President Ilham Aliyev instructed the Financial Stability Council to approve and enforce the monetary program for 2017, as well as the plan of measures to ensure macroeconomic and financial stability in 2017 and the medium term.
The Council is instructed to expedite the implementation of measures to improve the health of OJSC International Bank of Azerbaijan.
On 15 July 2015 a decree was signed "On measures of improvement in relation to the preparation for the privatization of state-owned shares in the Open Joint Stock Company International Bank of Azerbaijan. For the purposes of this decree the State Joint-Stock Company Non-bank Credit Organization Agrarkredit was transferred bad assets of IBA worth over 5.6 billion manat. Instead, IBA received the same amount of money from the state budget and through the placement of bonds in the Central Bank.
* The Financial Stability Council was established on July 15 of this year. -----08D
Economics
-
The Azerbaijan Caspian Shipping Company (ASCO) announced the commissioning of its newly built vessel, "Bergyushadchay", on November 28. Constructed at the Zykh Ship Repair and Construction Yard, the vessel is now part of ASCO's Caspian Sea Oil Fleet as an auxiliary ship, according to the company's statement.
-
Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
-
The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
-
At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
Leave a review