The State Customs Committee as of December 24 collected 2 billion 228.6 million manat to the state budget. This is by 23.2% or 419 million manat more than the annual forecast plan, the SCC press service said.
In comparison with 2015 the entry of customs duties and taxes increased by 637.8 million manat or 40.1%.
The increase in customs revenue is linked to the devaluation of the national currency relative to the US dollar since December 2015 by approximately 55%, as well as the legalization of imports. -----08D
Economics
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In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
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Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, met with Fatih Birol, Executive Director of the International Energy Agency, during the World Economic Forum in Davos. The two discussed strategies for attracting investment in the transition to green energy and implementing agreements reached at the COP29 conference held in Baku.
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Azerbaijan’s Central Bank has outlined its commitment to maintaining inflation within its target range, as it projects stable inflation expectations for the coming years. According to a recent statement from the Central Bank regarding the parameters of its interest rate corridor, the current monetary policy is focused on keeping inflation within the target range and stabilizing inflation expectations.
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Azerbaijan’s central bank has reported a stable currency market as its foreign exchange reserves reached $11 billion by the end of 2024, according to Taleh Kazımov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at a briefing on the parameters of the central bank’s interest rate corridor on Wednesday, Kazımov also indicated that the country's favorable external sector indicators have provided a solid foundation for currency stability.
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