in Baku. The event brought together government officials, industry leaders, and entrepreneurs to review progress in export operations over the past year and set ambitious goals for 2025.
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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