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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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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