The Financial Markets Supervision Authority (FIMSA) did not prohibit the withdrawal of funds by customers from their bank accounts, said adviser to the head of the FIMSA Board of Directors Rufat Abbasov.
He recalled that from January 1, 2017, the law On Non-Cash Settlements came into force, according to which a special regime was introduced, as well as certain restrictions for non-cash settlements between taxpayers.
Abbasov stressed that, in connection with the application of the law, FIMSA was entrusted to verify the compliance of the withdrawal of funds from banks with the law On Combating the Financing of Terrorism and Legalization of Money and Other Property Acquired by Criminal Way.
“Within two months of the entry of the law into force, FIMSA conducted monitoring, in connection with which the banks were given additional recommendations, especially regarding operations that do not have economic goals. FIMSA also urges business entities to adhere to the requirements of the law On Non-cash Settlements, he said. ------71D
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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