At the July 26 meeting with the banking community the head of the Financial Markets Control House (FMCH) Rufat Aslanli supported the establishment of Azerbaijan's Private Credit Bureau (PCB).
"Creating PCB is an indicator of the development of infrastructure of financial services. Later it can be joined by non-bank credit organizations, systems of municipal payments, mobile operators, and online retail sales," said the Chairman of the FMCH Board of Directors.
According to the FMCH press service, Azerbaijani banks have already formed the Executive Committee on the creation of PCB. They have chosen the company Credit Info as a technical partner (Iceland).
The Icelandic company apart from technical support will become a shareholder of PCB. The company will participate in the development strategy of the credit bureau. ----08D
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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