The deposit portfolio of the Bank of Baku increased by 50% compared to the same period last year. 50% growth in attracting deposits was made possible thanks to the various programs of bank deposit, highly demanded by the population.
Deposit portfolio of the Bank of Baku has already exceeded 300 million manat. The dynamic growth of deposits of the Bank of Baku, which is today one of the leading financial institutions in the area of retail lending, also demonstrates the significant success of the bank to attract deposits.
Meanwhile, there is reason to assume greater success of the Bank of Baku in attracting deposits, as in the past month the Bank of Baku for the first time in Azerbaijan founded Amanat Klubu (Club of Deposits) for investors. Each investor, which entered into Amanat Klubu, can take advantage of various benefits, including, get bonus interest on the contributions of a soft loan, a free service of SMS banking, internet banking and other privileges. Every depositor, whose deposit history is at least 12 months, or a new investor who opened a deposit account (as soon as his deposit story is 12 months old) can join Amanat Klubu.
At this time, there is sharp increase in customer calls to the branches of Bank of Baku to join the club or to open a bank deposit account. Opening a deposit account is now one of the most popular products of the Bank of Baku. - 15D -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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