From January to May 2012 total arrival of cash to the banks reached 12.1 billion AZN, up 36.4% against the same period last year. Sale of foreign currency constituted the biggest share of arrival – 33.1%, 16.5% fell to sale of goods, 8.1% - payment of credits, 5.3% - inpayments through ATM , payments for services 4.1%, payments to the notary accounts during purchase of property -3.9%, receipt to deposit accounts – 3.5% and etc.
According to the Central Bank of Azerbaijan (CBA), deficit of cash turnover totaled 344 million AZN (+215 million AZN during May). During this period spending of cash totaled 12,444 billion AZN. This is 38% up against 2011. 28.1% of total costs fell to the costs related to supply of ATM, 27.6% - costs to purchase of goods and services, 11.1 costs for purchase of foreign currency, 6.5% - payment of credits, 5.3% - costs from notary accounts for property deals, 3% - payments from the deposit accounts and etc.
During 5 months 2012 cash residue totaled 320 million AZN, which is equal to 2.6% of cash arrival during this period.
In May average size of daily cash arrival was equal to 79,607 million AZN, while expenses – 81,866 million AZN.—0—
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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