The Financial Markets Supervision House (FMSH) warned commercial banks in connection with the permissible margin when trading currency, told reporters the head of FMSH Rufat Aslanli.
FMSH warned the banks to comply with the law in such a sensitive moment.
"Against margin violators very serious measures will be taken," he said.
Aslanli also said that currently on the agenda FMSH there is no closure of a bank, while noting that the main task of FMSH is to ensure a sustainable financial sector.
Regarding the improvement of the International Bank of Azerbaijan, Aslanli said this process will be completed in 2017.
He stressed that regarding this issue FMSH is in close contact with the Government and the Ministry of Finance.
“The project of capital recovery in IBA through the sale of its toxic assets is progressing well. In preparation for its privatization its unbundling is carried out,” he said. ----71D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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