The Chairman of the Central Bank of Azerbaijan Elman Rustamov said that for 2016 he predicted a deficit balance of payments at the level of $ 5 billion.
Speaking on the draft state budget in parliamentary committees, Rustamov said that this is a significant figure, and 88-90% of the deficit is caused by problems in the movement of capital.
According to him, this is due to loans and debt obligations.
“There are problems of loans to companies under government guarantees, there are external debts of the International Bank of Azerbaijan, and we have to pay it off. We are implementing an international project - the construction of the TANAP gas pipeline, for implementation of which the state has to use its financial resources,” he said. ----71D
Economics
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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