Credit portfolio of Parabank rose from the beginning of the year by almost 5%

For several months now, there have reportedly been delays in the disbursement of pensions and social payments in Azerbaijan. Pensioners say that the delays range from three to five days. For example, they emphasize that while disability pensions used to be paid by the 15th of each month earlier in the year, for the past three months, payments have been made on the 20th or 21st.

Azerbaijan's revenues from tobacco exports have skyrocketed, with earnings from the first eight months of 2024 reaching $15.6 million, a nearly fivefold increase from $3.2 million during the same period last year. The sharp rise highlights the expanding international demand for Azerbaijan's tobacco products.

Azerbaijan imported 11,100 tons of tea worth $57.9 million in the first nine months of this year, according to the State Statistics Committee, marking a 14.4% rise in volume and a 13.9% increase in value compared to the same period in 2023. However, with only 500 tons of tea exports totaling $4.8 million, Azerbaijan remains heavily dependent on imported tea, which meets 98% of domestic demand.

Azerbaijan significantly increased its rice imports to 52,500 tons in the first nine months of 2024, marking a 15.1% rise in physical weight and a 33.3% rise in import value compared to the same period in 2023, according to government data. The average price per ton of rice climbed by 15.8% to $1,042.17, up from $899.77 last year, further underscoring Azerbaijan’s reliance on imports to meet domestic demand, with 85% of the country’s rice needs covered through foreign sources.